The top five richest billionaires in Britain are Russians and Indians, led by Indian-born steel tycoon Lakshmi Mittal, according to the Sunday Times Rich List published yesterday.

The top five richest billionaires in Britain are Russians and Indians, led by Indian-born steel tycoon Lakshmi Mittal, according to the Sunday Times Rich List published yesterday. 

Mittal retained his crown as Britain's wealthiest man for the eighth year running, despite losing almost a quarter of his fortune in stock market turbulence, which eroded share prices in his company ArcelorMittal. Mittal and his family still narrowly held onto the top spot even though his family's wealth slumped by over a quarter or £4.8 billion, to £12.7 billion, showed the annual list.

The other non resident Indians to make the top five are billionaire brothers Sri and Gopi Hinduja (£8.6 billion, +43 per cent), in at fourth place. They were the biggest gainers in percentage terms from the previous year; the Mittals were the biggest losers.

Meanwhile Russian oligarchs Alisher Usmanov (£12.32 billion, -1 per cent); Roman Abramovich (£9.5 billion, -8 per cent) and Leonard Blavatnik (£7.58 per cent, +22 per cent) came in at second, third and fifth place on the list.

The fact that Britain's richest individuals are increasingly backed by emerging market wealth, is a nod to the growing power shift from the West to the East. 

British-based wealth and number of billionaires this year hit a new high this year, said the report. Overall, the UK's richest reached record levels of wealth in 2011 even as the country was sliding back towards recession.

The combined fortunes of the 1,000 richest people in Britain rose by 4.7 per cent to £414.26 billion in the face of growing austerity measures, beating the previous record of £412.85 billion set in 2008.

The number of billionaires also hit a new high of 77.

The richest person/family is Lakshmi Mittal (£12.7 billion, -27 per cent); Alisher Usmanov (£12.32 billion, -1 per cent); Roman Abramovich (£9.5 billion, -8 per cent); Sri and Gopi Hinduja (£8.6 billion, +43 per cent); Leonard Blavatnik (£7.58 billion, +22 per cent); Ernesto and Kirsty Bertarelli (£7.4 billion, +8 per cent); The Duke of Westminster (£7.35 billion, +5 per cent); David and Simon Reuben (£7.08 billion, +15 per cent); John Fredrisksen and family (£6.6 billion, +6 per cent); Galen and George Weston and family (£5.9 billion, -2 per cent).

The richest people among specific categories are the following:

Fashion: Galen and George Weston and Family (Selfridges, Primark), £5.9 billion;

Hedge funds: Alan Howard (Brevan Howard); £1.4 billion);

Music: Clive Calder (£1.35 billion);

Top political donors: Colin and Chris Weir (Scottish National Party, £1.0 billion);

Aristocrats: Duke of Westminster (£3.735 billion);

Travel agents: Sir Richard Branson (£3.41 billion);

Global: The Walton Family (Walmart), £51 billion);

European: Karl and Theo Albrecht (£28 billion, Aldi);

Women: Kirsty Bertarelli (pharma, £7.4 billion);

Young (30 years and younger) – Thomas Persson (fashion, H&M).