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UK rich list: Hinduja brothers retake top spot from Jim Ratcliffe

Brothers SP Hinduja and PP Hinduja. Photo: Natasha Hemrajani/Hindustan Times via Getty Images

Indian-British businessmen the Hinduja brothers have overtaken chemicals entrepreneur Jim Ratcliffe to reclaim their place as the richest people in Britain.

Srichand, Gopichand, Prakash, and Ashkok, who together own eponymous conglomerate the Hinduja Group, now share the place of 54th richest person in the world, according to Forbes, which released its annual list of the world’s billionaires on Tuesday. The four brothers have a shared net worth of $16.9bn (£12.9bn) — making them the richest Britons alive.

The Hinduja Group owns a range of businesses dealing with with trucks, lubricants, cable television, and banking, among other things. The brothers also own several valuable London properties.

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Ratcliffe, who founded and owns most of Ineos, the world’s biggest chemical maker, beat the brothers to become the richest Brit in 2018, but now trails behind in second place — 110th overall — with a net worth of $12.1bn (£9.2bn).

In third place in the UK is Michael Platt, the CEO of Europe’s third-biggest hedge fund BlueCrest Capital Management, which manages over £30bn. Platt, who co-founded the firm with American William Reeves in 2000, comes in at 183 on the rich list with a net worth of $8bn (£6.1bn).

Simon and Paul Reuben share the spot of fifth richest Brit, with $7.5bn (£5.7bn). The brothers built their fortune in real estate, technology, and investments before selling 49% of their data centre business GlobalSwitch to Chinese investors for nearly $3bn (£2.3bn) in 2016. They then sold an additional quarter of the business to Asian investors for $2.7bn (£2bn) in 2018.

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Bet365 co-CEO Denise Coates is the fifth richest person and the richest woman in Britain with $6.5bn (£5bn) to her name. Coates and her brother John each own half of Bet365, which facilitates over $65bn in bets annually. She controversially paid herself £280m in 2018, making her the highest-paid British CEO.