London: Indian-origin steel tycoon Lakshmi Mittal has retained his position as the richest person in the UK for the 7th year in a row in 2011, even as his wealth fell by 4.93 billion pounds in the past 12 months.

The estimated wealth of the London-based head of ArcelorMittal is 17.51 billion pounds.

The Sunday Times Rich List 2011 shows that 60-year-old Mittal continues to top Britain's wealthiest with a personal fortune of 17.5 billion pounds.

According to the list, Mittal's fortune has declined from 22.45 billion pounds in 2010 to 17.51 billion pounds in 2011 mainly because of plunging share prices in the past year, reducing the value of his stake in ArcelorMittal from 18.45 billion to 13.65 billion pounds.

Mittal is the highest faller in this year's Rich List but still has the fastest growing fortune.
   
Mittal, who has converted 1,500 tonnes of steel into an epic sculpture by artist Anish Kapoor at the Olympic Park in east London, wants to build a 30 million pounds mansion in the Surrey green belt.

His main home is the house he bought from Bernie Ecclestone for 57 million pounds in Kensington Palace Gardens, handy for Queens Park Rangers in west London, in which the two tycoons have stakes.

Lord Paul, Hindujas amongst the richest

Leading NRI industrialist Lord Swraj Paul has increased his wealth to 850 million pounds - 300 million pounds more than last year.

Paul's Caparo empire, ranging from car components to metals, has been restructured with its US and Indian arms set up as stand-alone operations. The revenues of the overall business reached 800 million pounds last year.

Another leading Indian business group, the Hindujas are 9th richest in the UK with a fortune of 6 billion pounds and they are listed as new entry.

According to the report, Hinduja Automotive made a 90.4 million pounds profit on 984 million pounds sales in 2009-10. It is worth at least 1 billion pounds.

The Hindujas, the highest new entry in this year's Rich List, have also recently bought British assets: Careline, an outsourcing business, and 26 per cent of the bus-maker Optare.

The family's assets in Switzerland, largely in banking were put at about 2 billion pounds by Bilan in its 2010 Swiss rich list.

Ravi Ruia of Essar Energy is another new entry with a fortune of 9 billion pounds.

With his Indian-based brother Shashi, Ravi Ruia, 62, is one of the subcontinent's leading industrialists.

He lives in London, where he helped build the Essar group and its Essar energy division, which was floated in May 2010 with a value of 5.4 billion pounds.

It is now worth 6.6 billion pounds and the Ruias control nearly 77 per cent.

The Ruias are valued at nearly 9.9 billion pounds in the 2011 Forbes list of world billionaires.

The wealth of Anil Agarwal, chief of the Vedanta Resources, has been put at 3.81 billion pounds - 290 million pounds less than last year.

According to the report Vedanta Resources is pushing the Indian government to allow expansion of its bauxite and alumina operations.

18 per cent increase in collective wealth

The 1,000 richest people in Britain increased their collective wealth by 18 per cent in the past year and are now worth 395.8 billion pounds.

They are 60.2 billion pounds better off than they were in 2010. The number of billionaires in the UK now stands at 73, including its first self-made woman billionaire, Specsavers' Dame Mary Perkins.

There are now 108 women among the 1,000 richest - the first time the proportion has surpassed 10 per cent.

A fortune of at least 70 million pounds is needed to get into the 2011 list, compared to 63 million in 2010 and 55 million in 2008.

Another new billionaire is Tory peer Lord Kirkham, 66, with his family, after selling sofa business DFS to private equity group Advent International.

The Kirkham family's wealth stands at 1bn pounds, up from 430m pounds last year.

The list, compiled by Philip Beresford, is based on identifiable wealth, such as land, property, other assets such as art and racehorses, or significant shares in publicly quoted companies, and excludes bank accounts.

(Agencies)