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Cheshire-based Hugh Grosvenor and his family, who own the Grosvenor Group, have a 2023 wealth of £9.878bn.

He became the 7th Duke of Westminster and Britain’s youngest billionaire, after inheriting his title at the age of 25 when his father Gerald died in 2016.

Now 32, he oversees the dynasty’s company portfolio, which has real estate in 43 cities across 10 countries, including 300 acres of Mayfair and Belgravia.

Hugh Grosvenor oversees his family’s property empire, including the Abbeystead Estate. Photo: Getty Images

Among the property is the 23,000 acre Abbeystead Estate near Lancaster.

Under his leadership he has recently launched Grosvenor Hart Homes to provide more affordable homes and promised that all Grosvenor businesses will reduce carbon emissions in line with limiting global warming to 1.5°C.

The Duke drops a place to third in the north west overall, behind Ineos owner and potential new owner of Manchester United Sir Jim Ratcliffe, and Michael Platt, owner of hedge fund BlueCrest Capital.

The Sunday Times Rich List features online today at https://www.thetimes.co.uk/sunday-times-rich-list and in the print edition of the newspaper on Sunday May 21.

The 68-page special edition of The Sunday Times Magazine reveals the wealth of the 350 richest people in Britain in its 35th annual edition.

There are 171 billionaires in the UK recorded this year, down six from 2022, the first fall for 14 years.

The combined wealth of the UK billionaires is £683.856 billion, up £30.734 billion, or 4.5 per cent, on the total wealth of the billionaires in last year’s Rich List.

Robert Watts, compiler of the Sunday Times Rich List, said: "This year's Sunday Times Rich List shows a golden period for the super rich is over. For the first time in 14 years we've seen the number of UK billionaires fall.

"Two years ago we raised concerns about an unsettling boom in the fortunes of the very wealthy that continued unchecked during the political instability around Brexit and the pandemic.

"This is not a crash - but there are household names who have lost vast sums over the past year.

"The bursting of the tech bubble, the end of rock bottom interests and the jitters creeping through the banking industry have all taken their toll.”

Abbeystead Estate owner Duke of Westminster named UK's richest person under 35