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The owner of JCB saw his family wealth soar by £1.58 billion in the last year.

Lord Bamford, the Tory peer, is this year’s highest climber in the Midlands area of the UK in the annual Sunday Times Rich List. His wealth is estimated at £5.9bn.

He is second on the regional list to gambling giants the Coates family with a wealth of £8.79bn

The list is published today online at thetimes.co.uk/sunday-times-rich-list

It 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 £683.8bn, up £30.7bn, or 4.5 per cent, on the total wealth of the billionaires in last year’s Rich List.

Having launched Bet365 from a Stoke-on-Trent car park, the Coates family is looking to expand in the US. Their combined estimated wealth is up £158 million and ranks 16th overall in this year’s Rich List.