Sir Richard Branson is worth £3.6bn according to the list. Photo: BBC
The number of billionaires living in the UK has risen to more than 100 for the first time, according to the 2014 Sunday Times Rich List.
There are now 104 billionaires based in the UK with a combined wealth of more than £301bn, the list says.
That means the UK has more billionaires per head of population than any other country.
London has more billionaires than any other city in the world with 72 - far ahead of nearest rival Moscow with 48.
The Indian-born brothers Sri and Gopie Hinduja - who run the conglomerate Hinduja Group - top the list with a fortune of £11.9bn.
Arsenal shareholder and Russian business magnate Alisher Usmanov fell to second after his estimated fortune dropped to £10.65bn.
The Duke of Westminster is the richest Briton with around £8.5bn, leaving him 10th.
The number of billionaires living in the UK has jumped from 88 in 2013, according to the Sunday Times.
Their combined wealth has also reportedly shot up from £245bn last year.
It is the first time since 2008 that the minimum wealth of the 50 richest people in the UK has exceeded £1.5bn.
A fortune of £1.7bn is now required to make the top 50 - up from £700m 10 years ago.
New members of the list include West End producer Sir Cameron Mackintosh, who is now worth £1bn, and Jon Hunt, the founder of estate agents Foxtons who is worth £1.07bn.
The wealthiest new entry is Carrie and Francois Perenco and their family, who own the London-based Perenco oil and gas operation and are worth an estimated £6.14bn.
Other notable figures on the list include Chelsea Football Club owner Roman Abramovich (£8.52bn), Sports Direct owner Mike Ashley (£3.75bn) and Virgin Group founder Sir Richard Branson (£3.6bn).
The full Sunday Times Rich List is published on 18 May.
Sri and Gopi Hinduja, £11.9bn, up £1.3bn
Alisher Usmanov, £10.65bn, down £2.65bn
Lakshmi Mittal and family, £10.25bn, up £250m
Len Blavatnik, £10bn, down £1bn
Ernesto and Kirsty Bertarelli, £9.75bn, up £2.35bn
John Fredriksen and family, £9.25bn, up £450m
David and Simon Reuben, £9bn, up £719m
Kirsten and Jorn Rausing, £8.8bn, up £3.69bn
Roman Abramovich, £8.52bn, down £780m
The Duke of Westminster, £8.5bn, up £700m
Galen, Hilary and George Weston and family, £7.3bn, up £650m
Charlene de Carvalho-Heineken and Michel de Carvalho, £6.36bn, down £635m
Mohamed Bin Issa Al Jaber and family, £6.16bn, up £1.65bn
Carrie and Francois Perrodo and family, £6.14bn, new
German Khan, £6.08bn, new
Sir David and Sir Frederick Barclay, £6bn, up £3.65bn
Hans Rausing and family £5.9bn, up £1.18bn
Nicky Oppenheimer and family, £4.57bn, up £785m
Earl Cadogan and family, £4.2bn, up £525m
Joseph Lau and family, £4.03bn, down £570m
Sir Philip and Lady Green £3.88bn, no change
Denis O'Brien, £3.85bn, up £486m
Mike Ashley, £3.75bn, up £1.45bn
Sir Richard Branson and family, £3.6bn, up £86m
Idan Ofer, £3.43bn, new