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Russian tycoon bumps duke off top of the UK's `richest man' list

Chelsea's Russian billionaire owner Roman Abramovich, bottom, salutes the crowd before a Premiership football match at Stamford Bridge in London. PHOTO: AFP

Russian tycoon and soccer club owner Roman Abramovich's multi-millions may not have secured England's Premiership title for Chelsea -- but they have made him the richest man in Britain, according to a new list.

The 37-year-old embodiment of "new" money took the top spot in the annual Sunday Times Rich List from the "old" fortune of aristocrat the Duke of Westminster, whose property empire had made him the wealthiest man in Britain for the past three years.

The Sunday Times said Abramovich was worth £7.5 billion (US$13.39 billion), mainly due to oil investments, compared to the duke's £5 billion (US$9.19 billion).

"Abramovich is also the sixth richest person in Europe, the 22nd richest in the world and a hero to Chelsea fans," said a statement from the Rich List compilers.

"The shy and secretive Russian is eligible for the Rich List for two reasons: He owns Chelsea and spends much of his time at his town house in London's Belgravia or on his 440 hectare Sussex estate," the statement said.

Abramovich shook up the prestigious Premiership League last year when he bought London club Chelsea for £30 million (US$55.13 million).

His money has brought them a host of international stars and a semi-final place in Europe's Champions League. But the Premiership has eluded Chelsea -- with London rivals Arsenal poised to win this year, and Chelsea likely to finish second, up from fourth last year.

The Sunday Times said Britain's mega-rich had enjoyed a boom as the global economic slowdown eases.

"The combined wealth of Britain's richest 1,000 people has jumped dramatically from £155.86 billion (US$286.44 billion) in 2003 to £202.42 billion (US$372.01 billion) this year," it said. Thirty billionaires featured on the 2004 list, compared to 21 last year.

"This huge growth in wealth can, in part, be attributed to the unique position that London enjoys as a center of finance. Many foreign millionaires have chosen to make London their base and none more so than Chelsea football club owner Roman Abramovich," the newspaper said.

Hans Rausing, the Swedish-born billionaire who made his fortune from packaging firm Tetra Pak, dropped one place to third in the Rich List with a £4.95 billion (US$9.10 billion) fortune.

British retail tycoon Philip Green was fourth with £3.61 billion (US$6.63 billion), while Indian-born steel magnate Lakshmi Mittal was fifth with £3.5 billion (US$6.43 billion).

Sir Richard Branson, arguably Britain's best-known self-made man, shot up to sixth place from 15th a year ago. The Virgin empire boss is now worth £2.6 billion (US$4.78 billion).

Despite being associated with staggering wealth, Queen Elizabeth finished only a joint 177th, with a personal fortune estimated at £250 million (US$250 million).
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