Lakshmi Mittal tops the list thanks to soaring steel prices

Indian steel magnate Lakshmi Mittal comes out on top with a fortune estimated by the newspaper at �14.8bn.

Roman Abramovich drops to second place, but the Russian oil tycoon and Chelsea football club owner is reckoned to be worth �7.5bn.

The Rich List says the pair are among 40 billionaires living in Britain.

That is the biggest number yet recorded.

The combined wealth of the top 10 on the list is �52.55bn - �10bn more than the top 200 a decade ago.

Climbing higher

It is also the highest wealth total yet recorded and represents a 23.3% rise on last year.

New entries this year include inventor James Dyson, newspaper proprietor Richard Desmond, and Iraqi-born tycoon Nadhmi Auchi.

Mr Mittal, who lives in London's most expensive residence costing �70m ($134m), has benefited from soaring steel prices.

THE TOP TEN Lakshmi Mittal - �14.8bn Roman Abramovich �7.5bn Duke of Westminster - �5.6bn Hans Rausing -�4.95bn Philip and Christina Green - �4.85bn Oleg Deripaska - �4.37bn Sir Richard Branson - �3bn Kirsten and Jorn Rausing - �2.75bn David and Simon Reuben - �2.5bn Spiro Latsis family- �2.4bn Source: Sunday Times

The wealthiest woman on the list is Christina Green, who shares a �4.85bn fortune with her husband, retail giant Philip Green.

Of the 1,000 people on the list, 750 are self-made millionaires with most of them making their money in land, property, banking or finance.

An overall increase in wealth means that the entry level for the Rich List has risen by 25% to �50m.

The Sunday Times calculates that Sir Elton John is the most generous of Britain's richest people, giving away an estimated 12% of his �185m fortune to charity.

Tom Hunter, who made his money in sporting goods, raised an estimated �50.2m for charity in 2004, representing 7.4% of his wealth.

Madonna and Guy Ritchie rank 208th overall with �235m, Catherine Zeta-Jones and Michael Douglas come in at equal 285th with �170m and Sharon and Ozzy Osbourne have a combined wealth of �100m (458th).

The Beckhams are ranked at 654th with �75m.

Wealthy women

There are 81 women on the Rich List, a record number and three more than last year.

JK Rowling, author of the Harry Potter books, has increased her wealth again this year, from �435m in 2004 to �500m. This places her at equal 96th in the overall list and makes her equal ninth in the list of wealthiest women.

She also elbowed her way onto the US-based Forbes magazine's rich list this year through the success of the Potter film franchise and her last book, The Order of the Phoenix.

Queen Elizabeth II is ranked at 15th in the table of richest women, and equal 180th in the main list with �270m.

The Sunday Times Rich List is based on identifiable wealth such as land, property and significant shares in publicly quoted companies.

Bank accounts, to which it has no access, are excluded.