Jim’s journey from council house to Britain’s richest man

STAGGERING WEALTH OF BRITAIN’S RICHEST MAN... AND HE GREW UP IN FAILSWORTH COUNCIL HOUSE

A PUBLICITY-shy chemicals mogul who grew up in a council house in Oldham is now the richest man in Britain.

Jim Ratcliffe, chief executive of Ineos, topped the Sunday Times Rich List, published yesterday, with a fortune of £21.05 billion, leapfrogging his way from 18th place last year.

The 65-year-old lived in Failsworth until the age of 10 when his family moved to East Yorkshire.

He went to Beverley Grammar School, studied chemical engineering at Birmingham University, and got an MBA from London Business School, according to a Financial Times profile.

His father, who was a joiner, went on to run a factory that made laboratory furniture, while his mother worked in an accounts office.

Previously described as publicity shy by the Sunday Times, the United fan’s wealth leapt by £15bn in the past year, making him the first UK-born person to top the rich list since the Duke of Westminster in 2003. He made his money through Ineos chemicals group, which he founded in 1998.

Mr Ratcliffe still owns 60 per cent of the vast chemical giant which made £2.2bn in profit last year, and according to the Sunday Times has an annual turnover of about £45bn and employs more than 18,500 people at 181 sites across 22 countries.

Ineos products are used to clean water, make toothpaste, manufacture antibiotics, insulate homes and package food, among many other things.

A Brexit supporter, in 2015 Mr Ratcliffe told the BBC: “The Brits are perfectly capable of managing the Brits and don’t need Brussels telling them how to manage things.”

Ineos’s director Andy Currie and finance director John Reece shared in his fortunes, joining Mr Ratcliffe in the top 20, taking joint 16th place with fortunes of £7bn each. Robert Watts, who compiled the list, said: “Britain is changing. Gone are the days when old money and a small band of industries dominated the Sunday Times Rich List. Aristocrats and inherited wealth has been elbowed out of the list and replaced by an army of self-made entrepreneurs. “Today’s super rich include people who have set up businesses selling chocolate, sushi, pet food and eggs. “We’re seeing more people from humble backgrounds, who struggled at school or who didn’t even start their businesses until well into middle age. “Meanwhile, technology is also playing a bigger part in helping more young people make their fortunes and small companies to grow. “Britain’s rich are getting richer, but the cast of Britain’s 1,000 richest people is an ever-changing and increasingly diverse cast of people.”