RICH LIST: East Lancashire billionaires rank high

The Beatles on stage at the London Palladium during a performance in front of 2 000 screaming fans 1963

"For years our music millionaires list has been dominated by older acts, such as the Rolling Stones and Sir Elton John, who have an older audiences able to pay a premium to see their favourite acts", Robert Watts, who compiles the Sunday Times Rich List, said in a statement.

Despite his growth in wealth, Ed only comes in 35th in the main musicians list, which is topped by Sir Paul McCartney and his wife Nancy Shevell with £820 million, and Andrew Lloyd-Webber, with £740 million, both worth more than a billion dollars.

His increased wealth is down to the successes of Ineos, the London-headquartered chemicals company which is now locked in a legal battle with the Scottish government over its moratorium on fracking.

At second place were the Hinduja brothers, Sri and Gopi, worth £20.64 billion. Their fortune jumped by £4.44 billion from 2017.

Their combined wealth is £230 million.

The aristocrat land-owner Hugh Grosvenor, the 7th Duke of Westminster, remains the UK's youngest billionaire.

'Aristocrats and inherited wealth has been elbowed out of the list and replaced by an army of self-made entrepreneurs.

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Shadow Cabinet Office Minister Jon Trickett attacked the Sunday Times Rich List and accused the Conservatives of deliberately gifting tax cuts "worth tens of billions of pounds" to their "billionaire friends".

"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".

The full annual Rich List, which will be published on Sunday May 13, calculates the wealth of the 1,000 richest people in Britain based on "identifiable wealth", including land, property, assets such as art and racehorses, and significant shares in public companies.

The List says profits soared by more than 50 per cent in 2016 at Malcolm Healey's West Retail Group, based at Hotham in East Yorkshire, which includes Wren Kitchens and the electronics retailer Ebuyer.

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