Norfolk-born entrepreneur is second richest person in country

Sir James Dyson. Picture David Parry/PA Wire

Sir James Dyson. Picture David Parry/PA Wire - Credit: PA

Norfolk-born entrepreneur and inventor Sir James Dyson has been named as the second wealthiest person in the country

The electrical engineering tycoon amassed a huge £6.7bn in 2021, increasing his total wealth to £23bn.

Sir James has moved up two places from last year, after the annual Sunday Times Rich List revealed who has the biggest net worth in the UK.

He previously held the top spot in 2020 but was beaten this year by Indian-born businessmen Sri and Gopi Hinduja and family, who have a net worth of £28.472bn.

Sir James Dyson with one of his groundbreaking vacuum cleaners. Picture: PA/Fiona Hanson.

Sir James Dyson with one of his groundbreaking vacuum cleaners. Picture: PA/Fiona Hanson. - Credit: PA

Sir James made his fortune with the invention of the bag-less vacuum cleaner, which went on sale in 1993.

The self-made billionaire was born in Cromer and went to Gresham's School in Holt aged nine, attending the school from 1956 to 1965.

James Dyson aged 16 winning the 1965 cross country race at Gresham's School, Holt Picture: Richa

James Dyson aged 16 winning the 1965 cross country race at Gresham's School, Holt Picture: Richard Bothway Howard/Gresham's - Credit: Archant © 2004

The then headmaster, Logie Bruce-Lockhart, has been credited by Sir James has giving him the financial support to continue his education after his father, Alec, died of cancer.

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His road to creating the first Dyson vacuum cleaner began in 1974, when he invented a wheelbarrow with a spherical wheel.

He then took inspiration from an industrial extractor to create the product he is most known for and thought how it could be down-sized for home use.

It was more than 10 years before it made it to the market, and at one stage Sir James owed his bank nearly £1m.

The brand has gone on to be one of the most successful British companies and in March this year it announced a £4bn global investment plan.

File photo dated 09/02/22 of Chancellor of the Exchequer Rishi Sunak alongside his wife Akshata Murt

File photo dated 09/02/22 of Chancellor of the Exchequer Rishi Sunak alongside his wife Akshata Murthy, who have entered The Sunday Times Rich List for the first time with their joint £730 million fortune, as the Chancellor holds out on fresh support to alleviate the cost-of-living crisis for millions of Britons. - Credit: PA

Rishi Sunak and wife Akshata Murty have entered The Sunday Times Rich List for the first time with their joint £730 million fortune amid calls for the Chancellor to offer fresh support to alleviate the cost-of-living crisis for millions of Britons.

Their listing among the nation’s wealthy elite also comes after their finances came under intense scrutiny when it emerged Ms Murty holds non-domiciled status allowing her to reduce her UK tax bill.

On Friday morning, the Sunday Times Rich List revealed the couple featured at 222 in the list with the joint forecast of £730 million, driven by Ms Murty’s £690 million stake in Infosys.

It was estimated Ms Murty’s non-dom status could have saved her £20 million in taxes on dividends from her shares in Infosys, an Indian IT company founded by her father.

She later agreed to pay UK taxes on her worldwide income.

Property investors David and Simon Reuben meanwhile were third with £22.26 billion, while Ukrainian-born Sir Leonard Blavatnik dropped from top spot to fourth.

Russian billionaires tumbled down this year’s rankings.

The latest ranking of the 250 richest people in Britain also revealed a record 177 billionaires in the UK this year, up from 2021.

It comes as typical UK households come under increased financial pressure from rampant inflation, which struck a 40-year-high of 9pc in April.

Overall, the richest 250 in the UK this year are worth £710.72 billion, compared to £658.09 billion in 2021, an 8pc rise on last year, The Sunday Times said.

The 2022 Sunday Times Rich List Top Ten

1. Sri and Gopi Hinduja and family (Industry and finance) - £28.472bn

2. Sir James Dyson and family (Household goods and technology) - £23bn

3. David and Simon Reuben and family (Property and internet) - £22.265bn

4. Sir Leonard Blavatnik (Investment, music and media)- £20bn

5. Guillaume Pousaz (Online payments) - £19.259bn

6. Lakshmi Mittal and family (Steel industry) - £17bn

7. Christoph Henkel and family (Chemicals) - £15bn

8. Guy, George, Alannah and Galen Weston and family (Retailing) - £13.5bn

9. Kirsten and Jorn Rausing (Inheritance and investment) - £12bn

10. Charlene de Carvalho-Heineken and Michel de Carvalho (Inheritance, brewing and banking) - £11.421bn

Kirsten Rausing features in this year's Sunday Times Rich List Picture: PA Photo/ Myung Jung Kim

Kirsten Rausing features in this year's Sunday Times Rich List Picture: PA Photo/ Myung Jung Kim - Credit: PA

The richest person in East Anglia is Kirsten Rausing with a shared fortune of £12bn alongside her brother Jorn, whose wealth is derived largely from Swiss-based global business Tetra Laval.

Mrs Rausing breeds horses and lives at her stud farm in Newmarket, Suffolk. 

PICTURE ANDY ABBOTT 11.6.12Lord Iveagh, 4th Earl of Iveagh at Elveden

The Earl of Iveagh is one of East Anglia's wealthiest people

Other notable figures on the list include the Irish-born Earl of Iveagh and the Guinness Family, who live on the Elveden Estate near Thetford.

The head of the Guinness brewing family has seen his fortune grow by £66m in the past year and has become the fourth richest person in East Anglia with a wealth of £1bn.

The Sunday Times Rich List 2022 Wealthiest in East Anglia

1. Kirsten and John Rausing (Inheritance and investment) - £12bn

2. Douw Steyn and Family (Insurance) - £2.1bn

3. Jon Hunt (Estate agency and property) - £1.436bn

4. The Earl of Iveagh and the Guinness family (Brewing and property) - £1bn

5. Mike Lynch and Angela Bacares (Software) - £988m

6.Patricia Thompson and family (Food and horse racing) - £869m

7. Alfie Best and family (Property and caravan parks) - £700m

8. Paul Day and family (Transport and park homes) - £668m

You can find the full list at www.thesundaytimes.co.uk/richlist