This year’s edition, a 76-page special in The Sunday Times Magazine, recorded Mr Povlsen’s wealth at around £6.73bn, down from £8.5bn in 2023.

It also reported the largest drop in the number of billionaires in its 36-year history, from a peak of 177 in 2022 to 165 this year.

The 350 individuals and families featured on the list collectively hold a wealth of £795.361bn, surpassing the annual GDP of Poland. Notable entries include Sir Elton John, Lord Lloyd-Webber, and David and Victoria Beckham, with the minimum threshold for the list being £350 million.

David Moulsdale, the founder of the Glasgow-based laser eye surgery business Optical Express, made his Rich List debut with estimated wealth of £374m. There is also a place in the annual wealth rankings for Flure Grossart, the daughter of the late Edinburgh financier Sir Angus Grossart.

Robert Watts, compiler of the Sunday Times Rich List, said: “This year’s Sunday Times Rich List suggests Britain’s billionaire boom has come to an end. Many of our home-grown entrepreneurs have seen their fortunes fall and some of the global super rich who came here are moving away.

“Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.

“These may be harder times to create wealth, but The Sunday Times Rich List continues to unearth entrepreneurs building fortunes in diverse and often surprising ways. This year’s new entries include people who have made money from artificial intelligence and virtual worlds as well as plumbing supplies and teaching aides.

“We know many of our readers find such people — especially those from humbler backgrounds — very inspiring.”

The top 10 richest in Scotland