He is also now Scotland’s largest landowner with more than 220,000 acres. Povlsen is owner of the Danish fashion retailer Bestseller and holds a stake of around 25% in the British online fashion retailer Asos.

There are 10 billionaires at the head of the 2022 Scottish Rich List with a combined wealth of £23.054bn. More than a quarter of this is in the hands of Holch Povlsen.

Ranking at number two in the list, is Glenn Gordon and family, the owners of whisky distillery William Grant & Sons. As of this year, the family’s wealth reached £3.395m, which is a decrease of £200m from 2021.

The third richest individuals in Scotland, are Kiran Mazumdar-Shaw and John Shaw - the owners of pharmaceutical firm Biocon - who amassed £2.496bn in 2022.

Coming in fourth is Sir Ian Wood, the founder of Wood Group, whose wealth now stands at £1.819bn. Sixth in the listing is Harrods owner Mohamed Al Fayed, with £1.699bn and in seventh place is Mahdi al Tajir, the owner of Highland Spring, with a wealth of £1.686bn.

The Thomson Family ranked seventh in the listing, earning £1.585bn in 2022 through DC Thomson. Greenock brothers Sandy and James Easdale, former directors of Rangers football club, are the wealthiest newcomers to the Scottish Rich List, coming in eighth place, with a £1.363bn fortune based upon transport and property acquisitions.

Bringing up the rear of the list, is Lady Philomena Clark, the businesswoman behind car sales giant Arnold Clark, with £1.267bn in 2022, while industry giants Trond Mohn and Marit Mohn Westlake generated £1.245m in 2022, £14m less than in 2021.

Now worth £996m, down £4m after a fall in the value of investments, Monaco-based Jim McColl, 70, head of Clyde Blowers, the East Kilbride engineering operation, has lost his Rich List billionaire status.

Ranked 12 in Scotland, worth £850m, is Harry Potter author and Edinburgh resident Joanne Rowling, who has added £30m to her personal fortune since 2021. Bristol-born Rowling, 56, continues to make large charitable donations, including £6.7 million last year from her Volant Trust.

Robert Watts, the compiler of The Sunday Times Rich List, said: “Scotland’s richest people have fared less well than those elsewhere in the UK, with half of this year’s 10 Scottish billionaires seeing their fortunes fall over the past year. The combined wealth of the country’s 10 billionaires is still up, at nearly 2 per cent on 2021.

“As the economy continues to work through the damage wrought by the pandemic, surging inflation and the disruption to markets caused by the war in Ukraine are now making the business environment difficult.”