Robert Watts, compiler of the List, Magazine, which reveals the wealth of the 1,000 richest people in Britain, said it now largely comprised self-made individuals, adding: "The days when our lists were dominated by aristocrats and inherited wealth are gone".
Second is theatreland ace Andrew Lloyd Webber, worth £740m.
Mr Ratcliffe is the first UK-born person to top the rich list since the Duke of Westminster in 2003. That, however, includes the assets of his wife, Nancy Shevell, who is the heiress to a huge trucking business.
Retail magnate Sir Philip Green suffered the biggest decline in wealth to befall a British industrialist according to the newspaper, with his net worth falling by 28 per cent (£787 million) to £2 billion.
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The 60-year-old was knighted this year for services to philanthropy - recent donations include £50 million to fund the Tate Modern's new wing, and £5 million towards the Victoria and Albert Museum's new entrance, as well as funding the Blavatnik School of Government at Oxford University.
His feat with "Divide" made him the second wealthiest British musician under the age of 30.
14 out of the 17 entries on the list were footballers, the wealthiest of whom is Gareth Bale, a former Tottenham forward now playing for Real Madrid.
Looked at as a list of young musicians (under 30 years old), Adele is still the wealthiest with £140 million, up by £15 million in a year in which she didn't even tour or release an album.
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The Fifty Shades Freed actress, 27, has big money deals with Adidas and DKNY.
And pop rocker Robbie Williams also enjoyed a £15m bump up the list bringing his total worth to £165m.
Jim Ratcliffe, 65, chief executive of Ineos, topped the Sunday Times Rich List with a fortune of £21.05 billion, leapfrogging his way from 18th place year.
"Streaming services, the internet and income from endorsements are helping today's young musicians build an global following - and with it their fortunes - far quicker than the older rockers".
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