Sir James Dyson is among the richest people in the UK - but has fallen three places in this year's Sunday Times Rich List.

Mr Dyson and his family placed fifth in the esteemed broadsheet's annual rankings with their £23 billion fortune.

The Wiltshire-born inventor and entrepreneur founded the technology firm that bears his surname and was founded in Malmesbury, where they are still based in the UK.

He recently hit the headlines for claiming that the Prime Minister’s pledge to turn the UK into a science and technology superpower was a “mere political slogan”.

Last year, Sir James came second in the Rich List, just behind business group chairman Gopi Hinduja - but in the last 12 months, three other wealthy clans have managed to widen the gap between the Dysons and the top spot.

David and Simon Reuben placed fourth with £24.4 billion. The billionaire brothers made their money through property and technology with their private equity and investment business Reuben Brothers.

In third place is Sir Leonard Blavatnik's £28.6 billion sum. The Ukrainian-born business magnate and philanthropist built up his fortune in Russia.

His money mainly comes from media and music investments – including buying Warner Music in 2011 before taking it public in 2020 – and his investment firm Access Industries.

Sir Jim Ratcliffe placed second, taking Mr Dyson's 2022 spot in the list by amassing £29.7 billion.

Sir Jim is the highest climber on this year’s Rich List. He founded global chemicals company Ineos in 1998 and leads it today as chairman.

The Manchester-born businessman is currently battling Sheikh Jassim, the son of a former Qatari prime minister, to take over Manchester United.

Meanwhile, Gopi Hinduja and his family have remained at number one for the second year after their wealth soared by more than £6 billion between now and May 2022.

Britain’s richest family made its fortune from the Mumbai-based conglomerate Hinduja Group, which spans business sectors including banking and finance, media and entertainment, and energy and has about 200,000 staff around the world.

Patriarch of the family and Hinduja Group chairman, Srichand Hinduja, died on Wednesday aged 87. He was described by a spokesperson as a “visionary titan of industry and business”.

For the first time in 14 years, the number of billionaires on the list fell, by six to 171.

But those who stayed in the billionaires’ club still saw their wealth grow, by close to £31 billion.