Britain's wealthiest entrepreneurs have seen their fortunes dip due to the recent economic downturn, according to The Sunday Times Rich List.

The list revealed that Sir Richard Branson's wealth had dropped by £400m to £2.7bn as the value of his Virgin empire decreased, while retail magnate Sir Philip Green's fortune fell by more than 10% to £4.3bn.

But in general the country's richest individuals have never been so well off, the survey discovered. Steel tycoon Lakshmi Mittal topped the list for the fourth year in a row with £27.7bn, up £8bn on last year, while Chelsea owner Roman Abramovich was second with £11.7bn.

To make the Rich List, individuals now need to have a fortune of £80m, an increase from the £70m required in 2007.