Who Is James Ratcliffe - The Richest Person In The UK
Who Is Jim Ratcliffe: The Richest Person In The UK?

Most people had never heard of Jim Ratcliffe until it was announced in 2018 that he was the richest person in the UK, according to the Sunday Times Rich List. The self-made billionaire has been called the most successful post-war industrialist, yet only became an entrepreneur aged 40 and is notoriously publicity-shy. We take a look at the amazing story of the INEOS founder, from his humble beginnings in Greater Manchester to his luxurious life today and why he's moving to Monaco.

James Ratcliffe: Overview

NET WORTH: $16.8 billion USD (Up $6 billion)

SOURCE OF WEALTH: Chemicals

James Ratcliffe, once again the U.K.’s richest person, is an estimated $6 billion richer than last year on the back of a rebound for the chemicals sector driving up the value of his Ineos. Ratcliffe’s much-hyped move into the car market, with the Ineos Grenadier—the billionaire’s take on the beloved Land Rover Defender— is expected to go into production in late 2021, Forbes noted.

James Ratcliffe: Moves To Tax-free Monaco At The Moment

Photo: Forbes
Photo: Forbes

Before he left for Monaco, Ratcliffe was the UK’s third-highest individual taxpayer, paying £110m to the exchequer in 2017-18, according to the Sunday Times tax list.

His decision to quit Britain came soon after he was knighted by the Queen for “services to business and investment”, and the UK voted to leave the European Union.

Ratcliffe, the founder and chief executive of petrochemicals company Ineos, was an ardent supporter of the vote leave campaign, declaring that the UK would thrive without red tape from Brussels.

After the referendum, he urged the government to adopt a tough approach to negotiations with the EU, saying: “We must listen, we must be unwaveringly polite and retain our charm. But there is no room for weakness or crumpling at 3am when the going gets tough and most points are won or lost.”

Ratcliffe said the EU needed access to the UK’s market as much as Britain needed access to the EU’s. “Never forget that we have a decent set of cards,” he said, adding: “Mercedes is not going to stop selling cars in the UK. And London is one of the two key financial centres, and that isn’t going to change.”

His official status as a Monaco resident was recorded at Companies House, where he updated his details as a director of private jet company Hampshire Aviation, Theguardian noted.

READ MORE: Who Are Richest People In The U.K - Top 10

James Ratcliffe: Early Life & Family

Sir James Arthur Ratcliffe was born on 18 October 1952 and spent the first 10 years of his life in Failsworth, Greater Manchester, where he lived in a council house with his parents. To this day, he still supports Manchester United Football Club.

Ratcliffe's father was a joiner and then latterly went on to run a factory making laboratory furniture, while his mother was an accounts office worker. Ratcliffe’s love of industry stems from his childhood days when he used to count the factory smokestacks from the window of his house, Lovemoney noted.

James Ratcliffe: Career

Photo: Youtube
Photo: Youtube

Shortly after James Ratcliffe landed his first job with oil giant Esso Ratcliffe decided to broaden his skills into finance and enrollment at London Business School to study management accounting and taking an MBA.

After a while, he was one of the founders of INSPEC, which leased the former BP Chemicals site in Antwerp, Belgium. But it was in 1998 that Ratcliffe formed Ineos in Hampshire to buy-out INSPEC and the freehold of the Antwerp site.

Since, Ineos purchased Belgium-based Tessenderlo's European chlor-vinyls business for $ 110 million and made a joint venture with Germany's BASF, among other acquisitions. As the company's biggest gain is considered the $ 8.7 billion deal to buy BP Group's Innovene business in 2005. As a result, it is now one of the world's biggest production of styrene monomer and polystyrene. Ratcliffe still owns two-thirds of the company that is the main source of his net worth, according to Celebritynetworth.

James Ratcliffe: Private Life

Photo: Lovemoney
Photo: Lovemoney

James has two sons with his first wife and one daughter with his second wife. James enjoys skiing and sailing and is also reported to have completed the 207 London Marathon.

James has owned two super Yachts, Hampshire and Hampshire II. His first Yacht was built as Barbara Jean by Feadship. In the year 2012, he took delivery of the 78 meters Feadship Hampshire II, built by the Royal Van Lent, which he still owns.

He enjoys physical adventure, and has made expeditions to the South and North Poles as well as a three-month-long motorbike trek in South Africa, and has founded a charity “Go Run For Fun”. Encouraging thousands of children aged between 5 and 10 years, to get active by creating celebrity-driven events, Vyapaarjagat cited.

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