India’s Lakshmi Mittal and family, with a combined wealth of £22.4 billion (around $34.4 billion) – up by 108 per cent on a year before – heads the annual Sunday Times Rich List, ahead of Russian oil tycoon and football club owner, Roman Abramovich, in second place, and the Duke of Westminster and landowner, in third.

The data, both for UK residents and for those around the world, highlights how the recovery in markets over the past 12 months has boost the wealth of most of the ultra-high net worth individuals in all regions.

The list is closely watched in the UK media and business world as it provides a barometer of the fluctuating fortunes of the wealthiest citizens, underlining how foreign-born individuals are now among the richest and demonstrating how "new money" entrepreneurs are increasingly challenging more established dynasties. This is a feature about which private bankers are becoming increasingly aware as they prospect for clients and craft their client segmentation strategy.

The newspaper also ranks the world’s wealthiest people. At number one is the Walton Family – associated with the Walmart retail chain, with wealth of £53.3 billion, ahead of Carlos Slim Helu, the Mexican telecoms tycoon, at £34.1 billion, followed by Microsoft’s Bill Gates, at £33.8 billion. Warren Buffett is fourth, at £29.9 billion, followed by Mukesh & Anil Ambani of the Indian petrochemicals business, at £27.2 billion. Mittal, as mentioned above, ranks 9th in the world pecking order.

The wealthiest Hong Kong resident in the world list is Li Ka-shing, at £13.4 billion; Lee-Shau Kee, the property magnate, ranks 26th, at £11.8 billion.