The UK economy has returned to recession but as far as the wealthiest UK citizens are concerned, their wealth has surpassed new records, with the 1,000 wealthiest men and women holding more than £414 billion (around $673.3 billion) in 2011, a rise of 4.7 per cent over 12 months, according to the Sunday Times Rich List.

The new level of wealth overtakes the previous record, in 2008, of £412.8 billion, months before the financial crisis.

Among the kind of ultra high net worth individuals recorded in the list are diamond dealer Laurence Graff, whose wealth has risen by £1.3 billion to £3.3 billion, and Sir Anthony Bamford and family, up £1.5 billion to £3.15 billion, driven by “outstanding results” at their earth-moving machinery business, JCB, the newspaper said.

“While the top three [richest people] are down by £5.699 billion in total, robust earnings elsewhere have prompted this year’s record high,” the newspaper said.

“The wealth of those with between £750 million and £330 million (ranked 101-2500 is up 7.8 per cent this year, with those worth £328 million to £151 million (ranked 251-500) seeing even greater gains of 9 per cent,” it continued.

There has been a slight change in the source of wealth in the latest Rich List: “The number of property, construction and land millionaires is down by six to 232, while there is evidence of a revival in British manufacturing shown by the rise in industrialists and high-tech tycoons to 192 (up five),” the report said.

The richest person/family is Lakshimi Mittal (£12.7 billion, -27 per cent). He is followed by Alisher Usmanov (£12.32 billion, -1 per cent); Roman Abramovich (£9.5 billion, -8 per cent); Sri and Gopi Hinduja (8.6 per cent, +43 per cent); Leonard Blavatnik (£7.58 per cent, +22 per cent); Ernesto and Kirsty Bertarelli (£7.4 billion, +8 per cent); The Duke of Westminster (£7.35 billion, +5 per cent); David and Simon Reuben (£7.08 billion, +15 per cent); John Fredrisksen and family (£6.6 billion, +6 per cent); Galen and George Weston and family (£5.9 billion, -2 per cent).

The biggest gainers in percentage terms from the previous year were the Hindujas; the Mittals were the biggest losers in such terms.

The richest people among specific categories are the following:

Fashion: Galen and George Weston and Family (Selfridges, Primark), £5.9 billion;

Hedge funds: Alan Howard (Brevan Howard); £1.4 billion);

Music: Clive Calder (£1.35 billion);

Top political donors: Colin and Chris Weir (Scottish National Party, £1.0 billion);

Aristocrats: Duke of Westminster (£3.735 billion);

Travel agents: Sir Richard Branson (£3.41 billion);

Global: The Walton Family (Walmart, £51 billion);

European: Karl and Theo Albrecht (£28 billion, Aldi);

Women: Kirsty Bertarelli (pharma, £7.4 billion);

Young (30 years and younger) – Thomas Persson (fashion, H&M).