Sir Philip Green no longer a billionaire as fortune halves in a year – Sunday Times Rich List

Sir Philip Green is no longer a billionaire after his fortune halved in a year, according to the Sunday Times Rich List.

The retail tycoon has seen his fortune plummet by a whopping £1.05bn in 12 months and it now stands at £950m, compared with nearly £5bn in 2007, the newspaper said.

It is the first time he has not held billionaire status since 2002.

:: Who made the Sunday Times Rich List this year?

Sir Philip, 67, and his wife Tina are now 156th on the Rich List, down from joint 66th some 12 months ago.

His Arcadia Group – which includes Topshop, Burton and Dorothy Perkins – was valued as worthless in this year’s Rich List, as the company copes with a pension debt which hit £565m.

The couple’s stake in the firm was last year valued at £750m.

Robert Watts, who compiled the list, said he struggled to envisage Sir Philip returning to the “upper echelons”.

“Sir Philip Green may have clung on to his knighthood, but we can no longer justify his status as one of the UK’s billionaires,” Mr Watts said.

“This is the first time since 2002 he has not been in that top tier of the UK’s super rich individuals.”

The devaluation comes after sustained criticism against Sir Philip and calls for him to lose his knighthood.

He was lambasted over the collapse of BHS, affecting 11,000 jobs, 19,000 pension holders and leaving a £571m in the pension scheme.

:: Top Shop offers bargain as Sir Philip Green buys back ‎25% stake for $1

The businessman, who sold the department store chain to Dominic Chappell for £1 before it plunged into administration, agreed to pay £363m towards the deficit.

Sir Philip has also faced a string of allegations of racism, sexual harassment and bullying.

Last October, Lord Hain used parliamentary privilege to identify him as the businessman behind a court order against The Daily Telegraph in relation to the claims.

Sky News tracked down Sir Philip at a health resort in Tucson, Arizona, a day after he was named in connection with harassment allegations.

He refused to comment on the claims after Sky News’ US correspondent Greg Milam questioned him outside the Canyon Ranch resort.

Meanwhile in February, police in the US said they were investigating claims the tycoon groped a fitness instructor at a luxury resort.

Sir Philip has said he “categorically and wholly” denies allegations of unlawful sexual or racist behaviour.

Leading the UK Rich List are the Hinduja brothers, Srichand and Gopichand, who control the Hinduja group conglomerate and are said to have amassed a £22bn fortune.

Property investor brothers David and Simon Reuben are second on the list, while Sir Jim Ratcliffe, the boss of petrochemicals firm Ineos, fell from first place to third after a reported £2.9bn drop to £18.15bn.

Sir James Dyson reached his highest ever position as he prepares to move Dyson’s head office from Wiltshire to Singapore.

The Brexit-backing businessman climbed seven places to become the fifth richest person in the UK, with his wealth estimated at £12.6bn.

(c) Sky News 2019: Sir Philip Green no longer a billionaire as fortune halves in a year – Sunday Times Rich List