Oldham's Sir Jim Ratcliffe third in regional Sunday Times Rich List

Sir Jim Ratcliffe, who was born in Failsworth, is worth a staggering £6.075 billion, according to the national newspaper.

The founder of chemical firm Ineos has been described as the richest person in the UK in the past, but he has dropped out of the top 25 nationwide.

And the figure of £6.075 billion is in fact down £255 million in comparison to last year.

Sir Jim Ratcliffe is worth a staggering £6.075 billion. Picture: PA

Recently, Sir Jim made headlines with a bid to buy Chelsea Football Club.

But the bid failed, with Todd Boehly set to take over at Stamford Bridge.

The richest person in the region is Michael Platt, a hedge fund manager who is worth £10 billion, and the Duke of Westminster is also above Sir Jim.

Here is the top 10 in the North West of England, including the sources of their wealth.

1) Michael Platt, Hedge Funds
2) The Duke of Westminster, Property
3) Jim Ratcliffe, Chemicals (Ineos)
4) Tom Morris, Discount Stores (Home Bargains)
5) Mohsin and Zuber Issa, Fuel and Supermarkets
6) Simon, Bobby and Robin Arora, Discount Stores (B&M)
7) John Gore, Entertainment
8) John Whittaker, Property
9) Henry Moser, Finance
10) Fred and Peter Done, Gambling (Betfred)

Nationwide, the top three are businessmen Gopi and Sri Hinduja, who are worth almost £28.5 billion, followed by inventor Sir James Dyson and businessmen David and Simon Reuben.

There are a record number of billionaires in the UK, and their total wealth is up almost 10 per cent from last year.

The figures in The Sunday Times Rich List are based on people's identifiable wealth, which includes property, land, assets such as art and racehorses and significant shares in companies.

They exclude bank accounts, to which the national newspaper has no access.