Money (14)

Property investors David and Simon Reuben are the richest people in the UK with a combined fortune of £13.1 billion, according to the Sunday Times rich list in 2016.

The list of the 1,000 wealthiest people in the country found that the number of billionaires in the UK grew at its slowest rate since the financial crisis, with many of those listed seeing their fortunes drop significantly.

There were just three new billionaires on the list in 2016, taking the total to 120. There has not been so few new billionaire entries since 2009 during the height of the financial crisis when the number plunged from 75 to 43.

The combined wealth of all 1,000 stands at £576bn, a rise of £28.5bn on 2015.

Last year's leader, Ukrainian-born owner of Warner Music Group, Len Blavatnik, fell to third after his fortune fell £1.6 billion to £11.6bn. Brothers Sri and Gopi Hinduja were placed second with a combined wealth of £13bn.

With ongoing troubles in the steel and oil industries, several people saw their fortunes fall considerably. The family of steel magnate Lakshmi Mittal held a fortune of nearly £28bn in 2008, but with a £2bn decline from last year, the family's fortune now stands at £7.1bn. Jobs, profits and shares in the oil industry have been hit hard by the decline of prices over the past two years.

Sports Direct and Newcastle United owner, Mike Ashley, saw his personal wealth fall by nearly a third to £2.4bn. Retail billionaire Sir Philip Green's fortune stands at £3.2bn after a £280m fall. Sir Philip last year sold BHS, which has filed for administration for £1.

Chelsea owner, Roman Abramovich, also saw his fortune drop by £890m to £6.4bn. Fellow oil tycoons, Carrie and Francois Perrodo saw their family's wealth plummet by £2.45bn to £3.35bn - the single largest fall on the list.

The Equality Trust highlighted that the overall increase seen this year is the equivalent of earning £901 every second for a year. It also said the combined wealth of the rich list equaled that of the poorest 40% in the UK. In fact, it said the £28.5bn increase alone could have paid for every single council tax bill in the UK, 1.8 million Living Wage jobs, or one year's rent for three million homes.

John Hood, acting director of Equality Trust, said: "“The level of inequality in the UK is both completely unjustifiable and hugely damaging for society.

“A wealth of evidence now shows us that living in a more unequal country means you’re more likely to suffer from poor mental and physical health, have poorer education, trust people less, be the victim of violent crime and even die earlier. It’s not good enough for politicians to repeatedly fail to act on this.”