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Tech tycoon Sir James Dyson is now the richest person in South West England and the second-wealthiest in Britain, according to the latest Sunday Times Rich List.

The 68-page special edition of The Sunday Times Magazine reveals the wealth of the 250 richest people in the º£½ÇÊÓƵ in its 34th annual edition.

There are 177 billionaires recorded in the º£½ÇÊÓƵ this year - up six from 2021 - a year-on-year increase that is also a record. The combined wealth of the º£½ÇÊÓƵ billionaires is £653.122bn, an increase of 9.4 per cent on the total wealth of the billionaires in last year’s list.

The list is based on identifiable wealth, including land, property, other assets such as art and racehorses, or significant shares in publicly quoted companies. It excludes bank accounts.

With a family fortune of £23bn, up £6.7bn on 2021, inventor Sir James Dyson, 75, has become the second-richest person in the country, behind London-based brothers Sri and Gopi Hinduja and family, who are now worth a record £28.472bn.

Dyson Group, which is based in Malmesbury in Wiltshire, had a record year in 2021 with profits of £1.5bn on sales of more than £6bn, raising its value from £14.5bn to £21bn.

In March, the company announced plans to create more than 900 jobs in the º£½ÇÊÓƵ after its “strong” financial performance. It also officially opened its new global headquarters in Singapore. Dyson will be based in the restored St James Power Station building on the island city-state.

Earlier this year, Dyson also announced its first wearable technology product - a set of air-purifying headphones. The company - known for its vacuum cleaners and fans - unveiled the Dyson Zone, which it says “simultaneously” tackle the issues of air quality and noise pollution in urban areas.