The 'fish and shipping' tycoon raked in £180m over the year from selling off five of his new giant, fuel-efficient tankers, while a rebound in the shipping market has seen his earnings soar.
While he has become a Cypriot citizen for tax purposes, the 70-year-old spends much of his time at his £133 million home in Chelsea, London.
The tycoon, who made his fortune sending tankers to pick up oil from war-torn terminals during the Iran-Iraq war, says he wants to give away most of his fortune, which the Sunday Times estimates at £9.5bn.
The next highest-ranking Scandinavians in the list were Kirsten and Jorn Rausing, the Tetrapak heirs from Sweden, who took 8th place with a joint fortune of £8.8m. Their uncle Hans Rausing and his family were the next in line from Scandinavia in 17th place.
The next richest Norwegians were Helene and Marianne Odfjell, the London-based daughters of Norwegian shipping Tycoon Abraham Odfjell, who were ranked 106th in the list at £390m, leaping up from 150th place last year after the flotation of Odfjell drilling on the Oslo stock exchange.
According to the newspaper, Britain's richest 1,000 men and women have doubled their combined fortunes over the past five years, gaining a combined £519bn this year alone.
Philip Beresford, who has compiled the list since 1989, said: “I’ve never seen such a phenomenal rise in personal wealth as the growth in the fortunes of Britain’s 1,000 richest people over the past year.”