The annual Sunday Times Richest Billionaires List is out and India born steel tycoon Lakshmi Mittal has again topped the list for the eight consecutive years with fortune worth £12.7 billion.

The total fortune of the 1000 richest men and women in Britain has increased by 4.7 percent to £414.26 billion, according to newspaper's rich list.

The 2012 Richest List has a record 77 billionaires. The previous record was in 2008 when there were 75 billionaires.

Mittal maintains his top position although his fortune has dropped by 27 percent in the last 12 months because of a fall in the share price of his main company, Arcelor Mittal.

The second position in the Richest List is taken by Uzbek-born metals and mining tycoon Alisher Usmanov with net fortune of £12.3bn. Following him, Chelsea FC owner Roman Abramovitch is on the third position on the list with fortune worth £9.5 billion, despite being £800m down on last year.

The Duke of Westminster is the richest British-born billionaire with fortune worth of £7.35bn and the richest woman is the former beauty queen Miss UK Kirsty Bertarelli who shares a £7.4-billion worth fortune with her husband Ernesto.

Here is the list of Britain's top ten Richest Billionaires

  • Lakshmi Mittal and family - £12.7bn.
  • Alisher Usmanov - £12.3bn.
  • Roman Abramovich - £9.5bn.
  • Sri and Gopi Hinduja - £8.6bn.
  • Leonard Blavatnik - £7.58bn.
  • Ernesto and Kirsty Bertarelli - £7.4bn.
  • The Duke of Westminster - £7.35bn.
  • David and Simon Reuben - £7.08bn.
  • John Fredriksen and family - £6.6bn.
  • Galen and George Weston and family - £5.9bn.