Jim Ratcliffe is a British billionaire, chemical engineer, and businessman who founded the INEOS chemicals group in 1998. He is currently the second wealthiest person in the UK, with an estimated net worth of £29.688 billion as of May 2023.
Ratcliffe was born in 1952 in Failsworth, Lancashire, to a joiner father and an accounts office worker mother. He was raised in a council house until the age of 10, when his family moved to East Yorkshire. Ratcliffe studied chemical engineering at the University of Birmingham, graduating in 1974 with a 2:1 degree.
After graduation, Ratcliffe initially worked at oil firm BP but was fired after 3 days due to a medical condition. He then took up a position as a trainee accountant at a pharmaceuticals company before joining oil giant Esso and later Courtaulds. In 1989, Ratcliffe joined US private equity group Advent International.
In 1998, Ratcliffe founded INEOS after acquiring the company from Inspec Group plc. INEOS is now a closely held chemicals manufacturer with over 26,000 employees and an annual turnover of $44 billion. Ratcliffe still owns two-thirds of the company and serves as its chairman and chief executive officer.
Ratcliffe’s wealth and success have made him a prominent figure in the UK. In May 2018, he was named the richest person in the UK, with a net worth of £21.05 billion. As of May 2023, his net worth has grown to an estimated £29.688 billion, making him the second wealthiest person in the UK.
In September 2020, Ratcliffe officially changed his tax residence from Hampshire to Monaco, a move that is estimated will save him £4 billion in tax. This decision has drawn some criticism, with Ratcliffe facing accusations of tax avoidance.
Ratcliffe has also made headlines for his involvement in the English football club Manchester United. In February 2024, he became a minority shareholder in the club and gained control over sporting operations.
Outside of his business ventures, Ratcliffe is known for his philanthropic efforts. He founded the charity Go Run for Fun, which creates celebrity-led events to encourage physical activity in children. He also established the Jim Ratcliffe Foundation, which has helped build a new ski clubhouse in Courchevel to support underprivileged children.
Ratcliffe is also an avid adventurer, having made expeditions to the North and South Poles, as well as a three-month motorbike trek in South Africa. In 2013, he completed the Marathon Des Sables across the Sahara Desert.
In terms of his political views, Ratcliffe is a Eurosceptic and supported the UK’s exit from the European Union. He has publicly criticized politicians for the way they negotiated the Brexit withdrawal agreement and has expressed his disdain for what he sees as excessive European legislation.
Overall, Jim Ratcliffe’s story is one of remarkable success and wealth, built on his background as a chemical engineer and his entrepreneurial drive. While his tax decisions and political views have drawn some criticism, he remains a prominent and influential figure in the UK business landscape.
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