Sir Philip Green is no longer a billionaire after his fortune halved in a year, according to the Sunday Times Rich List.
The retail tycoon has seen his fortune plummet by a whopping £1.05bn in 12 months and it now stands at £950m, compared with nearly £5bn in 2007, the newspaper said.
It is the first time he has not held billionaire status since 2002.
Sir Philip, 67, and his wife Tina are now 156th on the Rich List, down from joint 66th some 12 months ago.
His Arcadia Group – which includes Topshop, Burton and Dorothy Perkins – was valued as worthless in this year’s Rich List, as the company copes with a pension debt which hit £565m.
The couple’s stake in the firm was last year valued at £750m.
“Sir Philip Green may have clung on to his knighthood, but we can no longer justify his status as one of the UK’s billionaires,” Mr Watts said.
“This is the first time since 2002 he has not been in that top tier of the UK’s super rich individuals.”
The devaluation comes after sustained criticism against Sir Philip and calls for him to lose his knighthood.
He was lambasted over the collapse of BHS, affecting 11,000 jobs, 19,000 pension holders and leaving a £571m in the pension scheme.
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