Formula One winner Lewis Hamilton has raced into the Sunday Times rich list for the first time with an estimated fortune of £106m.

The richest people in Britain are the brothers David and Simon Reuben, whose business empire wealth now stands at £13.1bn, according to the report.

Racing driver Hamilton was one of several new celebrity entrants to the annual list. Ali G comedian Sacha Baron Cohen also made his debut with a total wealth of £105m.

Meanwhile the Queen is at 319th place with an estimated £340m.

However, the newspaper found that all is not well in the world of superwealth, with some many of the country's richest people seeing the value flatline.

Entrants had to have at least £103m to make it onto the 2016 list, up from £100m last year.

That represents just a three per cent rise - far less than the sharp increases seen in previous years, said the newspaper.

It also noted that the number of billionaires within London has dropped for the first time since the 2008 financial crisis, and now stands at 77 as opposed to last year's 80.

Robert Watts, compiler of the Rich List, said that losers had been hit by a "cocktail of plunging stock markets, low oil prices and the crisis in the steel industry".

Among the biggest losers is the steel magnate Lakshmi Mittal, who was in first place six years ago with a fortune of £27.7bn but has since lost three quarters of his wealth in the current steel crisis.

He and his family are currently at 11th place with £7.12bn, marking a drop of £2.08bn in the last year alone.

The Sunday Times noted that a total of ten people have dropped out of the list of billionaires - though they still remain multimillionaires.