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Usmanov, 59, ousted Indian-born steel magnate Lakshmi Mittal, who spent previous eight years at the top of the list. Mittal dropped down to fourth place this year with a fortune of $15.2 billion.
The Sunday Times Rich List is a list of the 1,000 wealthiest people or families in the United Kingdom, updated annually in April and published as a magazine supplement by British national newspaper The Sunday Times.
Russian-born media mogul Len Blavatnik occupies second place on the list.
His wealth tripled from $5.1 billion last year to $16.8 billion this year.
Another Russian tycoon, Chelsea football club owner Roman Abramovich, has moved down from third to fifth place this year with his fortune shrinking to 9.3 billion pounds ($14.2 billion).
The highest British-born person on the list is the Duke of Westminster, Gerald Grosvenor, who is in eighth place with 7.8 billion pounds ($11.9 billion) from properties across the world.
Usmanov also topped Forbes’ 2013 Wealthiest Russian Businessmen List published on Thursday earlier.