London - A Russian billionaire with a fortune of £13.3 billion (S$25 billion) has topped an annual "rich list" compiled by Britain's Sunday Times newspaper.

Tycoon Alisher Usmanov, 59, who started out manufacturing plastic bags, now owns Russia's biggest iron ore producer Metalloinvest and a nearly 30 per cent stake in Arsenal Football Club.

He also has a holding in mail.ru, Russia's biggest Internet company, and a large stake in London- and Moscow-listed mobile phone operator MegaFon.

Indian-born steel magnate Lakshmi Mittal, who spent eight years at the top of the list, was pushed into fourth place with wealth of £10 billion - down from £12.7 billion last year.

Mr Mittal, whose holding in steel-making giant ArcelorMittal sank from a peak of £28 billion to £5.95 billion, was the biggest drop in the ranking of Britain and Ireland's wealthiest.

In second place, and the highest rise, is Warner Music owner Len Blavatnik, whose wealth rocketed from £3.4 billion last year to £11 billion this year. The Russian-born mogul, now an American, sold his stake in Russian oil and gas giant TNK-BP last month for £2 billion.

The 25th annual list includes 88 billionaires, an increase from 77 last year. Ranked third this year are brothers Sri and Gopi Hinduja, of London-based international conglomerate Hinduja Group, with a fortune of £10.6 billion.

Chelsea Football Club owner Roman Abramovich, who made his fortune in the oil industry, has dropped two places to fifth, with a fortune of £9.3 billion.