Lord Sainsbury, the chief of a family supermarket chain, is Britain's richest person with wealth estimated at $5.6 billion, The Sunday Times newspaper said.
In its annual "Rich List" of the country's 1,000 wealthiest individuals, the paper said Sainsbury had reached No. 1 after five years as runner-up.He replaced financier Joseph Lewis, who slipped to fourth place after the Sunday Times revalued his fortune at $2.96 billion.
Queen Elizabeth languished in 94th place with total worth of just $424 million.
The biggest riser was Formula One motor racing boss Bernie Ecclestone, who sparked controversy in a row over tobacco sponsorship that prompted the ruling Labor Party to return to him a million-pound political donation.
Ecclestone rose from 58th in last year's list to sixth place.
The Sunday Times calculated that the 1,000 richest individuals had enough money between them to finance Britain's defense budget for the next five years.
Of 64 women in the top 1,000, most owed their wealth to inheritance, divorce settlements or family wealth, it said.