How Sir Jim Ratcliffe Became Britain’s Richest Man
Sir Jim Ratcliffe is a self-made billionaire who has amassed a fortune of over £21 billion, making him the richest person in the UK. He is the founder and chairman of INEOS, one of the world’s largest chemical companies, with annual revenues of more than £45 billion and over 23,000 employees.
But how did he go from being a humble student in a council house to a global tycoon with a stake in Manchester United and a passion for sports?
The Rise of INEOS
Ratcliffe was born in Failsworth, Lancashire, in 1952. He grew up in a modest family and attended a local grammar school. He studied chemical engineering at the University of Birmingham and later earned an MBA from London Business School.
He started his career as a trainee accountant at Courtaulds, a textile company, before moving to Exxon as a chemical engineer. He then joined Advent International, a private equity firm, where he learned the art of deal-making and acquired several businesses in the chemical sector.
In 1998, he founded INEOS with a team of former Advent colleagues, using £40 million of borrowed money. He embarked on a series of bold acquisitions, buying up unwanted assets from major players like BP, ICI, and BASF. He focused on improving efficiency, cutting costs, and increasing margins, turning around the fortunes of struggling plants.
He also diversified his portfolio, expanding into new markets and sectors, such as oil and gas, automotive, healthcare, and renewable energy. He acquired stakes in the Forties pipeline system, the Grangemouth refinery, and the Clipper South gas field in the North Sea. He also bought the fashion brand Belstaff, the Swiss football club Lausanne-Sport, and the cycling team formerly known as Team Sky.
INEOS is now one of the most successful and profitable companies in the world, with operations in 29 countries and a market value of over £50 billion. Ratcliffe has been praised for his entrepreneurial vision, his risk-taking appetite, and his hands-on leadership style.
The Controversies
However, Ratcliffe has also faced criticism and controversy for some of his business decisions and personal views. He has been accused of being a tax avoider, a climate change denier, and a Brexit supporter.
In 2010, he moved the headquarters of INEOS from the UK to Switzerland, saving the company £100 million a year in taxes. He later relocated the HQ back to London in 2016, claiming that the UK had become more competitive and attractive for business.
In 2013, he clashed with the trade unions over a dispute at the Grangemouth plant, which threatened to shut down the site and jeopardise thousands of jobs. He eventually reached a deal with the workers, who agreed to accept pay cuts, pension changes, and a no-strike clause.
In 2017, he was reported to have written a letter to the Prime Minister, urging him to relax the environmental regulations on fracking, a controversial method of extracting shale gas. He argued that fracking could boost the UK’s energy security and create jobs and wealth. He also expressed his support for Brexit, saying that the EU was a “bureaucratic nightmare” and that the UK would be better off outside it.
In 2019, he sparked outrage when he announced that he was moving to Monaco, a tax haven, to save up to £4 billion in taxes. He also applied for a legal injunction to prevent the publication of his autobiography, The Alchemist, by a former INEOS executive, who claimed that Ratcliffe had reneged on a promise to share the profits of the company.
Sir Jim Ratcliffe The Latest News
Despite the controversies, Ratcliffe has continued to pursue his ambitions and interests, both in business and in sports. He has recently made headlines for his involvement in two major deals:
- In December 2023, he agreed to acquire a 25% minority stake in Manchester United, one of the most popular and successful football clubs in the world, for £1.3 billion. He will take over the football operations of the club, including player and manager recruitment, and will work closely with the Glazer family, who remain the majority owners. He has also expressed his intention to rebuild the Old Trafford stadium, which he described as “a dump”.
- In January 2024, he launched the INEOS Grenadier, a new 4×4 vehicle that he hopes will rival the iconic Land Rover Defender. He invested £600 million in the project, which he described as his “petrolhead dream”. He built a new factory in Bridgend, Wales, creating 500 jobs, and partnered with BMW to supply the engines. He also plans to produce a hydrogen-powered version of the Grenadier in the future.
Ratcliffe is also an avid sports fan and adventurer, who has completed several marathons, triathlons, and cycling events. He owns two superyachts, a private jet, and several properties around the world. He has been knighted by the Queen for his services to business and charity.
He is married to Amanda, a former secretary, and has three children: George, Samuel, and Alice. He is known to be private and media-shy, preferring to let his actions speak for themselves.
Sir Jim Ratcliffe is a remarkable example of a self-made billionaire, who has built an empire from scratch, defied the odds, and achieved his goals. He is a man of vision, courage, and determination, who has shaped the world of business and sports in his own image.
FACTORS THAT LED BILLIONAIRE SIR JIM RATCLIFFE SUCCEED AT INEOS
- Having worked in the industry for some time, he had a deep understanding of the industry and was able to identify opportunities and gaps in the market that other companies had missed.
- He was a hands-on and proactive leader, involved in all aspects of the business and not afraid to take risks or make difficult decisions. The industry is not for the faint-hearted and as such the billionaire proved equal to the task.
- He had a strong entrepreneurial spirit and was willing to work hard and persevere through difficult times.
OTHER INTERESTS
Just like many other billionaires, Jim loves sports. His company Ineos has sponsored several high-profile sports teams and events, including the Ineos Grenadiers cycling team and the 2019 Tour de France. This has helped to increase the company’s visibility and awareness among the general public. He also sponsored Eliud Kipchoge’s No Human Is Limited campaign where Eliud completed the marathon in 1:59:40:2 in INEOS 1:59 Challenge to become the first marathoner to run the race in under 2 hours.
