Redrow Steve Morgan retains second place in 2017 Wales Rich List
Steve Morgan, founder of UK housebuilding firm Redrow, has held on to second place in the annual Wales Rich List, behind the country's only billionaire, Sir Terry Matthews. Morgan made headlines earlier this year after he sold an 11.7% stake in the company to his charitable foundation.

Wales Business Stephen Farrell

Insider has revealed its 2017 Wales Rich List with a series of new entries cracking the top 50 and a change inside the top five. The total wealth of the richest people in Wales' business community has also grown by 10 per cent on last year to £8.13bn.

The exclusive research for the latest issue of Wales Business Insider has also revealed that a fortune of £42m is now required to make the top 50, up from £35m last year.

Sir Terry Matthews, owner of the Celtic Manor Resort near Newport and chairman of the Swansea Bay City Region, remains in top spot and is still Wales' only billionaire. This is despite his estimated fortune dipping slightly to £1.08bn from £1.17bn last year.

Redrow founder Steve Morgan has also retained his second position, despite handing over an 11.7 per cent stake in the housebuilder to his charitable foundation early in 2017.

The only change in the top five is Bernard Rees-Smith, the founder of medical diagnostics group RSR, who moves into fifth position. Dixondale, RSR's parent company, doubled profits to £25.5m in 2016 and is now valued at more than £300m.

Among the new entries for 2017 is Nigel Broadhurst, managing director of Deeside-headquartered food retailer Iceland. The company's turnover grew by 8.6 per cent in the three months to January 2017, helping it to its highest market share since 2001.

He joins Malcom Walker, Iceland's founder of chief executive, and finance director Tarsem Dhaliwal. Former joint managing director Nicholas Canning, who left the business earlier this month after 15 years, is another new entry.

The highest new entry this year is Andrew Walters in 31st, founder of listed vehicle tracking and fleet management systems provider Quartix. Walters, together with members of his family, owns more than 37 per cent of the business, which has a market value of £168.5m.

The 2017 Wales Rich List top 50 can be found in the November edition of Wales Business Insider, out now.