South African entrepreneur Christo Wiese is one of the highest new entries on The Sunday Times Rich List as his retail interests in the UK have soared. 

Wiese, the third-highest new entry on the annual list at number 22, is reported to be worth £4.33bn.

The retail mogul acquired fashion retailer New Look last year for £780m. His Pepkor investment vehicle also set up new discount fashion chain Pep & Co last year, under the guidance of former Asda boss Andy Bond, opening 50 stores in as many days. A new variety discount chain Guess How Much! also launched last month.

Wiese also has a 57% stake in frozen-food chain Iceland, as well as a UK property portfolio worth £80m, according to The Sunday Times

Sports Direct founder Mike Ashley was the biggest faller among retailers on the Rich List, slipping 23 places to number 45. After a tough year dogged by negative headlines over Sports Direct’s alleged employment practices and soft trading, Ashley is now estimated to be worth £1.07bn.

Home Bargains founder Tom Morris and his family were the highest retail risers, up 12 places to £3.05bn.

Fellow value retailers the Arora brothers of B&M were among the Rich List’s fastest-growing, with an estimated fortune of £1.92bn.

However, other big-name retailers were among the highest fallers in the list. Carphone Warehouse co-founder Sir Charles Dunstone fell 31 places, Matalan founder John Hargreaves slipped 120 positions and Sir Philip Green dropped seven places.

Next chief executive Lord Wolfson fell out of the list after three years as his fortune reportedly fell £20m to £100m as the chain has suffered this year. 

Galen and George Weston and family, owners of Primark parent firm Associated British Foods, were the highest-ranked retailers, coming in fourth in the list with an estimated wealth of £11bn.