UK rich list welcomes IT new kids

The ranks of Britain's super rich are being swelled by IT entrepreneurs.

According to The Sunday Times Rich List, published yesterday, more than half of the top 20 fastest accrued fortunes were made in IT.

New entrants include Tim Jackson, the former Financial Times journalist whose internet auctioneer business QXL.com enjoyed an average annual growth rate of £90.6m to give him a net worth of £272m.

Two late entrants into the list are the people behind Lastminute.com. Brent Hoberman, who founded the internet travel service, has an estimated worth of £50m - beating co-founder Martha Lane Fox, whose wealth is valued at £30m.

There are 63 internet millionaires in this year's 1000-strong list, up from 10 last year.

Technology millionaires, like their businesses, tend to be youthful. Fifty of the top 100 millionaires aged 30 and under made their money in the IT sector, including the internet, computers, software and mobile phones.

The mobile phone business has served to create new entries, including Martin Smith (founder of Mobile Telecom Group - worth £75m), Amjad Baig (joint managing director of Phone People - worth £50m) and Jason Pickthall (Baig's partner - worth £50m).

Mobile phones have also helped to boost Virgin founder Richard Branson's fortune from £1.2bn in 1999 to £2.4bn today.

Knowing when to sell a business can also prove beneficial. Terry Matthews sold his stake in the Canadian-based Newbridge Networks to French telecoms giant Alcatel last month. It netted him just over £1bn in shares to inflate his fortune from £1.1bn in 1999 to £1.2bn today.