Fashion tycoon Anders Holch Povlsen has further solidified his position as the richest person in Scotland. 

The ASOS owner and the largest landowner north of the border is now worth £8.5 billion - an increase of £2bn since last year - the Sunday Times Rich List 2023 revealed. 

However, the total number of billionaires in the UK dropped after reaching a record-breaking 177 in 2022. It marks the first time the number of UK billionaires has fallen in 14 years.

This year there are 171 billionaires in the UK, but their combined wealth did rise by a staggering £30,734 billion to £683,856 billion. 

The Danish retail owner, Mr Holch Povlsen, ranks 17th in the UK. He owns 220,000 acres of land in Scotland, including his home on the Loch Ness shores Aldourie Castle. 

His wealth stems from the Danish fashion retailer Bestseller, founded by his father, Troels Holch Povlsen, in 1975. 

READ MORE: Easdale brothers make Scotland's billionaire list but Danish tycoon still top

While the Danish retailer increased profits to £723 million, struggling fast-fashion outfit Asos has lost £183 million over the past year.

Second on the rich list in Scotland is the whisky dynasty of Glenn Gordon and family valued at £4.607 billion.

He runs the spirits company William Grant and Sons as well as owning Drambuie, Glenfiddich and Grant’s. 

The wealth of the family grew by £1.2bn after dropping by around £200 million last year. 

North Sea oil tycoon Sir Ian Wood and his family also saw their wealth rise by £1 million to £1.82.

The five billionaires at the top of the Scottish 2023 rich list have a combined wealth of £18.263bn - almost half of which (46%) is in the hands of Mr Holch Povlsen.

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However, not all riches have continued to soar and pharmaceutical giants Kiran Mazumdar-Shaw and John Shaw lost their position in the top five.

Robert Watts, the compiler of the Sunday Times Rich List, said: "This year's Sunday Times Rich List shows that a golden period for the super-rich is over.

"For the first time in 14 years we've seen the number of UK billionaires fall.

"Two years ago we raised concerns about an unsettling boom in the fortunes of the very wealthy that continued unchecked during the political instability around Brexit and the pandemic.

"This is not a crash - but there are household names who have lost vast sums over the past year.

"The bursting of the tech bubble, the end of rock bottom interests and the jitters creeping through the banking industry have all taken their toll. 

“The super rich don't exist in a vacuum. Many small investors lost money in some of their overblown stock market floats. Many people also work for their businesses. Financial losses for billionaires can have implications for us all."

Sir Richard Branson’s wealth, for example, has fallen by £1.79 billion since last year, largely due to the falling share prices of his space tourism and satellite ventures.

The five wealthiest people in Scotland: 

1. Anders Holch Povlsen (Wealth of £8.5bn)

2. Glenn Gordon and family (£4.607bn)

3. Sir Ian Wood and family (£1.82bn)

4. Mohamed Al Fayed and family (Harrods; £1.699bn)

5. Mahdi al-Tajir (Highland Spring; £1.637bn)