LONDON -- After eight years at the top of an annual survey of the wealthiest people in Britain, steel magnate Lakshmi Mittal has conceded his place to Russian billionaire Alisher Usmanov.

The Sunday Times, which publishes the list, says Mittal's fortune suffered a 21 per cent fall in the past year to 10 billion pounds as share values in his ArcelorMittal steel business shrank. The Indian-born tycoon dropped to fourth on this year's list.

Usmanov, who owns interests in Russian mining and Internet companies and a stake in Britain's Arsenal soccer club, is valued at 13.3 billion pounds. He owns several homes in the U.K.

In total, the 1,000 wealthiest people named on the list boast a fortune of 450 billion pounds, the highest on record.