Jim Ratcliffe

Sir James Arthur Ratcliffe (born 18 October 1952) is a British billionaire, chemical engineer, and businessman.

Ratcliffe's first job was with oil giant Esso, but he decided to broaden his skills into finance by studying management accounting, studying for an MBA at London Business School from 1978 to 1980 (he donated £25m to the school in 2016).

He studied chemical engineering at Birmingham University, gaining a BSc, and later gained an MBA from London Business School in 1980.

In 1989, he joined US private equity group Advent International.

Ratcliffe was a co-founder of Inspec, which leased the former BP Chemicals site in Antwerp, Belgium.

Ratcliffe is the chairman and chief executive officer (CEO) of the INEOS chemicals group, which he founded in 1998.

The company is estimated to have had a turnover of $65 billion in 2021.

He does not have a high public profile, and was once described by The Sunday Times as "publicity shy".

In 1998, Ratcliffe formed INEOS in Hampshire to buy-out Inspec and the freehold of the Antwerp site.

From this small base, using high-yield debt to finance deals, Ratcliffe started buying unwanted operations from groups such as ICI and BP, selecting targets based on their potential to double their earnings over a five-year period.

In 2006, INEOS bought BP's refining and petrochemical arm Innovene, giving INEOS refineries and plants in Scotland, Italy, Germany, France, Belgium and Canada.

In April 2010, Ratcliffe moved INEOS's head office from Hampshire to Rolle, Switzerland, decreasing the amount of tax the company paid by £100m a year.

An analysis of data from the Environment Agency (EA) also reveals the plant clocked up 176 permit violations between 2014 and 2017.

An EA spokesperson said: "Air emissions are well over legal limits and this poses a risk to the environment".

INEOS director Tom Crotty said the firm "cannot justify" the investment required to comply with EU air and water pollution rules due to come into force in the coming years.

INEOS has carried out small projects in bio ethanol production using Clostridium bacteria, but it has had problems because the syngas has levels of hydrogen cyanide too high for the bacteria to survive.

In 2015, Ratcliffe opened the UK headquarters of the chemicals and energy group in Knightsbridge, London, along with gas and oil trading, and other functions, saying he was "very cheerful about coming back to the UK".

He was pleased with UK policy, London as a business base, and untroubled by the prospect of Brexit.

Full year 2015 EBITDA was €577 million compared to €253 million for 2014.

INEOS sold the Florida plant to Alliance Bio-Products in 2017.

In May 2018, Ratcliffe was the richest person in the UK, with a net worth of £21.05 billion.

As of May 2023, the Sunday Times Rich List 2023 estimated his net worth at £29.688 billion, making him the second wealthiest figure in the UK.

In the Sunday Times Rich List 2018, he was named as the richest man in the UK, with a net worth of £21.05 billion.

In February 2019, it was announced that INEOS would invest £1bn in the UK oil and chemical industries, to include an overhaul of the Forties pipeline system that is responsible for transporting a significant percentage of the UK's North Sea oil and gas.

On 1 May 2019, Ratcliffe criticised the current government rules that say fracking in Britain must be suspended every time a 0.5 magnitude tremor is detected, which has led to a de facto ban on fracking, calling the government "pathetic".

Ineos Automotive.

was founded by Ratcliffe, initially to build a replacement for his Land Rover Defender.

He unsuccessfully approached Jaguar Land Rover to buy the tooling to continue production after the original model was cancelled.

Instead, in 2019 Ratcliffe formed partnerships with BMW and Magna Steyr to design and build a similar vehicle under the codename Projekt Grenadier.

In October 2021, Ratcliffe announced plans to invest more than €2bn (£1.7bn) into electrolysis projects to make zero-carbon green hydrogen across Europe.

He said the first units will produce clean hydrogen through the electrolysis of water in Norway, powered by renewable electricity, and will serve as a hub to provide gas for the country's transport industry.

This will be followed by projects in Germany and Belgium.

Ratcliffe also intends to invest in France and the UK, where his hydrogen business will be headquartered.

In March 2019, INEOS said it would close its Middlesbrough manufacturing plant, unless it is allowed to 'defer compliance' with EU rules designed to prevent air and water pollution.

In September 2020, Ratcliffe officially changed his tax residence from Hampshire to Monaco, a move that it is estimated will save him £4 billion in tax.

In February 2024, Ratcliffe became a minority shareholder in the English football club Manchester United and gained control over sporting operations.

Ratcliffe was born in Failsworth, Lancashire (now in Greater Manchester), his father worked as a joiner, and went on to run a factory that made laboratory furniture.

His mother worked in an accounts office.

He was raised in a council house in the town until the age of 10, when the family moved to East Yorkshire.

He was educated at Beverley Grammar School.