Sir Richard Branson is worth £3.6bn according to the list
That means the UK has more billionaires per head of population than any other country.
London has more billionaires than any other city in the world with 72 - far ahead of nearest rival Moscow with 48.
The Indian-born brothers Sri and Gopie Hinduja - who run the conglomerate Hinduja Group - top the list with a fortune of £11.9bn.
Arsenal shareholder and Russian business magnate Alisher Usmanov fell to second after his estimated fortune dropped to £10.65bn.
Rising fortunes
The number of billionaires living in the UK has jumped from 88 in 2013, Their combined wealth has also reportedly shot up from £245bn last year.
It is the first time since 2008 that the minimum wealth of the 50 richest people in the UK has exceeded £1.5bn. SEE MORE AFTER CUT>>>>>>>
A fortune of £1.7bn is now required to make the top 50 - up from £700m 10 years ago.
New members of the list include West End producer Sir Cameron Mackintosh, who is now worth £1bn, and Jon Hunt, the founder of estate agents Foxtons who is worth £1.07bn.
The wealthiest new entry is Carrie and Francois Perrodo and their family, who own the London-based Perenco oil and gas operation and are worth an estimated £6.14bn.
Philip Beresford, who compiles the list, told the BBC "culture, financial services, nice tax regime, good education for their kids and a nice lifestyle where they meet their friends" were among the reasons billionaires were attracted to the UK.
BBC financial correspondent Andrew Verity said the increase in the number of billionaires on the list undermined the argument that making them pay more tax would drive them away.
This included efforts to impose capital gains tax (CGT) on property owned by foreigners who are not resident in the UK, said our correspondent.
Rich List author Philip Beresford explains why the super rich love London
In spite of the fact that many of Britain's richest people are "domiciled" abroad for tax purposes, many of the UK's 123,000 "non-doms" were resident here and so the measure did not apply to them, he added.
Other notable figures on the list include Chelsea Football Club owner Roman Abramovich (£8.52bn), Sports Direct owner Mike Ashley (£3.75bn) and Virgin Group founder Sir Richard Branson (£3.6bn).
Plymouth-born Chris Dawson, who owns and runs The Range discount store chain, saw his fortune rise by £695m in the past 12 months to net £1.28bn.
The full Sunday Times Rich List is published on 18 May.
Top 25
- Sri and Gopi Hinduja, £11.9bn, up £1.3bn
- Alisher Usmanov, £10.65bn, down £2.65bn
- Lakshmi Mittal and family, £10.25bn, up £250m
- Len Blavatnik, £10bn, down £1bn
- Ernesto and Kirsty Bertarelli, £9.75bn, up £2.35bn
- John Fredriksen and family, £9.25bn, up £450m
- David and Simon Reuben, £9bn, up £719m
- Kirsten and Jorn Rausing, £8.8bn, up £3.69bn
- Roman Abramovich, £8.52bn, down £780m
- The Duke of Westminster, £8.5bn, up £700m
- Galen, Hilary and George Weston and family, £7.3bn, up £650m
- Charlene de Carvalho-Heineken and Michel de Carvalho, £6.36bn, down £635m
- Mohamed Bin Issa Al Jaber and family, £6.16bn, up £1.65bn
- Carrie and Francois Perrodo and family, £6.14bn, new
- German Khan, £6.08bn, new
- Sir David and Sir Frederick Barclay, £6bn, up £3.65bn
- Hans Rausing and family £5.9bn, up £1.18bn
- Nicky Oppenheimer and family, £4.57bn, up £785m
- Earl Cadogan and family, £4.2bn, up £525m
- Joseph Lau and family, £4.03bn, down £570m
- Sir Philip and Lady Green £3.88bn, no change
- Denis O'Brien, £3.85bn, up £486m
- Mike Ashley, £3.75bn, up £1.45bn
- Sir Richard Branson and family, £3.6bn, up £86m
- Idan Ofer, £3.43bn, new
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