71-year-old billionaire Sir Jim Ratcliffe is in a race to secure his inheritance

The 71-year-old is among Britain’s richest people, with an estimated net worth of £23.5bn, according to the latest Sunday Times Rich List.

What do you do with all this wealth? For Ratcliffe, the answer seems to be living out his every childhood fantasy.

Ratcliffe’s hobbies

The petrochemical billionaire has a quirky and eclectic mix of adventures that fit his passions for sports, cars, fishing and drinking.

Ratcliffe was a regular at the Grenadier pub, located on a side street in London’s affluent Knightsbridge district.

After a pint in that pub, Ratcliffe decided to rekindle the Land Rover Discovery, naming the soon-to-be-launched model the Grenadier after his beloved watering hole.

He bought the pub in 2022.

Kiran Ridley—Getty Images

His biggest hobby, however, was acquiring a minority stake in Manchester United last year, which would see him and his team take over football operations at the club.

From his previous sporting ventures, such as owning the highly successful Ineos Grenadier cycling team and Nice Football Club, and his lifelong support for the club, Ratcliffe presented himself as the ideal man to help turn Manchester United’s fortunes around.

Ratcliffe has already overhauled Manchester United’s football team, installing a new CEO, Omar Barrada, and poaching new sporting director Dan Ashworth from rivals Newcastle United.

He also quietly bought 400,000 acres of land in Iceland, where he likes to go fishing.

When asked by The Times if any one held more territory than he in the country, Ratcliffe replied, “Is it possible that the church?”

“All the intensity of everyday life where everything is covered in concrete or asphalt and you’re umbilically attached to your iPhone disappears very quickly in this environment,” Ratcliffe told the publication. “It will be good for my longevity, I hope.”

Heritage building

Looking at Ratcliffe’s investments and judging by his comments, it’s easy to conclude that his purchases are simply the expensive trappings of a billionaire designed to help him escape the rigors of running a major global company.

That’s obviously part of it, says Liz Colfer, associate director and chartered financial planner at wealth management business Five Wealth.

“When you’ve run the company as long as he has, you kind of check that box to a certain extent. And then you think about what other things you can get involved in and what else you can do,” Colfer said. wealth.

“If you have that mentality, to a certain extent he’s never satisfied. There is always something else. You’re always thinking of another idea.”

Ratcliffe often used personal anecdotes to build momentum for his acquisitions, rarely citing the potential for financial gain.

Before buying a major stake in Man United, Ratcliffe spoke of supporting the club while growing up in the Manchester town of Failsworth, located around seven miles from Old Trafford.

Lurking beneath this fulfillment of childhood dreams, however, is likely a more tactical motivation.

Although still 71, having completed the London Marathon in May in just over four hours and 30 minutes, Ratcliffe will be mindful of his legacy with his stunning acquisitions.

Despite his massive net worth, Ratcliffe was a peripheral figure outside the business world for most of his time at the helm of Ineos.

However, his acquisition of a minority stake in Man United propelled him to household name status and, with the exception of a few rival fans, for good reason.

Michael Regan—The FA/Getty Images

Taking over a club that was in disarray before the buyout, with a fan base increasingly angry at the club’s majority owner the Glazer family, gives Ratcliffe the chance to be seen as a saviour.

The shadow of Ratcliffe Ineos

Having built his net worth on a petrochemical giant whose plants have faced legal action from environmental groups, Ratcliffe’s legacy is far from assured as the planet moves away from fossil fuel pollution as the effects climate change are becoming even more evident.

Its new 4×4 Grenadier will run on hydrogen, acting as the poster child for Ineos’ renewable energy arm. However, the vast majority of its revenue still comes from its petrochemical business.

In July, Ineos withdrew plans for an electric SUV called the Fusilier, citing weak demand and the UK government for “industry uncertainty around rates, timing and taxation”.

Hollie Adams/Bloomberg via Getty Images

His purchase of land in Iceland could pave the way for greener initiatives, says Jessica Crane, wealth and business coach.

“Investing in such a beautiful location not only offers potential for value growth, but also opens doors for ecotourism and renewable energy projects.”

It is not yet clear, however, how history will judge Ratcliffe’s later attempts to rebrand it.

“The origins of one’s wealth – and society’s responses to it – often influence a wealth holder’s approach to it, and owning that narrative is essential to ensuring they are first and in control of their reputation and legacy,” said Matthew Braithwaite, a partner at the London law firm Wedlake Bell wealth. “Ratcliffe’s purchase of the land in Iceland appears to be a nod to this obligation, helping to counter the environmental impact of INEOS and the origins of its wealth.”

Whether his efforts will be enough, Five Wealth’s Colfer says, is “interesting.”

Ratcliffe reportedly wants a new 100,000-seater stadium to replace Manchester United’s iconic Old Trafford, a structure that will last long after he is gone.

If he can help oversee Manchester United’s first Premier League title since 2013 or their first Champions League since 2008, his name will likely grace the halls of the new stadium for generations to come.

An Ineos representative did not respond to a request for comment.