This means that Britain has more billionaires per head of population than any other country.
London also has more billionaires than any other city, with 72, far ahead of its nearest rival Moscow, which has 48.
The Indian-born brothers Sri and Gopie Hinduja - who run the conglomerate Hinduja Group - top the UK rich list with a fortune of £11.9bn.
The richest Britons in Britain are British India-born brothers David and Simon Reuben, who both come in at number seven on the list, who have a fortune of £9bn, followed by the 6th Duke of Westminster, in tenth.
'Rich List' counts more than 100 UK billionaires
11 May 2014
Sir Richard Branson is worth £3.6bn according to the list
The number of billionaires living in the UK has risen to more than 100 for the first time, according to the 2014 Sunday Times Rich List.
There are now 104 billionaires based in the UK with a combined wealth of more than £301bn, the list says.
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 FC shareholder Alisher Usmanov is no longer the richest man in the UK
London has more billionaires than any other city in the world with 72 - far ahead of nearest rival Moscow with 48
Arsenal shareholder and Russian business magnate Alisher Usmanov fell to second after his estimated fortune dropped to £10.65bn.
The Duke of Westminster is the richest (British-born) Briton with around £8.5bn, leaving him 10th.
The number of billionaires living in the UK has jumped from 88 in 2013, according to the Sunday Times.
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.
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.
Rich List author Philip Beresford explains why the super rich love London
The wealthiest new entry is Carrie and Francois Perenco 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.
Other notable figures on the list include Chelsea Football Club owner Roman Abramovich (£8.52bn), Sports Direct and Newcastle United Football Club 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.
- 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