Source: Allan Warren

Gerald Grosvenor, Duke of Westminster

According to The Sunday Times Rich List 2013, the chancellor of the University of Chester has a fortune of ?7.8 billion, money he earned through his property empire Grosvenor Estates. He is eighth in the Rich List overall and the wealthiest UK-born person in the annual ranking.

His vast wealth makes up more than half of the combined fortune of the 10 richest university chancellors.

Together, the chancellors are worth almost ?13 billion, only ?3 billion less than the combined total of the top 10 musicians, who hold more than ?16 billion.

After the Duke of Westminster, the second-richest chancellor is Lord Paul, the chancellor of University of Wolverhampton and a Labour peer. His ?2 billion fortune comes from his company Caparo group, which specialises in steel and engineering.

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Third on the list is Lord Ashcroft, chancellor of Anglia Ruskin University and a Conservative peer, who has made his ?1.2 billion in business and through investments in health, cleaning and security.

Others identified as among the wealthiest chancellors include University of Derby figurehead the Duke of Devonshire ( who is worth ?720 million), University of Cambridge chancellor Lord Sainsbury (?590 million) and University of Reading chancellor Sir John Madejski (?100 million).

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Top 10 Chancellors in Sunday Times Rich List 2013