Sir Jim Ratcliffe was born on Oct. 18, 1952, in Failsworth, Greater Manchester, and brought up in a working-class home. His father was a joiner, and his mother worked in an accounts office. The family lived in a council house until he was 10. Ratcliffe went to Beverley Grammar School and later graduated at the University of Birmingham with a degree in chemical engineering. He also received an M.B.A. from the London Business School.
Career Beginnings
Ratcliffe started his career exploring oil for Esso. Next, he moved to Courtaulds, a textiles and chemicals company, where he gained experience in the chemical industry. These early roles helped Jim Ratcliffe gain vital knowledge for his future entrepreneurial endeavors.
Founding of INEOS
In 1998 the 45-year-old Ratcliffe launched petrochemicals firm INEOS. He built INEOS from the ground up, beginning with the purchase of a BP chemicals business, into a global powerhouse. Today, INEOS has 194 sites in 29 countries with more than 26,000 employees. The company makes roughly $65 billion a year in revenue under the leadership of Jim Ratcliffe.
Net Worth
As of May 2024, Sir Jim Ratcliffe, 70, is worth £23.5 billion, according to the Sunday Times Rich List. That’s down from £29.7 billion in 2023 amid continued business headwinds.
Family and Personal Life
Ratcliffe tends to keep family matters close to the vest. He has been married twice, with three children. And despite his staggering wealth, Jim Ratcliffe is low-key and humble, people who know him say.
Sports Investments
A sports lover, Ratcliffe has spread his investments across different sports:
Football: He seized control of Manchester United, acquiring a 25 percent stake in December 2023 for 1.2 billion pounds ($1.5 billion).
Cycling: INEOS bought the Team Sky in 2019 and rebranded it in 2020 as INEOS Grenadiers. Under his ownership, the team has found further success in professional cycling.
Sailing: Ratcliffe teamed up with Sir Ben Ainslie to create INEOS Team UK to try to win the America’s Cup for Britain. This has been a promising campaign for them with big investment and adaptation of new technology.
Recent Developments
In November 2024 Manchester United declared a marginally reduced first quarter loss of £349,000 compared to £8.6m a year earlier. This is due to cost control and a favorable exchange rate. Jim Ratcliffe is part of discussions as the club is still considering what might be in place for old stadium Old Trafford.
Philanthropy and Personal Interests
Philanthropy: Ratcliffe contributes both time and money for children’s fitness and medical research. An adventurer at heart, he has run an Ironman triathlon and gone on polar expeditions. His assertiveness spills into his business life, his need for challenges exposing his dynamic nature as much as his political one. This adventurous spirit is a significant part of Jim Ratcliffe’s personal interests.
