THE OWNER of the Celtic Manor Resort has been toppled from his position of Wales’s richest man.

Sir Terry Matthews was beaten by £2 million despite recording a 63 percent increase over the past year.

Sir Terry rose 15 places from his 2009 UK ranking of 70 to 55 on the Sunday Times Rich List with an overall wealth estimated at £975 million.

But he was just overtaken by Cardiff-born San Francisco-based businessman Michael Moritz who recorded a 108 percent increase which brought his estimated wealth up to £977 million.

Philip Beresford, who compiled the Sunday Times Rich List 2010, said: "Sir Terry has had an excellent year with an increase of 63 percent.

He has not dropped a place due to having a bad year but rather due to the success of another.

"Michael Moritz has made a lot of money investing, especially when his company Sequoia invested heavily in Google."

Newport’s James Hull, the founder of James Hull Associates, a chain of high street dentists, recorded a 48 percent increase in wealth.

He is now estimated to be worth £80 million, which ranks him as 21st in Wales and 808th in the UK.

Catherine Zeta Jones is the tenth richest person in Wales with a fortune of £175 million while Tom Jones ranks at 14 with £135 million.