£2bn lost by region's richest

The dozen richest people in the West Midlands lost more than £2 billion in the last year.

The Sunday Times Rich List 2009 reveals how hard the recession has hit the region's super-rich. The 12 top names in the top 10 – there was a three-way tie for 10th place – lost a total of £2,102 million in the last financial year.

Just two of this elite list made a profit, with one breaking even and nine making losses ranging from £80m to £1bn.

The biggest loser was JCB boss Sir Anthony Bamford, who was knocked off top spot after his valuation slumped by a staggering 51 per cent.

Sir Anthony, 63-year-old chairman of the family-owned Staffordshire digger manufacturer, saw his fortune fall from £1.95bn a year ago to £950m today. He now occupies second place in the West Midlands money league, behind mobile phone tycoon John Caudwell.

Mr Caudwell, aged 56, who sold his Staffordshire-based mobile phone business Caudwell Group in 2006 for £1.24bn, has himself lost £200m but still boasts assets worth £1.4bn claims The Sunday Times.

Wolves owner Steve Morgan rises into the top 10, despite £80m being shaved off his fortune. Mr Morgan, aged 56, returned to housebuilder Redrow, which he founded in 1974, in March and his 29.9 per cent stake is valued at £70m. He jumps more than 50 places to 146 in the national rich list.

Also at number 146 and joint seventh in the West Midlands is Roy Richardson, who with late brother Don was behind the Merry Hill development and nearby Waterfront office and leisure complex at Brierley Hill.

The 79-year-old lost an estimated £100m, with his wealth estimated at £450m a year ago. But despite the loss he moves up a place from last year.