Jim Ratcliffe facts for kids
Quick facts for kids
Jim Ratcliffe
FIChemE
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Ratcliffe in 2013
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James Arthur Ratcliffe
18 October 1952 Failsworth, England
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| Occupation | Chairman, CEO and founder of INEOS |
| Spouse(s) | Amanda Townson (div.) |
| Children | 3 |
Sir James Arthur Ratcliffe (born 18 October 1952) is a British billionaire, a chemical engineer, and a successful businessman. He is the chairman and chief executive officer (CEO) of the INEOS chemicals group, which he started in 1998.
In May 2018, Jim Ratcliffe was named the richest person in the UK. By May 2023, his wealth was estimated at over £29 billion, making him the second wealthiest person in the UK. In 2020, he moved his tax home to Monaco.
In February 2024, Ratcliffe became a part-owner of the English football club Manchester United. He also took charge of the club's sports operations.
Contents
Early Life and Education
Jim Ratcliffe was born in Failsworth, England. His father was a joiner and later ran a factory that made furniture for laboratories. His mother worked in an office handling accounts. He grew up in a council house until he was 10, when his family moved to East Yorkshire.
He went to Beverley Grammar School. After school, he studied chemical engineering at the University of Birmingham. He finished his degree in 1974.
Career Journey
After university, Ratcliffe briefly worked at an oil company called BP. He then became a trainee accountant at a company that made medicines.
A few years later, Ratcliffe joined the large oil company Esso. Between 1978 and 1980, Esso paid for him to get his MBA degree at the London Business School. He later gave £25 million to the school in 2016. After Esso, Ratcliffe worked for a fabric and chemicals company called Courtaulds. In 1989, he joined a company called Advent International, which invests in businesses.
Starting INEOS
Jim Ratcliffe helped start a company called Inspec. In 1998, he created INEOS in Hampshire, England. He did this to buy Inspec and a chemical site in Belgium.
INEOS started small. Ratcliffe began buying parts of other companies that they no longer wanted, like from ICI and BP. He chose companies that he thought could double their earnings in five years. In 2006, INEOS bought BP's refining and chemical business, Innovene. This gave INEOS refineries and plants in several countries, including Scotland, Italy, and Canada.
In 2007, the company bought Norsk Hydro's polymers business. This helped INEOS grow in the European market for plastics, especially in making PVC (polyvinyl chloride). This made their position in the market much stronger.
In 2010, Ratcliffe moved INEOS's main office from Hampshire to Switzerland. This helped the company save a lot of money on taxes each year.
In 2015, Ratcliffe opened INEOS's UK headquarters in London. He said he was happy to bring some business back to the UK. He liked the UK's business policies and London as a place to do business. He was also not worried about Brexit.
In 2019, INEOS announced it would invest £1 billion in the UK's oil and chemical industries. This included improving the Forties pipeline system, which carries a lot of the UK's North Sea oil and gas.
In 2019, Ratcliffe also talked about fracking rules in Britain. He felt the rules that stop fracking when a small tremor is detected were too strict.
Ineos Automotive was started by Ratcliffe. He wanted to build a new version of the Land Rover Defender, which he liked. When he couldn't buy the tools from Land Rover, he decided to design his own vehicle. In 2019, he partnered with BMW and Magna Steyr to create a similar vehicle. The Grenadier Station Wagon started being made in 2022.
Future Energy Plans
In October 2021, Ratcliffe announced plans to invest over €2 billion (about £1.7 billion) in projects to make "green hydrogen" in Europe. Green hydrogen is a clean fuel made by splitting water using renewable electricity. He said the first projects would be in Norway, using clean electricity to make hydrogen for transport. More projects are planned for Germany and Belgium. Ratcliffe also wants to invest in France and the UK, where his hydrogen business will be based.
Environmental Concerns
In March 2019, INEOS said it might close its Middlesbrough plant if it couldn't delay meeting new EU rules to prevent air and water pollution. Records from the Environment Agency showed the plant had many permit violations between 2014 and 2017. An agency spokesperson said that "Air emissions are well over legal limits and this poses a risk to the environment". An INEOS director said the company couldn't afford the money needed to follow the new rules.
INEOS also worked on small projects to make bio ethanol using bacteria. However, they faced problems because the gas they used had too much hydrogen cyanide, which was harmful to the bacteria.
Sporting Interests
Jim Ratcliffe is very interested in sports. In 2013, he finished the Marathon Des Sables, a very tough race across the Sahara Desert. He also started a charity called "Go Run for Fun." This charity encourages thousands of children aged five to ten to be active by holding fun events with famous people. He also supported the Ineos 1:59 Challenge in 2019, where Eliud Kipchoge successfully ran a marathon in under two hours. Another charity, the Jim Ratcliffe Foundation, helped build a new ski clubhouse in Courchevel. This clubhouse helps children from less wealthy backgrounds learn to ski.
He bought Lausanne-Sport, a football club in Switzerland, in 2017. Through INEOS, he also bought the French football club Nice in 2019.
In 2022, after the owner of Chelsea football club had to sell it, Ratcliffe made a large offer to buy the club. However, his offer was not accepted.
In August 2022, Ratcliffe showed interest in buying Manchester United, a team he has supported since he was a child. In January 2023, INEOS officially made a bid to buy the club. On December 24, 2023, Manchester United announced that Ratcliffe had bought a 25 percent share in the club. His company, INEOS Sport, now manages the football side of the club. The deal was completed in February 2024.
In sailing, Ratcliffe teamed up with Ben Ainslie to create Ineos Team UK. They competed in the 36th America's Cup in 2021. INEOS Britannia is now the British team for the 37th America's Cup in 2024.
Ratcliffe bought the Team Sky cycling team in 2019, which was then renamed Team INEOS. They won the 2019 Tour de France and the 2021 Giro d'Italia with rider Egan Bernal.
In 2020, INEOS also became a main partner of the Mercedes AMG F1 racing team.
Awards and Recognition
In 2009, Jim Ratcliffe was given an honorary fellowship by the Institution of Chemical Engineers. This was to recognize his leadership in building the INEOS Group. In 2013, he received the Petrochemical Heritage Award. In 2018, he was made a Knight Bachelor for his services to business and investment.
Personal Life
Jim Ratcliffe has two sons with his former wife, Amanda Townson. He also has a daughter from a previous relationship. He is currently in a relationship with Catherine Polli.
He enjoys staying active with gym workouts and running.
Ratcliffe loves sports and adventures. He has traveled to both the North and South Poles. He also went on a three-month motorbike trip in South Africa. In 2013, he finished the Marathon Des Sables across the Sahara Desert. He started the charity "Go Run for Fun" to encourage young children to be active. Another charity, the Jim Ratcliffe Foundation, helped build a new ski clubhouse in Courchevel to help children learn to ski.
Ratcliffe spends his time between Hampshire in England and Monaco. In 2020, he officially changed his tax home to Monaco. He owns a large property in Switzerland and hotels in Courchevel and Hampshire.
He has owned two large yachts made by Feadship. He currently owns the Hampshire II, which is 78 meters long.
Views on Brexit
Jim Ratcliffe supported the UK leaving the European Union (Brexit). He said that INEOS supported the idea of a common market in Europe, but not a "United States of Europe." He believes that too many European laws can make economies slow and inefficient. He has also shared his opinions on politicians, saying they are sometimes more interested in meeting bankers than discussing economic issues with business owners.
See also
- Ineos Group Limited
- List of British billionaires by net worth
