Newbridge billionaire tycoon increases his wealth by £103m, according to Rich List

Computer tycoon Sir Terry Matthews OBE has increased his wealth by £103m in the last 12 months, according to the 2023 Sunday Times Rich List.

Sir Terry, who grew up in Newbridge, is the fourth richest person in Wales and is worth £1.333bn.

The 78-year-old made his fortune as a serial high-tech entrepreneur and became Wales’ first billionaire.

He was the richest person in Wales until 2012, when he was overtaken by Cardiff-born venture capitalist Sir Michael Moritz – who remains the richest person in Wales, alongside Harriet Hayman, with a wealth of £3.333bn.

Sir Terry, who is now a British and Canadian duel citizen, is the owner of Newport’s Celtic Manor Resort, as well as a number of businesses based in Canada.

He has founded or funded more than 100 high-tech communications companies, including Mitel – which he set up alongside Michael Cowpland in 1972 – and the Ottawa-based Newbridge Networks in 1986.

He was made an OBE in 1994 for his services to the communications industry, and was knighted by the Queen at Buckingham Palace in 2001.

In 2017, he was appointed an Officer of the Order of Canada (OC).

According to the Sunday Times, its Rich List is based on identifiable wealth, such as land, property or other assets such as art and racehorses for example.

It also includes significant shares in publicly-listed companies but does does not include bank accounts, which it does not have access to.