Newbridge tycoon fourth richest in Wales with £1.33bn wealth

Computer tycoon Sir Terry Matthews OBE, who grew up in Newbridge, is worth a mammoth £1.33 billion, according to the 2026 Sunday Times Rich List.

Sir Terry is the fourth richest person in Wales, and is ranked 125th overall on the list – down from 119th last year after an £8 million drop in his wealth.

The 82-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 £5.481bn.

Sir Terry, who is now a British and Canadian dual 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 Queen Elizabeth II 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.

Robert Watts, compiler of the Sunday Times Rich List, said: “This year’s Rich List is a tale of two exoduses. One in six of the individuals and families who appeared on the list two years ago don’t feature this time.   

“Many foreign billionaires who have been living in the UK have also dropped out because they have moved away.

“We have also seen a sharp rise in the number of British nationals now resident in Dubai, Switzerland, and Monaco. As UK nationals these people remain on our Rich List – wherever they now live.”

He continued: “We believe understanding where wealth lies and where it is being accumulated is a vital part of a functioning democracy.”