GWENT tycoon Sir Terry Matthews has slipped to Wales' fourth richest man, according to The Sunday Times Rich List.

The owner of the Celtic Manor Resort is one of five Welsh billionaires and has a total worth of £1.012bn, down by £28m on last year.

Newport-born Mr Matthews, 72, was previously the richest man in Wales until 2012 and is currently part of a consortium looking to buy TATA Steel’s UK operations.

He has been heavily involved in the re-generation of Swansea over the past few years in his role as chairman of Swansea Bay City Region.

The tycoon recently said: “It is a good time to invest in Welsh steel with the industry being at a low point.”

After studying a degree in electronics at Swansea University and an apprenticeship with British Telecom, Mr Matthews made his fortune in Canada, working alongside Michael Cowpland in founding global electronic and communications company Mitel.

Mr Matthews sold his shares in Mitel in 1985 and set up Newbridge Networks. He has since sold his stake for over £1bn in 2000 before re-acquiring Mitel.

He has slipped below Jersey-based co-founder Simon Nixon over the past 12 months.

The top two in Wales’ Rich List are Cardiff-born venture capitalist and former journalist Sir Michael Moritz and Douglas Perkins of Specsavers.

Mr Moritz, based in California, increased his wealth by £200m this year to £1.95bn while Mr Perkins' wealth, tied with his wife and business partner Dame Mary Perkins, sits at £1.55bn.

Wales’ newest entry to the rich list is Ebbw Vale-born Mark Neale, who made his fortune through discount outdoor clothing and equipment chain Mountain Warehouse.

Mr Neale, 47, opened the first Mountain Warehouse store in Swindon in 1997 from £40,000 of savings and the company now has more than 200 stores from Poland to North America.

Born into a family of steelworkers, Mr Neale studied for a physics degree at Oxford University before working in the City of London for five years with the dream of running his own company.

Mountain Warehouse saw a 28.6 per cent rise in sales over last year’s Christmas period and Mr Neale’s 85 per cent stake of the business is looking at a flotation of £200m if sold.

Mr Neale the 18th richest man in Wales alongside biotechnologist Sir Chris Evans.

Cwmbran's Hayley Parsons, founder of online insurance comparison website Go Compare, previously ranked 18th on the list with a wealth of £95m but has slipped out of Wales’ top 20.