"Were it to be counted (as it once was), it is most likely that the queen would still sit at - or be very close to - the top of the Rich List, a position she occupied from 1989 to 1994". His fortune has been estimated at £950m - the first time in 17 years that Sir Philip has not been listed as a billionaire.
Second-placed property and internet brothers David and Simon Reuben, both born in Mumbai, saw their wealth rise by 4.64 billion dollars to 24.26 billion dollars.
The list, which estimates the 1,000 richest people in the United Kingdom, is based on identifiable wealth including land, property, other assets such as art, and shares in companies. His net worth dropped by 2.9 billion pounds since previous year, the paper says. It does not include the amount contained in people's bank accounts.
The Thomson family, owners of the Evening Express and Press and Journal, came in seventh on the Scottish list, boasting wealth of £1.401bn.
Mittal is followed in the list by Indian mining magnate Anil Agarwal, who had a good year and registered a 8.72 billion pounds spike in his fortunes to be ranked 12th with a fortune estimated at 10.57 billion pounds.
Billionaires and multimillionaires are said to be making plans to protect their fortunes, which include moving their assets and businesses overseas, in preparation of tax increases should the Labour leader enter Downing Street.
"But more than half of our Scottish Rich List have seen their fortunes rise over the past 12 months - that's a higher proportion than other parts of the United Kingdom".
The Sunday Times said that after a year of turmoil on the stock market, the super-rich now feared the prospect of the main opposition Labour Party coming to power and forming a hard-left government.
Cardiff-born venture capitalist Sir Michael Moritz remained Wales' richest person with a 3 billion pounds fortune.
The richest sports star aged 30 or under was named as Northern Irish golfer Rory McIlroy.
NRI industrialist Lord Swraj Paul logged a £500 million hike in his fortune to jump up from 90th in 2018 to 69th this year, with an estimated fortune of £2 billion.