Sussex's richest man has seen his fortune slashed by an estimated £1.4 billion in a year.

Packaging tycoon Hans Rausing, who lives in a country estate near Wadhurst, suffered a 26% reduction in his wealth as the global recession devalued his assets.

However he actually climbed in the annual rankings of the UK's richest residents in the Sunday Times Rich List 2009, released yesterday.

Rausing, who has golden taps installed in his mansion, rose from 7th to 5th as many others of the nation's super-rich saw their fortunes tumble.

The Tetra Pak magnate, originally from Sweden, is now worth £4 billion, down from last year's £5.4 billion.

He was joined in the country's top 1,000 by a collection of music stars, aristocrats and entrepreneurs from Sussex.

The county's second wealthiest man Viscount Cowdray, whose company the Pearson group owns the Financial Times, lives in Cowdray Park, near Midhurst.

His £500 million fortune, down from £720 million last year, ranked him 88th richest nationally.

Former Beatle Paul McCartney, who has a country estate at Peasmarsh, near Rye, was also estimated to have lost part of his fortune but was still rated 120th with £440 million, down by £60 million.

Rich List compiler Philip Beresford said: "Boom has turned to an almighty bust for Britain's super-rich. Collectively the 1,000 multi-millionaires in the 2009 list are worth a mere £282.27 billion, down a staggering £155 billion on last year's record total."

The country's richest man, Indian steel magnate Lakshmi Mittal, saw his wealth tumble by £16.9 billion to £10.8 billion.

Others from Sussex include Lady Annabel Goldsmith, who has a home near Bognor, and Spice Girls pop empressario Simon Fuller, from Hastings, who were ranked jointly at 178th with £300 million each.

They were joined in the top 500 richest by Rolling Stone Keith Richards, from West Wittering, near Chichester, who climbed from 438th to 322nd with £175 million, and Britain's Got Talent founder Simon Cowell, raised in Brighton, up from 717th to 438th after bucking the trend and increasing his wealth from £112 million to £120 million.

Pink Floyd pair Roger Waters and David Gilmour, who have homes near Horsham and Crowborough, were 657th and 742nd with £85 million and £78 million. Pop star Robbie Williams, who has a house near Horsham, was 694th with £80 million. Keane frontman Tom Chaplin, 30, was among the wealthiest young Britons with a £4 million fortune.

Former air stewardess Irina Ambramovich, maintained her place in the top 500 with a wealth of £130 million gained during her divorce from Russian oligarch and Chelsea FC owner Roman Abramovich. She lives at their former home in Fyning Hill, near Midhurst.

Ian McGlinn, the Littlehampton garage owner who lent his friend Anita Roddick to set up her second Body Shop and became a millionaire as the company's biggest shareholder, was equal 406th with Mrs Abramovich with a wealth of £130 million.

Capita founder Rod Aldridge, who is sponsoring the new Falmer Academy school, saw his fortune fall from £116 million to £99 million but climbed to 566th.

His fellow Labour party donor Jon Aisbitt, from Haywards Heath, was 575th with £95 million.

Glamour model Jordan turned publishing and television entrepreneur Katie Price, from Brighton, was among the wealthiest young Britons. The 30-year-old has an estimated £30 million fortune.

Sussex's 10 Richest residents

Hans Rausing £4bn

Viscount Cowdray £500m

Paul McCartney £440m

Lady Annabel Goldsmith £300m

Simon Fuller £300m

Keith Richards £175m

Irina Abramovich £130m

Ian McGlinn £130m

Jack Hayward £120m

Rod Aldridge £99m