Cumbria's richest man has seen his wealth grow dramatically over the last year, making him the seventh wealthiest man in the north west. 

According to the Sunday Times Rich List, which will be published in full this weekend, Edinburgh Woollen Mill boss Philip Day is now worth £1.05 billion – an increase in his assets of £300 million compared to last year. 

It places him joint 110th in the national league table of the UK's richest people.

In the north west, Mr Day is two places above Sir Paul McCartney, and his wife Nancy Shevell, whose fortune is £760m. 

The richest person in the region is the Duke of Westminster, worth a staggering £9.35 billion, and currently the country's sixth wealthiest man. His wealth increased over the last year by £790 million. 

Second-placed in the region is Home Bargains entrepreneur Tom Morris and family, with assets of £3.05 billion. 

Interviewed five years ago about his business, Mr Day said: “When the economy slows down a lot of companies cut investment. 

“We have constantly invested in people and infrastructure. This being a private business without any outside shareholders, the money we make can be put back in as an investment for the future.”