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Start Up Loans (a government-funded scheme that provides advice, business loans and mentoring to startups) compiled the Rags to Rich List after researching leading entrepreneurs’ start-up capital and the current value of their businesses.

With just a £20,000 loan to start his first business, Sir Philip Green went on to take over the Arcadia Group and is now worth a staggering £3.88bn. Similarly, Mike Ashley used a £10,000 loan to start Sports Direct and is now worth £3.75bn, while Sir Richard Branson’s startup capital was a mere £300, which he used to start building an empire now worth £3.6bn.

The full version of the inaugural Start Up Loans List mentioned 15 further entrepreneurs. Other notables on the list of the nation’s 25 top self-made millionaires include New Look founder Tom Singh at 19, while Charlie Bigham who has created his own ready meals empire and is worth £100m comes in at number 23.

Plymouth's Chris Dawson, founder of The Range chain of homeware stores came in at number 8.

Sir Alan Sugar, worth £900m after starting out with just £100 is at number 15 on the list, and his success has had a big impact on Yasmina Siadatan, winner of the Apprentice 2009 who is the Creative Director of Start Up Loans and behind the list.