71-year-old billionaire Sir Jim Ratcliffe is in a race to secure his legacy

The 71-year-old is among the richest people in the U.K., with a net worth estimated at £23.5 billion, according to the latest Sunday Times Rich List. 

What do you do with all that wealth? For Ratcliffe, the answer appears to be living out each of his childhood fantasies.

Ratcliffe’s hobbies

The petrochemicals billionaire has a quirky, eclectic mix of ventures, straddling his passions for sports, automobiles, fishing, and drinking.

Ratcliffe was a regular in the Grenadier pub, nestled down a sidestreet in the affluent London neighborhood of Knightsbridge.

It was over a pint in that pub that Ratcliffe decided to reignite the Land Rover Discovery, naming the soon-to-be-released model the Grenadier after his beloved watering hole.

He bought the pub in 2022.

His most high-profile side hobby, though, was his purchase of a minority share in Manchester United last year, which would see him and his team take over football operations at the club.

From his previous sports projects, such as his ownership of the hugely successful cycling team Ineos Grenadier and football club Nice and his professed lifetime support of the club, Ratcliffe pitched himself as the ideal man to help turn around Manchester United’s fortunes.

Ratcliffe has already overhauled Manchester United’s footballing side, installing a new CEO, Omar Barrada, and poaching new sporting director Dan Ashworth from rivals Newcastle United.

He has also quietly bought up 400,000 acres of land in Iceland, where he likes to go fishing.

When asked by The Times if anyone owned more territory than him in the country, Ratcliffe replied: “Possibly the church?”

“All the intensity of everyday life where everything is covered in concrete or tarmac and you’re umbilically attached to your iPhone disappears very quickly in this environment,” Ratcliffe told the publication. “It will be good for my longevity, I hope.”

Legacy building

Looking at Ratcliffe’s investments and judging by his comments, it’s easy to conclude his purchases are simply the expensive trappings of a billionaire designed to help him escape the intensities of running a major global company.

That’s obviously a part of it, says Liz Colfer, associate director and chartered financial planner at wealth management business Five Wealth.

“When you’ve been running the company for as long as he has, you’ve kind of ticked that box to a certain extent. And then it’s thinking about what what other things can you get yourself involved in, and what else you can do,” Colfer told Fortune.

“If you’ve got that mindset, to a certain extent it’s never satisfied. There’s always something else. You’re always thinking of another idea.”

Ratcliffe has often used personal anecdotes to build momentum for his purchases, rarely citing the potential for financial gain.

Before buying a hefty stake in Man United, Ratcliffe spoke about supporting the club while he grew up in the Manchester town of Failsworth, located around seven miles from the Old Trafford stadium.

However, lurking underneath this fulfillment of childhood dreams is likely a more tactical motivation.

While still sprightly at 71, having completed the London Marathon in May in just over four hours and 30 minutes, Ratcliffe will be considerate of his legacy with his jaw-dropping purchases.

Despite his massive net worth, Ratcliffe was a peripheral figure outside the business world during much of his time at the helm of Ineos.

However, his purchase of a minority share in Man United has thrust him to household name status, and, save for a few rival fans, for good reasons.

Taking over a club that was in disarray before his purchase, with a fan base growing increasingly angry at the club’s majority owner, the Glazer family, gives Ratcliffe the chance to be viewed as a savior.

Ratcliffe’s Ineos shadow

After building his net worth on a petrochemicals giant whose plants have faced legal action from environmental groups, Ratcliffe’s legacy is far from assured as the planet turns away from polluting fossil fuels as the effects of climate change become even more apparent.

His new 4×4 Grenadier will run on hydrogen, acting as the poster child for Ineos’s renewables arm. However, the vast majority of its revenue still comes from its petrochemicals business.

In July, Ineos pulled plans for an electric SUV named the Fusilier, citing weak demand and the U.K. government for “industry uncertainty over tariffs, timings and taxation.”

His buying of land in Iceland could also pave the way for greener initiatives, says Jessica Crane, a wealth and business coach.

“Investing in such a beautiful location not only offers potential for value increase but also opens doors for ecotourism and renewable energy projects.”

It’s as yet unclear, though, how history will judge Ratcliffe’s attempts at a later-life rebrand.

“The origins of one’s wealth – and society’s responses to it – often influence a wealth holder’s approach to it, and owning this narrative is key in ensuring they are on the front-foot and in control of their reputation and legacy,” Matthew Braithwaite, a partner at London law firm Wedlake Bell, told Fortune. “Ratcliffe’s purchase of the land in Iceland appears a nod to this obligation, helping to counter the environmental impact of INEOS and the origins of his wealth.” 

Whether his efforts will be enough, Five Wealth’s Colfer says, is “interesting.”

Ratcliffe is reportedly eyeing a new 100,000-seater stadium to replace Manchester United’s iconic Old Trafford, a structure that will last long after he is gone.

If he can help oversee Manchester United’s first Premier League title since 2013 or its first Champions League since 2008, his name will also likely don the new stadium’s halls for generations to come.

A representative for Ineos didn’t respond to a request for comment.