Sir Richard Branson’s wealth has dropped by £1.8bn in a year as the tycoon’s space flight dreams came crashing back down to earth.

The British billionaire saw the value of his fortune tumble by more than 40pc over the last year, according to the Sunday Times rich list.

The decline was largely due to large losses incurred by his space tourism and satellite ventures, which have failed to get off the ground.

Virgin Orbit last month collapsed into bankruptcy after spending more than $1bn (£800m) trying to establish a commercial space launch business.

The company’s last mission ended in failure when a rocket launched from a spaceport in Cornwall suffered a technical issue and crashed into the sea.