THE multi-millionaire chairman of a world-leading Broadway-based security firm has dismissed a league table of Britain's wealthiest people as "wonderful gossip".

Jorgen Philip Sorensen, chairman of Group 4 Falck, was placed 52nd in the Rich List 2003, published by The Sunday Times.

Three places ahead of him, at 49th, was Felix Dennis, head of Dennis Publishing, who lives on a luxurious 1,350-acre estate at Dorsington, Pebworth.

Mr Sorensen set up Group 4 - which went on to become the World's biggest private security firm - in the 1960s, having been sent to the UK from his native Sweden to build on his family's business interests.

Sixty-four year-old Mr Sorensen became chairman of a group of companies in 2000, when Group 4 merged with Falck.

According to the Rich List survey, he is worth £550 million, with an estimated stake of £209million in Group 4 Falck and having earned £300 million from share sales during the last three years.

This year's estimate of his worth was down from £630 million a year ago, when he was joint 45th in the list.

Mr Sorensen said he did not think the list was very significant, adding: "I'm not sure about the accuracy of it either."

He went on: "I think it's a wonderful gossip document, which I'm not very keen on but I'm not very keen on any gossip, no matter what it is. I find it time wasting."

Mr Dennis, whose wealth was estimated at £575 million, up from £500 million the year before and elevating him seven places in the list, heads a publishing empire that produces titles ranging from lads' mags to motorsport magazines.

Among the features of his extensive Pebworth estate are a cinema, swimming pool and gym. The 55-year-old's UK publications should earn him between £2 million and £2.5 million profit on sales approaching £40 million for 2002, the Rich List reported. His company also sells millions of magazines in the US each year.

He is reported to have an ambition to plant 50,000 oak trees on his estate, a project that cost him up to £200 million.