SCOTS Tycoon Sir Tom Hunter has lost £250million in the credit crunch.

SCOTS Tycoon Sir Tom Hunter has lost £250million in the credit crunch.

The 45-year-old has been overtaken as Scotland's richest man after his wealth plummeted below £1billion.

Last year he became the country's first billionaire, but his wealth has dropped to £750million after the value of housing firms dipped.

The title of Scotland's richest man is now held by Jim McCall, head of Glasgow engineering firm Clyde Blowers, who has an estimated £800m.

Sir Tom, who began his business career selling trainers from the back of a van, has vowed to give most of his cash away and has already pledged £1bn to good causes.

His cash has been used to in development projects in Malawi and Rwanda.

A spokesman for the tycoon said: "His aspiration to invest a £1bn into philanthropy remains his target it might just take somewhat longer than anticipated."

When Sir Tom said last year he was giving away most of his fortune, he said: "My wife Marion I are going to leave this world as we came into it pretty much with nothing."