Veteran British fund manager Terry Smith, who now resides in Mauritius, pocketed £29.7m in the 12 months to March 2020, according to media reports citing accounts filed at Companies House.

This makes him one of the best paid fund managers in the business reflecting a bumper year in Fundsmith's pre-tax profits which leapt nearly 84%, from £26.4m to £48.5m.

His pay this year is double the £16.2m he earned the previous year to March 2019.

Fundsmith, which runs the UK's largest equity fund, also saw its assets under management (AUM) grow from £21bn to £23.3bn.