It won't mean a cheaper brand of dog food for the corgis, but the Queen has slipped down the ranks of the richest people in Britain.

According to the annual Sunday Times rich list, her majesty has dropped out of the top 300.

UK correspondent Malcolm Stuart says she's not losing money, it's just that the very rich have grown even wealthier.

"The Queen is reckoned to be now the 302nd richest person in her realm, despite her personal wealth rising by about 10 million pounds last year."

It's claimed the Queen now has assets worth $660 million.