The award was made as part of the recent Antiguan and Barbuda Independence celebrations.

Sir David founded Newcastle-based True Potential in 2007.

It has since grown to employ more than 400 people and works with a fifth of UK financial advisers, managing more than £22bn of assets for investors.

Sir David sold True Potential to private equity firm Cinven in September 2021 in a deal experts estimated to be worth between £1.6bn and £2bn. Sir David stayed on as chairman while his son Daniel remained as chief executive.

In addition to his business successes, Sir David has been a consistent champion of education and social mobility. He set up four Harrison Centres for Social Mobility in the UK and is working on the fifth Centre in Antigua, the first to be established overseas.

At the ceremony the Governor General Sir Rodney Williams said: “David’s work and dedication through his foundation’s direct commitment and financial impact to help social mobility and genuine equality of opportunity, and as a businessman, has benefited millions of people around the world including Antigua and Barbuda and countries within the Caribbean.”

The knighthood followed Sir David receiving an honorary doctorate from the Open University in October. Through free personal finance courses that Sir David helped to create with the Open University, more than 1m people have improved their understanding of finance and investing.

True Potential operates a broad wealth management business and has its own investment platform and fund arm. It has more than 1.4m retail clients in the UK.