Property tycoon Andrew Rosenfeld plans to donate £1m to the Labour Party making him the biggest ever donor to the party, The Sunday Times has reported.

Rosenfield, 50, who is the founder of property investment and development company Minerva plc, will beat Harry Potter author JK Rowling as Labour’s biggest backer outside the unions .

In 2006, the multimillionaire sold his business and moved to Geneva with his family. In 2009, he was estimated to be worth £100m in the Sunday Times Rich List.

Rosenfield is the Labour Party’s chairman of nations and regions and donated another £500,000 last year.

He lent £1m to Labour to fund its 2005 election campaign and the money was repaid in 2009.

In the past, Rosenfeld has also showed his support for the Conservatives, forking out £10,000 for Ken Clarke’s party leadership campaign in 2001.