Wolves owner Steve Morgan made a CBE in the Queen's Birthday Honours

Mr Morgan, 63, is already a holder of the Order of the British Empire (OBE).

The award was made for his philanthropic services through the Morgan Foundation which was formed in 2001 and has since handed out around £12 million to over 350 charities. Among them is the recently opened The Way Youth Zone social club in Wolverhampton into which he invested £1 million.

The Foundation gave a similar amount of money to Wolves Aid part of the football club's community trust that passed the money on to 934 small charities and community groups in the Wolverhampton area.

Philippa Gregory, the development manager at The Way Youth Zone described the news of Mr Morgan's latest award as 'wonderful'.

She added: "We're delighted that Steve Morgan has been recognised for all his charity work with a CBE.

"Without Steve, The Way Youth Zone in Wolverhampton would not exist. He's donated so much time to build a facility that's helping over 3,500 young people around here.

"All our young people, staff and volunteers want to congratulate him and thank him again for all he's done for us."

Yesterday the Morgan Foundation held its annual golf day and gala ball. Mr Morgan was described as being in 'good spirits'.

Wolves Chief Executive Jez Moxey said: "This is a very prestigious and well deserved award reflecting decades of charitable work through the North West of England and more recently Wolverhampton and the surrounding area.

"He has given away millions to charity through the Foundation but it is not just about the cheque book. He also gives his time and business expertise to charities, most recently The Way in Wolverhampton.

"The Foundation gave them £1 million but in addition he became the chairman of its trustees. He has been the driving force behind the venture.

"His Foundation carries the slogan Making a Difference and that is what he does personally with particular emphasis on the young, the disadvantaged and the disabled."

Councillor Roger Lawrence, the leader of Wolverhampton City Council, said: "Steve has done a huge amount to help with the Youth Zone, it would not be there without him. It represents a huge investment and the people of Wolverhampton will be reaping the benefits for years to come."

The 2016 Sunday Times Rich List estimated Mr Morgan's net worth to be £880 million.