The 40-year-old, who is Spencer’s older brother, reportedly popped the question at the weekend in the Lake District, after asking the permission of Pippa’s father first.
A source told the Mail: “James is a traditionalist and very much wanted to do things properly.
The newly engaged couple dated in 2012 before splitting. Pippa was then in a relationship with Nico Jackson for three years before her and James reunited in 2015.
“He made a huge amount of cash from hedge funds and some more from the London property market. We’re talking millions here and you don’t do that by the age of 40 unless you are a sharp cookie. And James is very bright.”
While James is known to be serious and grounded, the same can’t be said for Spencer, who has previously claimed to have slept with more than 1,000 women.
Last year he hit the headlines after quitting ‘I’m A Celebrity... Get Me Out Of Here!’, blaming an addiction to steroids.
It is thought that James and Pippa will marry in 2017, which gives the Queen and her brood plenty of time to catch up on ‘Made In Chelsea’.