[1][2] He was born in Angus, the second son of William Ritchie, a landed proprietor, of Rockhill House, Broughty Ferry, Forfarshire, head of the firm of William Ritchie & Son of London and Dundee, East India merchants, jute spinners, and manufacturers.

James became a partner in his father's business, based in London.

[3] He was elected Lord Mayor of London for 1903–04, and was created a baronet, of Highlands, Shanklin, on the Isle of Wight, on 15 December 1903.

He died at Shanklin on 18 September 1912, at which point the baronetcy expired, despite having living male heirs.[5][why?]

His eldest son, James William Ritchie, was created a baronet in his own right in 1918 "to regularize an informality in the previous title.