Wednesday, November 3, 2010

Asian success stories in UK

The identities of Britain's 200 most affluent Asian men and women - together worth £7bn - have been revealed with the publication of an official 'rich list'.
It features the country's wealthiest Asians and highlights the importance of the Asian business community in Britain.

Srichand Hinduja, 63, and his brother Gopi, 59, whose company has interests in finance, oil, industry and telecoms, topped the list.

The pair, whose company is valued at £1.3bn, came out just ahead of last year's richest businessman Lakshmi Mittal, 48, who is the second richest Asian worth £1.2bn, thanks to the family steel empire.

Indian television magnate Subhash Chandra, 48, who made his fortune in trading, is the country's third richest Asian worth £450m.

Also in the top 10 richest Asian's is Tom Singh, 49, who recently floated his New Look fashion store chain and is joint sixth richest worth £200 million alongside hotelier Jasminder Singh, 47.

Individuals who have made it onto the list have amassed their wealth in a variety of industries including finance and commodities, fashion, retailing, information technology, hotel and catering and pharmaceuticals.

Author Salman Rushdie has been included for the first time this year.
The list is published by Eastern Eye newspaper and was compiled by Philip Beresford, author of the Sunday Times Rich List.

Diverse enterprise

Eastern Eye editor-in-chief Sarwar Ahmed said: "We started this project three years ago and it's fascinating to see the growth of Asian wealth in the UK.
"The lowest entry this year came in at £5m. It's also interesting to note that there is a definite broadening of the industries that Asians are investing in.
"We are seeing the community diversify into other industries including finance, media, pharmaceuticals and IT.

"We are also seeing lots more women are coming forward and that reflects how Asian women have gained independence over the last 10 or 20 years.

"We are also seeing Asians making their mark in the City which is an area that was previously pretty well exclusively white and male dominated.

"So the list is not just about just how much money people have got but more a general reflection of Asian society and its contribution to the country as a whole."

Rich by region

Major cities with large Asian populations such as Manchester, Birmingham and Leicester have between five and 20 entries in the list.

But the authors expressed surprise that Bradford received only one entry.
In proportion to the Asian population the West Yorkshire city comes out bottom of the millionaires' league table with only one Asian business man and woman securing an entry.

Dilbag Singh and Mrs Gurmail Kaur, who together own the £10m textile importer and distributors Dilbag Cloth House, reached 90th place in the table.
Mr Ahmed said: "We expected to see the spread of millionaires to marry with the spread of the Asian community across the UK and so were very surprised to find only one entry from Bradford.

"I'm sure there are more, so if anyone thinks they qualify to be included in next year's issue they should let us know."

Among the elite were 18 entries from Manchester whose combined wealth topped £390m.

They included Iqbal Ahmed, chairman of Seamark, Shami Ahmed of clothing firm Joe Bloggs fame, Rajan Kuma of The Rajan Group, and one of the youngest entries - 27-year-old Wasim Akhter of fashion chain Barneys.

Thursday, 8 April, 1999

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