Despite seeing almost half his wealth disappear, Lakshmi Mittal is confirmed as Britain's Richest Asian once again. The publication of Britain's Richest Asian 200 - the official Asian rich list - finally puts paid to speculation about who really is the wealthiest Asian in the land.

Steel baron, Lakshmi Mittal, whose company Ispat International is now acknowledged as the third largest steel manufacturer in the world, maintains poll position despite an overall loss of £1 billion as a result of trouble within the Steel industry.

The controversial Hinduja brothers remain in second position, despite having suffered at the hands of the media. Apart from their reputation, their shares have also tumbled with losses wiping £1.15 billion off their net worth. The two brothers, SP and GP Hinduja, have been dogged by controversy over the past year, being called back to India to face bribery charges and being held responsible for the resignation of Peter Mandelson.

The list features eight new entries this year, amongst which is this year's youngest millionaire Reuben Singh, who re-enters the list with an astounding £101 million at the tender age of 24. Reuben's fortunes were placed under question two years ago, when he was removed from the list following the sale of his company Miss Attitude for a mere £500,000. However his most recent interests, Alldaypa.com, plus existing wealth puts him firmly back in the Top 20.

The Sunday Times list of Britain's Richest Asians - Top 10

The Top 10 control £3.85 billion of £9.16 billion total net worth of the 200 Richest Asians in the UK.

* Source The Sunday Times Rich List 2001.

One whose fortune has increased this year is 36 year old Mike Jatania of Lornamead International, whose worth has literally doubled over the past year to an estimated £300 million. Lornamead International, a London based cosmetics and perfumery business has focused on buying unwanted brands from multinationals and taking them to consumers, amongst their current portfolio are Harmony Hairspray and Body Mist.

Britain's Richest Asian 200 have a combined wealth of just over £9 billion.

New Entries

There are a total of 8 new entries, which together have a value of £256.7 million. The highest new entry is Reuben Singh who enters at Number 17 with a valuation of £101 million. Of the 8 new entries 3 are under the age of 30, with a combined net worth of £167 million (68% of the total value of the new entries).

* Source The Sunday Times Rich List 2001.

Gurmeet Khangura, publisher of the list and Chairman of Ethnic Media Group says " It's interesting to note that there is a definite broadening of the industries that Asians are investing in, although the stronghold remains in the traditional businesses such as food, fashion and retailing. However, we are seeing the community diversify into other industries, including finance, media, IT and pharmaceuticals."

Food & Fashion lead the way

The two highest earning industry sectors are food and fashion. In the Food Manufacture & Retailing categories are 37 individuals with combined worth of £1.05 billion (as compared to £900 million in 2000). Famous food brands include Bestways, Tilda Rice, Noon Products, S&A Foods, Pataks Spices, TRS and VeeTee Rice.

Fashion is also a well represented category with 34 individuals and companies with a combined worth of £891 million (as compared to £712 million in 2000). Fashion gurus include high street names such as Joe Bloggs, Ciro Citterio, Bay Trading, Pepe Jeans and New Look amongst others.

The full Britain's Richest Asians 200 will be published in the Eastern Eye Newspaper on April 6th 2001.

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