BRITAIN'S RICHEST ASIANS 2003
(12th March 2003)

Friday 25th April sees the publication of the Asian Xpress Rich List, the annual listing of the 300 wealthiest Asians in the UK. Compiled by Dr Philip Beresford, author of the Sunday Times Rich List, this year's list finds the combined wealth of these 300 millionaires is £8.9 billion, an overall loss of £600 million from last year.

The exclusion of notable millionaires such as the Hinduja brothers, Viren Rastogi, Reuben Singh and James Caan, as well as heavy losses by certain individuals seem to have had an impact on the total worth of this year's millionaires. However, very few of the industries have shown a dramatic loss in value over the past year. In fact, many of them, including key economic indicators such as fashion, pharmaceuticals, retail and the hotel industry have shown strong gains.

THE SUNDAY TIMES ASIAN RICH LIST 2003 - TOP TEN

* Source The Sunday Times Rich List 2003.

Steel baron Lakshmi Mittal, who owns the world's second largest steel company, LNM, has managed to turn the tide and increased his net wealth by a staggering £410 million. Mittal's net worth of £1.310 billion consolidates his position as the richest Asian in Britain, for the third consecutive year.

The shock exclusions of the year are the infamous Hinduja brothers, who have been dogged by controversy both here and in India. They appear to have moved all interests back to India, having lost the costly battle to attain British citizenship, and are no longer deemed to be part of the British Asian community.

This year's runners up, taking over where the Hindujas left, are the Jatania brothers, who are valued at £570 million. The brothers have performed amazingly over the past year, with a net gain of £22 million, due largely to the flotation of their joint venture company EPIC Brand Investments. Their cosmetics and beauty products company Lornamead has built its success on the back of the of traditional brands such as Harmony hairspray and Stergene fabric conditioner.

The amazing 'rags to riches' stories featured in the Asian Xpress Rich List are true indicators of the unique determination of this community. Most of the older generation in the list came to the UK with literally no money in their pockets from India, Pakistan and Bangladesh. Around 10 per cent of those featured in the list came as refugees escaping the Amin regime in Uganda or were displaced as a result of the oppression they faced from the Kenyan government in the 1970s.

NEW ENTRANTS

This year's list also sees the introduction of 71 new millionaires, worth an astounding £630 million. Included in this year's new entries are two women from the world of film and TV, who have hit the headlines with their own unique and hugely successful parodies of Asian life. Gurinder Chadha, director of 'Bend It Like Beckham' and Meera Syal, whose credits include Bombay Dreams, Anita & Me and The Kumars at No 42, make it into the list for the first time - both being valued at £4 million.

The lowest entry point for this year is £4 million and the highest entry £25 million achieved by is Bradford-based entrepreneur Mumtaz Khan Akbar, who comfortably enters the list at number 59. His company, Mumtaz Food Industries is one of the region's great success stories and has played an important role in bolstering the local economy.

MOVERS & SHAKERS

In terms of the great risers and fallers, Tom Singh and his company New Look have had a great year with an overall increase in net wealth of £90 million. Dinesh Dhamija and his company e-bookers, follows on the heels of Tom Singh, with a staggering jump of 50 places and increased in value by £80 million to £110 million. This gain is largely due to the consistent and strong performance of e-bookers shares on the London stock market. Sadly, the biggest loss for this year has been for Labour peer Lord Swarj Paul, whose company, Caparo Industries, has taken a hammering with losses of £175 million.

The increasing influence of women in the Asian business community is also demonstrated this year, with a total of 21 women featured in the list. Five of them appear in their own right, and a further 16 appear with their partners or members of their family. Varsha Engineer and her husband lead the couples at number 10 on the list, with a valuation of £111 million. Both Meena Pathak and Perween Warsi, the universally acknowledged 'curry queens', have both suffered fairly hefty losses in net wealth, but maintain equal positions at number 59 and a valuation of £25 million each.

This year's list also shows that Asian millionaires are still getting younger, with a total of 47 of the current list being under the age of 40, and controlling a staggering £1.33 billion. The youngest entry this year is 29 year-old Ameet Kotecha, who enters the list for the first time. This busy young man, who is worth £5 million, divides his time between the family's wholesale beer business in Kent and his separate company Management Control.

Sarwar Ahmed, publisher of the list says: "In the third year of the Asian Xpress Rich List, we again see the amazing resilience and entrepreneurship of the UK's Asian business community. Despite all the signs in the current climate signalling an economic slow-down, Asian millionaires are still battling it out and keeping their heads well above water".

He continued: "The determination and hard work of these business men and women shows that no amount of racism, terror or political turmoil can deter them from the path they have clearly forged for themselves. Their commitment to providing better futures for their families, community and ultimately the UK's economy, over the past 30 odd years has paid off."

HIGHLIGHTS OF THE ASIAN XPRESS RICH LIST 2003

• The value of this year's Rich List stands at £8.9 billion
• The Top 10 control £3.6 billion of that money
• There are a total of 71 new entries, who together have a value of £629.5 million
• There are a total of seven entries aged 30 or under, with a combined value of £100 million
• The two biggest sectors in terms of the number of millionaires are fashion and food
  • Fashion - 42 millionaires worth a total of £864.7 million
  • Food - 33 millionaires worth a total of £656.8 million
• In terms of regional spread of millionaires, although national, the top five regions in terms of total wealth are:

• London £ 3.8 billion
• Middlesex £ 1.7 billion
• West Midlands £ 451 million
• Essex £ 409 million
• Surrey £ 312 million

Mayor of London, Ken Livingstone, said "London's Asian businesses make a hugely important contribution to the capital's economy - in fact one in 10 businesses in London is Asian-owned. With my development arm the London Development Agency, I look forward to doing all I can to foster success, employment and innovation in London's Asian businesses. London is ripe for future development and I am keen to encourage Asian businesses to take full advantage of the new opportunities that will open up in key growth areas like the Thames Gateway."

Click here to visit the London Development Agency website.

The Asian Xpress Rich List 2003 is published on Friday 25th April 2003, as a free supplement with Asian Xpress.

ASIAN RICH LIST ARCHIVE

Click here for the Asian Rich List 2002.
Click here for the Asian Rich List 2001.

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