HINDUS TOP ASIAN RICH LIST 2005
(23 March 2005)

By a curious coincidence, Hindus have taken up the top five positions in the Asian Rich List 2005, published today. The official listing of the 300 wealthiest Asians in the UK, sees steel magnate Lakshmi Mittal once again heading the list, followed by industrialists Sri & Gopi Hinduja, the Jatania brothers of Lornamead who breathe new life into tired consumer brands, mining supremo Anil Agarwal and pharma kings Vijay & Bhiku Patel of Waymade.

Published by the UK's leading commercial Asian radio station, Sunrise Radio and compiled by Dr Philip Beresford - author of the Sunday Times Rich List - this year's Rich List finds the combined wealth of these 300 millionaires is £26 billion. Avtar Lit, Chairman of Sunrise Radio Group, publishers of the Asian Rich List said "The past year has been a great success for Britain's Asian business men and women and the increase in their wealth is proof of just how much the Asian community is prospering in spite of huge competition".

In criticism of the Labour Government, Dr Beresford said "the Asian business work ethic should be lauded. They are the only people investing in British manufacturing, unlike the government who are more interested in extending the public sector". He also added that only eleven of the businesses featured in the Asian Rich list had been sold in the past year with five of the owners returning to their industry sector with new ventures. "Asian businessmen stick in their for the long term and build businesses for their families".

ASIAN RICH LIST 2005 - TOP TEN

Steel baron Lakshmi Mittal, who owns the world's second largest steel company, LNM, has managed to not only maintain his position as the UK's wealthiest Asian but has also increased his net wealth to a staggering £13.5billion. Mittal's net worth consolidates his position as the richest Asian in Britain, for the fifth consecutive year, with the holders of the number two position coming in £11.4 billion behind him.

The Hinduja brothers, who have reclaimed their position as runners up have redeemed themselves and managed to improve their fortunes, despite continuing controversy over the Bofors court case. It has without doubt been a good year for GP and SP Hinduja, with an overall net worth to £2.1bn.

The Jatania brothers have snagged the number 3 slot with their consumer brands business Lornamead International (EPIC). The company was set up to represent brands in Africa, but since 1985 it has been buying tired brands from larger manufacturers and giving them a new lease of life. Some of the brands the brothers have picked up include 'Natural White', a tooth whitening paste and 'Lipsyl, lip balm. The Jatania family originally came from India, but their father emigrated to Uganda in the 1930s and moved family to Britain in 1969. The Jatania brothers have now decided to move production to Europe and deal with big retailers so they could be moving up the Asian Rich List by next year.

Last year's highest new entry came storming in to the Rich List at number four. Up until last Autumn 2003, few in Britain had heard of Anil Agarwal, who restructured his operations and created a new holding company, Vedanta Resources. But in November 2003, in a blaze of publicity Vedanta announced its intention to float on the London stock market. Agarwal has taken up residence in London, with a £20m home in Mayfair. In all with his other interests added, he should easily be worth ££620m today.

The amazing 'rags to riches' stories featured in the Sunrise Radio Asian 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.

Bharat Shah of Sigma Pharmaceuticals (pictured here with his son), is one of the Kenyan Asian success stories. "We all had one thing in common, we came to a country where we had to make it and our families supported us." His brother Manish, an accountant and Kamal who works in operations are both involved in the business. As does his son, Halul who runs the retail pharmacies. He is adamant however that "we are not growing the business for an exit route" when asked about the future of his pharms business.

WOMEN MILLIONAIRES

The influence of women in the Asian business community is still limited, with only 23 being featured in the list. Only three of them appear in their own right, and a further 20 appear with their partners or members of their family. Varsha Engineer and her husband appear at number 15 on the list, with a valuation of £144 million.

Both Meena Pathak and Perween Warsi, the universally acknowledged 'curry queens', have increased their net wealth, despite difficult trading, and in the case of Meena Pathak internal family disputes. New entrant Rita Sharma already had vast experience in the travel industry before setting up her own bespoke travel business, Worldwide Journeys in 1996. She shoots in at number 21 on the Asian Rich List 2005.

ASIAN RICH LIST 2005 - TOP FIVE WOMEN

Click here for the Asian Rich List 2004.
Click here for the Asian Rich List 2003.
Click here for the Asian Rich List 2002.
Click here for the Asian Rich List 2001.

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