BRITAIN’S richest Asian industrialists and entrepreneurs have shrugged off the global economic downturn and increased their wealth by 10 per cent in the past year, the annual Asian Rich List has shown.
Prakash Hinduja
The latest edition of the ranking of the 101 wealthiest south Asians in the UK was due to be launched at the Asian Business Awards in London on Friday (21).
Retaining their top spot are the Hinduja family, with an estimated valuation of £37 billion, up from £34.4bn in 2024. Following the death of Gopichand Hinduja earlier this month, the global enterprise is led by surviving brothers Prakash and Ashok, as well as Gopichand’s children Dheeraj and Sanjay, and his other nephews.
Ashok Hinduja
Lakshmi Mittal and his son Aditya, who lead ArcelorMittal – the world’s largest steel and mining company – are ranked second, with £15.5bn, and in third place is Sri Prakash Lohia and family, whose Indorama corporation is known for its recyclable PET products as well as fertilisers.
The combined wealth of the 101 south Asian business people on the list is £140bn, up from £126.27bn in 2024.
Lakshmi Mittal
Shailesh Solanki, executive editor of the Asian Media Group, which publishes the Asian Rich List, Eastern Eye and Garavi Gujarat news weeklies, said, “The breadth and depth of Asian business leadership is unmistakable – across legacy conglomerates that remain pillars of their sectors, and enterprises in hospitality, retail, healthcare, property, finance and industry.
Sri Prakash Lohia
“This year’s list appears against the backdrop of the UK, where growth has stabilised, but remains fragile and persistent global uncertainties.
Selva Pankaj and his wife Tharshiny
“Yet, as ever, British Asian entrepreneurs have met these challenges with resilience, creativity and characteristic determination.” The number of billionaires remains unchanged from 2024 at 17. There are three new entries – tech entrepreneur Herman Narula (rank 29, with £700 million); construction businessman Raj Manak (rank 61, with £295m) and food entrepreneur Amin Merali (rank 101, with £135m).
Herman Narula
Among the top 25 entries, 22 increased their wealth; they have interests in industry, finance, food, retail, wholesale, pharmaceuticals, hospitality, shipping and property, among other sectors.
Many are family-run enterprises, such as Sir Anwar Pervez of Bestway Group, and his nephew Lord Zameer Choudrey. This was a milestone year for the founder (who turned 90) and the company, which celebrated its golden jubilee.
Raj Manak
Solanki said, “Several Asian family businesses have been steered through multiple generations.”
Chancellor Rachel Reeves will announce the autumn budget on November 26, when it is widely expected she will raise tens of billions of pounds to stay on track to meet fiscal targets in the budget.
Sir Anwar Pervez are among the 101 business figures featured in the Asian Rich List
Prime minister Sir Keir Starmer made economic growth a priority after Labour’s landslide victory in the 2024 general election, following 14 years of government led by the Conservatives.
However, many entrepreneurs told the Asian Rich List they were considering leaving the UK over inheritance tax. Some are reported to have shifted to Dubai, Abu Dhabi or Portugal, but others, such as Surinder Arora, said they are not leaving Britain.
The hotelier, whose most recent acquisition has been Luton Hoo, said, “Half of London is there (in Dubai). Inheritance tax is a killer.
“Sunita (Arora’s wife) and I had a very serious discussion. We go to Dubai for no more than two or three weeks at a time. I like the heat. But we decided at our age… (not to move permanently).”
Arora arrived from India as a young person before making his fortune in the hospitality industry. He told the Asian Rich List, “I’ve always loved this country. Sadly, I don’t believe in the current government’s policy of higher taxation and driving the wealthy away.
“This has been a country of opportunity where someone like me with no (formal) education can come, make a bit of a success and employ 3,000 people.”
One highlight in the past year has been the conclusion in July of the UK-India free trade agreement (FTA), with the potential for more jobs to be created in this country.
Starmer and India’s prime minister Narendra Modi signed the FTA at Chequers, where the UK prime minister told Eastern Eye, “I think for British Indian businesses, for British Asian businesses, this is the most significant deal since we left the EU. It is the best terms of any deal anyone’s ever had with India.” Certainly, India offers opportunities across all sectors – from traditional industries to fin-tech.
At a recent summit in Delhi, former prime minister Rishi Sunak (who with his wife Akshata Murty is ranked 28 with £710m), said, “There are two important things that trade deals signify in my mind, beyond the tariffs that are reduced here and the barriers reduced there. “The first is in a world that is becoming more protectionist, countries like the UK and India signing a big, deep trade deal just sends a very confident signal to the world.
“And the second thing, what it does is it tells businesses, civil society, cultural organisations, academic institutions, that the relationship matters. They are getting a signal from the leaders of their countries that this relationship matters to our governments, and then they will go off and find ways to strengthen it beyond the text of a trade deal, and that’s what’s so powerful about it.”
ArcelorMittal said it plans to increase its output in India, and is also investing heavily in renewable energy. Its wind and solar farms in India are located in Andhra Pradesh, south India and the company is also making specialist steel for the auto and construction industries.
A new generation of Asian business leaders has stepped up, and while some of the older entrepreneurs may have stepped away from the day-to-day running of their companies, they remain involved, providing valuable guidance.
At Caparo, the sons, daughter and grandchildren of Lord Swraj Paul (who died in August) have split responsibilities for the group’s various entities in the US and India, while Joginder Sanger’s son Girish and daughter Reema have taken charge of their father’s company following his death earlier this year.
Solanki said, “What unites these stories is not merely commercial acumen, but an instinct for endurance – the ability to adapt, to seize opportunity, and to build with a long-term view.”
Apurv Bagri, president and CEO of the Metdist Group (32nd, £580m), said, “The big challenge for UK policymakers is how do you make the UK an attractive place for investors to come? The government will give you an official answer, but I don’t think that question has been answered. I don’t think it has done enough.”
