Asians grow their wealth, reveals Asian Rich List 2024
Entrepreneurial excellence in the spotlight as Hindujas top Asian Rich List ranking
By SAILESH RAMNov 23, 2023
ASIAN entrepreneurs in the UK have increased their wealth by a staggering £6.8 billion in the past year, despite worldwide economic challenges, analysis by the Asian Rich List 2024 has found.
Published by Eastern Eye, the list profiles the 101 richest Asian people in Britain. It was released on Wednesday (22) evening at the annual Asian Business Awards, now in its 25th year.
The rise of 6.1 per cent in general wealth reflects the resilience of Asian business in the UK. Inflation, energy costs and the long tail of the global pandemic have impacted all businesses and presented them with huge challenges. Despite all that, there are 16 billionaires on the list – a figure unchanged from last year.
Top of this year’s list is the Hinduja family, whose wealth has grown by £3bn.
Asian Rich List 2024 cover
The Hinduja Group, led by 83-year-old Gopichand, has interests in many areas of the global economy - from Gulf Oil to Switch Mobile (UK electric buses) and hotels. The group operates in some 50 countries and employs almost 200,000 around the globe.
The group owns the recently refurbished and just opened OWO (Old War Office) building, close to The Mall and Buckingham Palace in central London. Its IT arm, Hinduja Global Solutions, has done particularly well and counts the UK Government Digital Service, among its clients.
Parmanand Deepchand Hinduja founded the dynasty, and the second-oldest of his sons, Srichand, passed away in May this year, aged 87. The family conglomerate is run by London-based Gopichand and supported by brothers Prakash, 78, and Ashok, 73.
Five second-generation sons - ranging in age from 59 to 30 - now run more of the show as the business baton passes from one generation to the next.
The three patriarchs and their families all still practise the Indian joint family system – living under one roof – in London.
Gopichand told the Asian Rich List: “We four brothers were four bodies, but one soul.”
Lakshmi Mittal
Just behind the Hindujas are steel magnates Lakshmi Mittal and his son Aditya, with an estimated fortune of £12.9bn.
In third place is Mittal’s brother-in-law and global plastics supremo Sri Prakash Lohia with just over £10bn - his wife Seema is Mittal’s sister.
Sri Prakash Lohia
Tea connoisseur Nirmal Sethia is one of the fastest climbers on the Asian Rich List, has broken into the top five for the first time. His wider industrial base has risen by £100m, putting his estimated wealth at £6.6bn. Sethia began his working life as a junior tea merchant in London in the 1950s, before going back to India and expanding the family business, which also trades in jute.
Nirmal Sethia
Industrialist Anil Agarwal is fifth on the list. His company, Vedanta, has lost value worth almost £3bn, but Agarwal’s wealth is estimated to be £5.2bn.
Agarwal left his native Bihar state in north India, one of India’s poorest and least developed, for the bright lights of Mumbai, where he first traded old cable and copper wires and from where he developed an interest in metals. His firm is now listed on the London Stock Exchange.
Anil Agrawal
Asda Supermarket owners Mohsin and Zuber are ranked sixth, with a fortune of £4.6bn.
Their continuous rise up the list represents one of the most remarkable immigrant stories in the UK. They started with a single petrol garage in Burnley, where they still live, despite having the keys to £25m townhouse in central London.
Their masterstroke - of having a well-stocked retail shop in the forecourt – proved popular with motorists who loved the convenience of it. In the years to follow, the Issas brothers' continued expansion saw them take over gas stations in the US and other countries and put them in a position to acquire Asda from Walmart in 2021.
Mohsin (left) and Zuber Issa
Other Asian billionaires include B&M store’s former owners Simon, Bobby ad Robin Arora (£2.9bn); Bestway wholesalers and pharmacy owners, founded by one-time Bradford bus driver Sir Anwar Pervez, now 88; investors Cyrus Vandrevala and his wife Priya (£2.5bn); luxury hotelier Jasminder Singh (£1.6bn) who began his empire with a West London purchase in 1977. His latest, The Londoner, described as his personal love letter to the capital and the country, cost £500m.
(from left) Bobby, Simon and Robin Arora
The remaining six billionaires are industrialists, pharmacy owners and oil and shipping barons.
Ranked 24 on the list is prime minister Rishi Sunak, whose background in merchant banking and investment made him wealthy. But it is the inheritance of his wife Akshata Murty, whose father Narayana Murthy co-founded Indian IT giant Infosys, that adds weight to the couple’s combined wealth, estimated to be £720m.
Sir Anwar (left) and Dawood Pervez
There is a wide range of success stories which will inspire the next generation of Asians. Several began as refugees, as families were expelled from East Africa, but there are also those who also fled the conflict in Sri Lanka.
Cyrus (right) and Priya Vandrevala
Shailesh Solanki, executive editor of the Asian Media Group and publisher of the Asian Rich List, said: “There isn’t a sector Asians are not involved in – what is striking is the number of billionaires and the many who started in humble circumstances and have gone on to build real legacy businesses, employing thousands and contributing to UK plc bottomline significantly. It’s a staggering achievement and one that both our community and the country can be rightly proud of.
Jasminder Singh
“The Asian Rich List is all about stories that illustrate qualities we all need to succeed in business – hard work, enterprise, innovation, a dedication to excellence and a little luck.
“It’s a fascinating and gargantuan task and one that took time, care and much diligence to put together – it also contains several exclusive interviews and is a great read, even if being a billionaire isn’t one of your life’s goals.”
Full coverage of the Asian Business Awards next week
Copies of the Asian Rich List 2024 are available to buy. Contact Saurin Shah via email shah@amg.biz or call 020 7928 1234
Newly appointed home secretary Shabana Mahmood arrives at Number 10 at Downing Street as Keir Starmer holds a cabinet reshuffle on September 5, 2025. (Photo: Getty Images)
The King approved a series of new appointments on Friday. David Lammy becomes lord chancellor and secretary of state for justice, and will also serve as deputy prime minister. Yvette Cooper has been named secretary of state for foreign, commonwealth and development affairs.
Mahmood moves from justice secretary to the Home Office. Lisa Nandy will stay on as culture secretary despite months of speculation about her future.
Steve Reed is the new secretary of state for housing, communities and local government. Pat McFadden has been appointed secretary of state for work and pensions.
Peter Kyle is the new secretary of state for business and trade and president of the Board of Trade. Liz Kendall takes over as secretary of state for science, innovation and technology. Emma Reynolds becomes secretary of state for environment, food and rural affairs. Douglas Alexander has been named secretary of state for Scotland.
Jonathan Reynolds has been appointed parliamentary secretary to the Treasury (chief whip) and will sit in cabinet. Sir Alan Campbell becomes lord president of the council and leader of the House of Commons, and will also attend cabinet.
Darren Jones has been appointed chancellor of the Duchy of Lancaster and will continue as chief secretary to the prime minister.
Angela Rayner, Lucy Powell and Ian Murray have left the government.
Rayner resigned earlier after admitting she had underpaid stamp duty on a seaside flat. In a letter to Starmer, ethics chief Laurie Magnus said Rayner had failed to "heed the caution" of legal advice and considered the ministerial code to have been breached.
"I accept that I did not meet the highest standards," Rayner wrote in her resignation letter, adding she would also step down as housing minister and deputy leader of the Labour Party. "I deeply regret my decision to not seek additional specialist tax advice. I take full responsibility for this error."
In his reply, Starmer said he was "very sad" to see her leave government but added: "You will remain a major figure in our party."
Rayner confirmed she had underpaid stamp duty following reports that she had saved £40,000 ($53,000) by removing her name from the deeds of another property.
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Essex Police said the two men driving the cars, both from Barking in east London, were arrested on suspicion of causing death by dangerous driving and causing serious injury by dangerous driving. (Representational image: iStock)
TWO students from Telangana, India, have died in a two-car collision at a roundabout in Essex, south-east England. Five other students were seriously injured in the crash, police said.
The accident took place early Monday at the Rayleigh Spur roundabout on the A130. Chaitanya Tarre, 23, died at the scene, while Rishi Teja Rapolu, 21, died later in hospital.
Essex Police said the two men driving the cars, both from Barking in east London, were arrested on suspicion of causing death by dangerous driving and causing serious injury by dangerous driving. They have since been released on bail until November 20.
“Sadly, one man died at the scene while another died in hospital. Specialist officers are supporting their families. Five other people were taken to hospital with serious injuries,” Essex Police said in a statement.
“Our investigation into the collision is ongoing,” the statement added, while appealing for information, including CCTV or dash cam footage from the area.
The National Indian Students and Alumni Union (NISAU) UK issued a statement expressing condolences. It said the students were believed to have been returning from a Ganesh Visarjan celebration with their peer group.
“We are deeply saddened by the tragic road accident in Essex, UK, involving nine students from the Telugu community,” NISAU UK said.
“The accident has claimed the precious lives of two young students, Chaitanya Tarre and Rishi Teja Rapolu. Our heartfelt condolences go out to their families and loved ones during this incredibly difficult time,” it added.
NISAU said several other students remain in hospital and under urgent medical care. “We are keeping them and their families in our thoughts and prayers, and we hope for their swift and full recovery.”
The group said it is working with the Telangana community and consular authorities to provide support after the accident.
(With inputs from agencies)
Suggested tags: essex car crash, indian students, telangana, nisau uk, uk accident
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India's prime minister Narendra Modi welcomed the measures. "The wide ranging reforms will improve lives of our citizens and ensure ease of doing business for all, especially small traders and businesses," his office said in a social media statement.
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Hadush Gerberslasie Kebatu was convicted at Chelmsford Magistrates' Court of sexually assaulting a 14-year-old girl and a woman. He was also found guilty of attempting to sexually assault the girl, inciting her to engage in sexual activity, and harassment.
"This was an incident which became a cause of deep concern for the local community," said prosecutor Rebecca Mundy.
Immigration has become the main political issue in Britain, overtaking concerns about the economy, with record numbers of asylum claims and migrant arrivals by small boats across the Channel.
Prosecutors said that on July 7 the girl had offered Kebatu pizza because he looked hungry. He then tried to kiss her, touched her thigh, said he wanted a baby with her and her friend, and invited them back to the hotel.
The next day, when the girl was in her school uniform, he again attempted to kiss her.
District Judge Christopher Williams said the girl’s evidence was consistent and he did not believe she or other witnesses fabricated their accounts.
Kebatu, who had moved to the Bell Hotel about a week before the incident, denied the charges, telling the court he was "not a wild animal".
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Rayner, 45, announced she would step down as deputy prime minister, housing minister and deputy leader of the Labour Party. (Photo: Getty Image)
Rayner steps down after admitting underpaying property tax
Resigns as deputy prime minister, housing minister and Labour deputy leader
Becomes eighth minister to leave Starmer’s government, and the most senior so far
Her departure comes as Labour trails Reform UK in opinion polls
DEPUTY prime minister Angela Rayner resigned on Friday after admitting she had underpaid property tax on a new home. Her resignation is a fresh setback for prime minister Keir Starmer, who had initially stood by her.
Rayner, 45, announced she would step down as deputy prime minister, housing minister and deputy leader of the Labour Party. She becomes the eighth minister to leave Starmer’s team, and the most senior departure so far.
"I deeply regret my decision to not seek additional specialist tax advice... I take full responsibility for this error," Rayner wrote in her resignation letter to Starmer.
Starmer said he was very sad her time in government had ended in this way but that she had made the right decision.
Labour under pressure in polls
The resignation comes as Labour trails Reform UK in opinion polls. Starmer has already faced criticism over his party’s image, with accusations of hypocrisy linked to accepting costly gifts such as clothing and concert tickets from donors.
Rayner’s exit is seen as a major blow, as she had played a key role in keeping Labour’s left and centrist factions together and was considered more broadly popular than Starmer himself.
From potential successor to resignation
Rayner had been mentioned as a possible successor to Starmer. On Wednesday, she referred herself to the independent adviser on ministerial standards after acknowledging a mistake in her tax payment.
In an interview, Rayner appeared close to tears as she explained that she had set up a trust for one of her sons, who has lifelong disabilities caused by an injury. She sold her share of her family home in northern England to the trust, using the money to buy an apartment in Hove. She believed she did not need to pay the higher tax rate for a second home.
Rayner’s departure adds to a series of losses for Starmer’s government. Eight ministers have now resigned, five over wrongdoing. This is the highest number of ministerial resignations outside cabinet reshuffles for any prime minister at the start of their tenure since at least 1979.
Even Boris Johnson, who later faced widespread criticism over lockdown-breaking parties, saw fewer resignations at the same stage.
Challenges ahead for Starmer
The resignation leaves Starmer weakened as he faces the end of the year, when his government must prepare a budget that is expected to include further tax rises. At the same time, Nigel Farage’s Reform is mounting a growing challenge.
Starmer had hoped to signal a new phase of leadership with a reshuffle on Monday after returning from his summer break. But that effort was overtaken by the allegations against Rayner and by Farage’s claim that the prime minister was stifling free speech.