by STAFF CORRESPONDENT
Total wealth of top 101 Asians is £80bn
BRITAIN’S wealthiest Asians have become even richer over the past 12 months – and the country has created three new Asian billionaires to add to the nine it already had, Eastern Eye can exclusively reveal.
In the country’s most comprehensive guide to wealth held by the Asian community in Britain, the Asian Rich List 2018 estimates that the total wealth held by the 101 richest Asians is more than £80.2 billion – an increase of just under £11bn on the previous year. This represents a 14.7 per cent increase on 2017.
The list also reveals:
- The top 10 wealthiest Asians hold assets valued at £54.25bn.
- More than two thirds of the total wealth of the country’s 101 richest Asians is held by the top 10.
- The youngest entrant on the list is Nitin Passi, the owner of online clothing brand Missguided, who is 35 years old.
- The Hinduja family remain the wealthiest Asians in Britain. Their wealth is estimated to be £22bn; next on the list is steel tycoon Lakshmi Mittal and his son, Aditya, at £14bn.
- To be on the Asian Rich List, entrants needed to have assets valued at £90 million or more. Last year it was £70m.
The Asian Rich List, which profiles 101 of the country’s richest Asians, is set to be unveiled exclusively at this year’s glittering Asian Business Awards (ABAs) in central London on Friday (23).
The list also reveals that more and more Asians are giving away money to good causes and setting up foundations to alleviate suffering both at home and abroad; and assist with better education and health, especially in Africa and on the subcontinent, from where the vast majority of the country’s richest Asians first emigrated.
Many Asians remain part of family businesses, with some of the newer and British-born offspring venturing into new areas, especially online, and creating more wealth and jobs.
Shailesh Solanki, executive editor of the Asian Media Group, which publishes both Eastern Eye and the Asian Rich List, and one of a four-strong panel involved in the year-long study, said: “At the top end, those whose companies are publicly listed have benefited from the general increase in share prices in the UK.
“There have also been specific sector boosts – Lakshmi and Aditya Mittal have seen the steel market improve as Chinese exports declined and the world economy improved, but I think there is an underlying factor behind all 101 and the rise in Asian wealth.
“Many continue to display the dynamic spirit of enterprise that first catapulted them into business in the first place, and many continue to innovate, adapt and take risks. For much of last year, the world economy was not in the greatest shape, but these entrepreneurs responded to the challenges and it is an example to us all.”
The three newest billionaires are Rajesh Ram Satiija, Zuber and Mohsin Issa, and the Matharu brothers.
Satiija moved to London a few years ago and has seen his wealth increase by almost £400 million over the year. His Sun & Sand Group, which covers a wide range of businesses from mining and agriculture through to the auto trade, across three continents, was the first to export car parts from Africa. Worth an estimated £1.3bn, he is now considering a public floatation.
The Issa brothers represent the most spectacular climb in 12 months with Euro Garages, and their story is one of the most remarkable in the list. Starting with just a single petrol station in 2001 in Bury, they have expanded across Europe and are now poised to enter the US.
Known now as the EG Group, the company is one of the largest of its type, managing petrol forecourts all over the UK and increasingly Europe, especially in the Benelux countries. They have gone up from 34 in the list to ninth position this year and broken into the exclusive club of billionaires.
The Matharus, made up of Harpal, Raj and Tony, run Grange Hotels. While they have 17 establishments in their portfolio, all but one is in or around central London. Their revenues have been boosted by a rise in tourism – some entrepreneurs have benefited from the fall in the pound.
There are eight new entries whose combined wealth is almost £1bn. Raj Manak of construction firm Akaal Ltd makes it onto the list at number 50 with an estimated wealth of £200m. Among the new entries is only one of three women, in their own right, Leena Malde of Lotus Flower Holdings enters at 97 with an estimated wealth of £90m.
The list also looks at charitable giving and many profiles detail philanthropic interests and initiatives. In a special interview, Shalni Arora from the hugely successful Arora family, who have built up B&M, a chain of discount retail stores, explains what she means by “disruptive philanthropy”.
The Asian Rich List will be handed out free to guests at the ABAs on Friday. A number of successful entrepreneurs will attend the dinner and guests will get to see who this year’s winners are at the Asian Business Awards, which will be held on the evening.
There will be several high-profile guests, among them business leaders, industrialists, politicians and celebrities, attending the awards ceremony.
BBC presenter Nihal Arthanayake is the compere and chief guest is Lord Tariq Ahmad, minister of state for the Commonwealth and United Nations. The awards will be held in London.
- Full coverage in next week’s issue.
- To buy a copy of the Asian Rich List, email [email protected] or call 020 7654 7737.