20% of the list is made up of pharmaceuticals, healthcare and cash and carry businesses
The 101 wealthiest Asians in Britain enjoy a combined wealth of £70 billion it was announced at the Asian Business Awards. This is an increase of £14.4 billion from 2016.
Revealed at London’s Park Plaza on Friday 17th March, the Asian Rich List recognises the top earning businessmen and women of the British Asian community.
They include a variety of industry specialists and leaders. 20% of the list is made up of pharmaceuticals, healthcare and cash and carry businesses. Over 50% of the list have businesses situated in and around London.
Topping the list for yet another year are industrial tycoons, the Hinduja brothers, Gopichand and Srichand. Together, their fortune has an estimated net worth of £19 billion.
In second position is steel magnate, Lakshmi Mittal with an estimated worth of £12.6 billion. Mittal almost doubled his net worth from £6.4 billion in 2016.
The past 12 months have also proved fruitful for the Hindujas who have seen their wealth increase by £2.5 billion.
The top 10 wealthiest Asians in Britain have an estimated value of £48.4 billion. The list, which features 101 Asians in total, also sees new entries.
They include Bhupendra and Ramesh Kansagra of Solai Holdings Limited, worth £500 million, ranking at number 19.
Interestingly, the list shows how Asian business is beginning to evolve into more creative and digital industries.
From traditional businesses in the industrial sector, there is a notable rise of very successful tech-based companies. Of them include Mahmud Kamani, the founder of Boohoo, the trendy fashion website aimed at teens.
The company has doubled its fortune since 2016 to an impressive £800 million.
Here is The Asian Rich List 2017 Top 20:
1. Gopichand and Srichand Hinduja
2. Lakshmi Mittal
3. Sri Prakash Lohia
4. Simon, Bobby and Robin Arora
4. Anil Agarwal
6. Cyrus and Priya Vandrevala
7. Sir Anwar Pervez
8. Jasminder Singh
9. Manubhai Chandharia and Family
10. Rajesh Satija Ram
10. Zameer Choudrey
12. Ranjit and Baljinder Boparan
13. Harpal Matharu
14. Mahmud Kamani and Family
14. Swaraj Lord Paul and Family
16. Vijay and Bhikhu Patel
17. Amit Patel
17. Mayurbhai Madhvani and Family
17. Bhupendra and Ramesh Kansagra (NEW)
20. Sukhpal Singh Ahluwalia
20. Kuljinder Singh Bahia
20. Surinder Arora
Shailesh Solanki, executive editor of The Asian Media and Marketing Group (AMG), commented:
“The Asian Rich List is carefully compiled by a team of experts and helps to showcase the changing patterns of Asian wealth and economic development in the UK.
“This year’s list is once again a fascinating commentary on the financial impact British Asians have in the UK and the level of success growth that certain entrepreneurs and business leaders have achieved.”
2016 proves to have been a very good year for Asian businesses. While previous years have seen economic uncertainty, the increase in wealth for Asian businesses shows how relevant and vital they are in British society.
Even in a post-Brexit era, many of these businesses are continuing to flourish in the global market.