Annual Asian Rich List Announced

The Rt Hon Michael Gove MP, Secretary of State for Education last night celebrated the ongoing success and invaluable contribution of the south Asian community, at a gala dinner to celebrate the publication of the annual Asian Rich List.

 

This year’s Asian Rich List, which was exclusively unveiled at the Asian Business Awards, is published by Asian Media & Marketing Group (AMG), and shows the combined overall net worth of the featured 101 millionaires has reached a staggering £51.5 billion, (an increase of £6.5bn since 2013), with the Top 10 representing 71% of the total figure.

 

The ongoing annual battle of the Asian billionaires this year sees the Hinduja brothersmaintain their position at the top of the money mountain ahead of Steel tycoon Lakshmi Mittal.

 

The brothers Hinduja, whose trading empire is spread virtually over five continents and run by four brothers and their children have had a very good year, with an increase in their net worth of £1billion, taking their overall valuation to £13.5 billion. A seemingly apt homage to the family business which this year celebrates its centenary.

 

The group has what GP Hinduja likes to call 10 ‘verticals’, spanning a variety of sectors and allowing true diversification. Another strategic decision taken by the group in 2013 was to enter Africa. With the economy slowing in India, especially in the automotive sector, it had to look for pastures new.

 

GP Hinduja, co-chair of the group remains true to his father’s ethos of building a diversified, global group. GP states: “The lesson one can learn was from what my father used to say – ‘Never put all your fruits in one basket.’ This has always been rewarding for the group because suddenly if you have an economic crisis in one country there is somewhere else where things are progressing.”A principle that certainly seems to have worked well for the Hindujas.

 

 Mittal is also seeing a reversal in his fortunes, after a tough couple of years, the steel business seems to be back on track and Mittal’s net worth has seen also seen an increase of £1 billion, taking him to £12 billion, and although still lagging slightly behind the Hinduja’s, the gap seems to be closing again.

 

60 of the 101 millionaires have seen an overall increase in their net worth, with at least four of them more than doubling their wealth and showing phenomenal growth. Kishore Lulla’s Eros International has nearly 2,000 films under its belt and digital rights to a further 700. In November 2013 became the first Indian own media company to be listed on the New York Stock Exchange. A timely and wise move for Mr Lulla, with his net worth increasing by a stunning £365million to £670 million and placing him just bubbling under the Top 10 at number 11. 

 

With the entry point for this year’s list being set at £55 million, it’s hard to expect any ‘young guns’ to earn their way on to the list. However, never to be outdone, we see two self-made under 40 millionaires climbing steadily up the list this year. At just 39, Amit Patel, from one of the country’s fastest growing pharmaceutical companies Auden McKenzie has had a phenomenal year of growth, with his net worth increasing by a staggering £160 million to take his value to £400 million and placing him at number 17 on the list this year.

 

This year’s list also sees eight new entries with a combined value of nearly £3 billion, with the highest new entry, being SP Lohia chairman of the Indorama Corp, one of the biggest polyester companies in the world, storming in at number 4 with a valuation of £2 billion.

 

Shailesh Solanki, executive editor of AMG and one of a panel of four experts who has examined British Asian wealth over the last year for the Asian Rich List, said: “The list shows the remarkable strength and diversity of Asian businesses in the UK.  Despite the challenges of the general economy many business leaders in the community have seen opportunity and potential and moved quickly to capitalise. It is an inspiring picture and one that should energise entrepreneurs everywhere.”

 

It was this entrepreneurial spirit that was celebrated at the Asian Business Awards ceremony which also took place on the night. Speaking at the gala event attended by a host of the millionaires, including Sir Anwar Pervez who was honoured with the Lifetime Achievement Award and the Hinduja brothers, who received the Asian Business of the Year accolade to mark the centenary year of the Hinduja Group, Mr Gove MP paid tribute to the invaluable contribution to the economy and amazing resilience of the Asian community, despite challenging times, “Reading through the stories of many of the winners I remain astounded by the amazing spirit, not only of individuals, but of the community as a whole. Today we celebrate some of the most successful Asians in the UK, many of whom started with a small idea and worked their way up the ladder to where they are today. There is one consistent thread that binds these individuals together: never being afraid to dream big and work hard to achieve those dreams. There is much to be learned from the famous ‘Asian work ethic’ and I have no doubt that their stories will continue to inspire future generations across the board.”

 

The gala event and awards ceremony was attended by a number of leading politicians and peers including: Lord Andrew Feldman, Richard Harrington MP, Seema Malhotra MP, Priti Patel MP, Alok Sharma MP, Shailesh Vara MP and Keith Vaz MP. Also in attendance were many of the millionaires featured in this year’s list, including: Zameer Choudrey, Dinesh Dhamija, Afzal & Akmal Khushi, SP Lohia, Amit Patel, Dr Vijay & Bhiku Patel, Sir Anwar Pervez, Dr Rami Ranger, Mr T Ramachandran, Younus Sheikh and Indraneel Singh.

 

 

 

Winner:     Dr Rami Ranger, Chairman & Founder, Sunmark Limited

 

 

Winner:     Sir Anwar Pervez OBE, Chairman, Bestway Cash & Carry

 

 

Winner:     Hinduja Group