ASIAN RICH LIST 2004 - MITTAL STEELS THE SHOW AGAIN!
(31 March 2004)

Friday 2nd April sees the publication of the annual Asian Rich List, the official listing of the 300 wealthiest Asians in the UK. Published by the UK's leading commercial Asian radio station, Sunrise Radio and compiled by Dr Philip Beresford - author of the Sunday Times Rich List - this year's Rich List finds the combined wealth of these 300 millionaires is £14.3 billion, an overall increase of an astounding £6 billion from last year.

THE SUNDAY TIMES ASIAN RICH LIST 2004 - TOP TEN

* Source The Sunday Times Rich List 2004.

Steel baron Lakshmi Mittal, who owns the world's second largest steel company, LNM, has managed to not only maintain his position as the UK's wealthiest Asian but has also increased his net wealth by a staggering £2.1billion. Mittal's net worth of £3.5 billion consolidates his position as the richest Asian in Britain, for the fourth consecutive year, with the holders of the number two position coming in £1.40 billion behind him.

The Hinduja brothers, who have reclaimed their position as runners up have redeemed themselves and managed to improve their fortunes, despite looming court cases and continuing controversy. It has without doubt been a good year for GP and SP Hinduja, with an overall increase in their net worth of £1.1.3 billion.

This year's highest new entry comes storming in to the Rich List at number four. Up until last autumn, few in Britain had heard of Anil Agarwal, who restructured his operations and created a new holding company, Vedanta Resources early last year. But in November, in a blaze of publicity Vedanta announced its intention to float on the London stock market. The float duly went through early in December valuing Agarwal's stake at £537m. But the shares have fallen somewhat since flotation and that stake is now worth £509m. Agarwal has also taken up residence in London, with a £20m home in Mayfair. In all with his other interests added, he should easily be worth £540m today.

The amazing 'rags to riches' stories featured in the Sunrise Radio Asian Rich List are true indicators of the unique determination of this community. Most of the older generation in the list came to the UK with literally no money in their pockets from India, Pakistan and Bangladesh. Around 10 per cent of those featured in the list came as refugees escaping the Amin regime in Uganda or were displaced as a result of the oppression they faced from the Kenyan government in the 1970s.

YOUNG MILLIONAIRES

This year's list also sees the introduction of 31 new millionaires, worth an astounding £868 million. Included in this year's new entries are a host of under 40's who are making their mark in new industries.

Jass Raykanda of Birmingham based mobile phone company Waves International enters the list at number 48 with a valuation of £35 million

Sudhargara and Ajmail Dusanj have turned the fortunes of flagging Liverpool brewery Robert Cain &Co. around with the introduction of 2008 Ale, which has been brewed specifically to support Liverpool's successful bid to become European Capital of Culture in 2008. The brothers enter the List at number 76 with a valuation of £25.6 million

Sanjay Vadera owns Manchester based perfume wholesale company Per Scent. Vadera made his millions selling low cost branded Perfumes to retailers. He has now launched his own e-tail perfume company Perfume Point, offering top name perfumes at discount prices on the internet. He enters the list with a valuation of £8 million.

Vinod Khanna has made his fortune from the huge Indian Wedding Industry. Khanna owns the Clay Oven banqueting suites in Wembley and provides luxurious wedding receptions for the Asian community. Khanna enters the list at number 247 with a net worth of £5 million.

Also joining the illustrious millionaires is Oscar Winning film director Shekhar Kapur, who received the Oscar for his film 'Elizabeth' and has recently worked alongside Lord Lloyd Webber on the hit West End show Bombay Dreams.

MOVERS & SHAKERS

In terms of the great risers, apart from the Number 1 and 2 positions, Gulu Lalvani and his consumer electronics brand Binatone have done extremely well this year, with an overall increase in net wealth of £250 million. Lalvani shot to fame when he professed his love for the late Princess Diana, however this year it has been his daughter Divia that has been making the headlines with her restaurant Zuma, which has become a haven for stars such as Russell Crowe and Gwyneth Paltrow.

WOMEN MILLIONAIRES

The influence of women in the Asian business community is still limited, with only 25 being featured in the list. Only three of them appear in their own right, and a further 22 appear with their partners or members of their family. Varsha Engineer and her husband lead the couples at number 11 on the list, with a valuation of £115 million.

Both Meena Pathak and Perween Warsi, the universally acknowledged 'curry queens', have both increased their net wealth, despite difficult trading, and in the case of Meena Pathak internal family disputes. Swati Patel of Northamptonshire based Miswa Chemicals is the most successful Asian woman on the list with a valuation of £5.7 million.

This year's list also shows that Asian millionaires are still getting younger, with a total of 53 of the current list being under the age of 40, and controlling a staggering £1.7 billion. The youngest entry this year is 26 year-old Mohinder Kohli, who along with his brother Moe Kohli own the Shimla Pinks chain of restaurants, and are worth £15 million.

FROM RAGS TO RICHES?

Overall it has been a good year for the steel industry, thanks to Mr Mittal. Other industries that have shown consistent growth are the Pharmaceuticals industry, with an increase in value of £163.3 million, taking it to just over £1 billion. The fashion and food industries remain the largest in terms of numbers, with 41 entries being involved in the Rag Trade worth a total of £945 million and 33 entries falling within the Food industry and a total worth of £730 million. The hotel industry although only represented by 22 entries has an overall net worth of just over £1 billion and is expected to grow dramatically over the next year, despite continuing worries over terrorism and tourism.

Dr Avtar Lit, Chairman of Sunrise Radio and publisher of the list says: "The Asian Rich List 2004 highlights the success of the Asian community in the UK and their contribution to the UK economy. We again see the amazing resilience and entrepreneurship of the UK's Asian business community. Despite all the signs in the current climate signalling an economic slow-down, Asian millionaires are still battling it out and keeping their heads well above water".

He continues: "The determination and hard work of these business men and women shows that no amount of racism, terror or political turmoil can deter them from the path they have clearly forged for themselves. Their commitment to providing better futures for their families, community and ultimately the UK's economy, over the past 30 odd years has paid off.

"Many of our millionaires literally lost everything before coming to the UK, they have rebuilt their lives and the Rich List clearly demonstrates just how far Asians have integrated into the fabric of British society. In a time when the issue of refugees and asylum seekers is at the top iof the political agenda, it may be worth taking a step back and looking at what past generations of immigrants to this country have contributed, both in terms of multiculturalism and ongoing economic input."

HIGLIGHTS OF THE SUNRISE RADIO ASIAN RICH LIST 2004

• The value of this year's Rich List stands at £14.3 billion
• The Top 10 control £6.6 billion of that money.
• There are a total of 31 new entries, who together have a value of £868.1 million
• There are a total of 53 entries aged 40 or under, with a combined value of £1.7 billion. Of these, three are under 30, with a combined wealth of £29 million.
• The two biggest sectors in terms of the number of millionaires are fashion and food
• Fashion - 41 millionaires worth a total of £945 million
• Food - 33 millionaires worth a total of £730 million
• In terms of regional spread of millionaires, although national, the top five regions in terms of total wealth are:
  • London £ 8.48 billion
  • Middlesex £ 2.06 billion
  • West Midlands £ 487.8 million
  • Essex £ 498.5 million
  • Manchester £ 403.04 million

The Sunrise Radio Asian Rich List 2004 is published on Friday 2nd April 2004

ASIAN RICH LIST ARCHIVE

Click here for the Asian Rich List 2003.
Click here for the Asian Rich List 2002.
Click here for the Asian Rich List 2001.

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