Srichand P Hinduja
The combined wealth of British Asians stood at just a shade below £100 billion this year, an impressive rise of more 20 per cent compared to last year, as Asian entrepreneurs in the UK successfully managed to ward off unprecedented challenges posed by the pandemic and the Brexit, according to the annual Asian Rich List.
Topping the list for the seventh consecutive year is the Hinduja family, whose wealth swelled by £2.5bn, over the year, according to a press release from the Asian Media Group, which hosts the awards and publishes the Asian Rich List.
The Asian Rich List
profiles the top 101 highest earners in the British Asian communities.
The compilation is the definitive and most authoritative guide to Asian wealth in Britain and remains a window to the substantial economic achievements of south Asian businesses.
This year's list boasts 15 billionaires from the UK, two more than last year, with most seeing their wealth increase.
The Mittal family has seen the biggest increase in wealth on this year's list, a rise of £4.8 billion, remaining second on the list with a total of £14.2 billion, down to their wide range of investments and a 30 per cent increase in share price of ArcelorMittal over the last 18 months, it said.
Anil Agarwal comes third, his wealth rising by £4.6bn, largely due to the surge in the share price of his natural resources company Vedanta.
Recognising the achievements of South Asian entrepreneurs, UK's Minister for Small Business, Paul Scully MP, said: “I would like to acknowledge the challenging business conditions that Asian businesses have endured over the last year because of the pandemic. The resilience shown by these businesses throughout this period is worth celebrating.”
The Asian Rich List once again demonstrates the incredible variety and depth of Asian business, with a wide spectrum run by the Asian community — from care homes, retail, wholesaling, fast foods, food and pharma manufacturing, hotels, trading, energy and fashion, the release said.
Shailesh R. Solanki, Executive Director of Asian Media Group, which publishes the Asian Rich List, said: “The Asian Rich List is the barometer of Asian wealth in Britain and our analysis shows the true resilience of Asian entrepreneurs despite the enormous pressures caused by the pandemic and Brexit. Asian entrepreneurs have enriched Britain in all aspects of the nation’s life.”
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.