Newspaper article The Evening Standard (London, England)

[Pounds Sterling]9bn Asian Rich-List Gets Boost from New Blood

Newspaper article The Evening Standard (London, England)

[Pounds Sterling]9bn Asian Rich-List Gets Boost from New Blood

Article excerpt


TOP-EARNING British Asians have increased their combined wealth by [pound]500million in the last 12 months, according to a new list published today.

Such is their success, even as the British economy slowed last year, the annual richlist has had to expand to accommodate the new money - and several names have shot to prominence.

These include 28-year-old Nasa Khan of Harrow, who owns a company which produces mobile phone accessories and has rocketed 102 places on the wealth league to number 76. He is estimated to be worth [pound]26.7 million, and is one of only six under-30s on the list.

Gulshan Bhatia, 69, whose personal wealth is estimated at [pound]40 million, is one of the few women on the list and the 42nd wealthiest Asian in the country. Owner of the Great Western Royal hotel in Paddington, she shuns ostentatious displays of wealth and refuses to use mobile phones or computers. She was just 12 when she left school and couldn't speak English when she came here in 1976.

Among the highest movers is Dr Avtar Lit who owns the UK's most popular Asian radio station, Sunrise Radio. He increased his wealth from [pound]60 million to [pound]100million to become the ninth richest Asian in London, up from 26 last year.

Mike and George Jatania, of cosmetics firm Lornamead International, saw their wealth rise from [pound]300million to [pound]548 million, pushing them up one spot to third in the national list.

The Asian Xpress Rich List, compiled by Dr Philip Beresford, details the fortunes of 275 British Asian millionaires - up on the 250 documented last year. Together they are worth about [pound]8.8 billion.

Steel magnate Lakshmi Mittal, whose donation to the Labour Party sparked the Mittalgate affair, still tops the list, although his personal fortune has fallen from [pound]1 billion to [pound]900 million. The Hinduja brothers, Sri and Gopi, who were involved in another Labour Party embarrassment - the cash-for-passports scandal - are number two for the second year running and their combined wealth has risen from [pound]700million to [pound]800 million. …

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