ASIAN TIGERS: Mittal (from above) and S.C. Hinduja retain their slots, while Lord Paul rises one place above last year’s position

Forgetting the high profile scandals that have rocked the Asian business community in the UK in the past couple of months, British Asians celebrated their success by releasing the sixth Asian Rich List at the National History Museum in London last Tuesday. The list was made by the Ethnic Media Group.

Lakshmi Mittal tops the list with £1,900 million worth of net assets. A media-shy Mittal did not make an appearance at the event. Lord Swraj Paul who was at the seventh slot last year has risen to the sixth this time. Writer Salman Rushdie also figured in the list at 166th position with a net worth of £10 million.

Even though the world economy, including Britain’s, suffered and the information technology bubble burst last year, Asian businesses have recorded a rise in returns. The top 200 Asian businessmen have a combined value of £10.1 billion and, according to market analyst Datamonitor, there are now 5,400 millionaires in the community.

For over a month, the British press has been busy tainting various Asian businessmen with the sleaze brush, projecting them as corrupt citizens who donate funds to the ruling establishment in order to gain access or favours. There was a racial undertone to much of the publicity in the case of the Hindujas and Mittal. But despite these political and economic setbacks and media attacks, the community continues to thrive as was evident on the evening of the awards ceremony.

Lauding their success Prince Charles, who was the chief guest on the occasion, said, “The community has contributed enormously to the wealth and development of Britain. Their entrepreneurial skills have, in many cases, created opportunities that in turn have enabled others to succeed.”

The rich list had 34 entries from individuals aged 40 and under with a total valuation of £1.5 billion. Food distribution and textiles, the traditional Asian areas of business concentration, have grown the least during the year while finance, property and hotels have grown in value by more than 40 per cent.

Thirty-five-year-old Karl Sandhu with a net asset of £21 million won the newcomer award. Young Sandhu runs Vistastar Leisure Plc, which operates health and fitness clubs. He opened his first club in London four years ago by purchasing a derelict building and converting it into a health club. The company is now developing a third gym in Harrow at a cost of £8 million.

Other winners of the rich list award were Reuben Singh for businessman of the year, Waymade Healthcare for business of the year and 29-year-old Shelim Hussain—head of Eurofoods UK, a seafood wholesale company—for young achiever of the year. Prince Charles was particularly impressed by Hussain, who he said has proved that hard work and determination are the recipes for success.

The statement of the Prince that he couldn’t “think of a better model for others to follow than the nominees for this year’s Asian business awards” should augur well for rising British Asian entrepreneurs.

—Ishara Bhasi