- This year’s Top 10 wealthiest Asians are:
Asian Rich List unveiled at annual Asian Business Awards, showcasing enterprising spirit and success of the British Asian Community
Asian entrepreneurship and business success were honoured on Friday 23 March at the Asian Business Awards, the annual gathering of the UK’s wealthiest and most successful Asian businessmen and women.
The gala event, attended by Dinesh K Patnaik, Deputy High Commissioner, High Commission of India, saw him honour the outstanding business achievements across industries. Mr Patnaik paid tribute to the dedication and hard work of the business community and also unveiled the Asian Rich List 2018.
The Asian Rich List which is published by Asian Media Group (AMG) shows the combined overall net worth of the featured 101 UK based millionaires has topped the £80.2 billion mark, (an increase of just under £11bn since last year), with the top 10 being valued at a total of £54.25 billion and representing 68 per cent of the total figure.
While economic growth in the western worldwide has been sluggish, the Hindujas have had a robust 2017, adding a further £3 billion to their total net worth, taking them to an astounding total net worth of £22 billion.
The Hindujas trading empire is spread over five continents and run by four brothers and their children – a testament to their incredibly strong family values. The group has what GP Hinduja likes to call 10 ‘verticals’, spanning a variety of sectors and allowing true diversification.
This year’s list sees a new entry in the Top 10, with a jump of an astonishing 25 places to number 9 and an increase in total net worth of £1bn to a valuation of £1.3bn, for brothers Zuber and Mohsin Issa. Their Lancashire-based company Euro Garages has grown from incredibly modest beginnings, with one slightly worn petrol station in Blackburn in 2001, a loan of £150,000 and then almost on a whim, a decision to put a decent shop inside it. Since then, they have never looked back and have become not only one of the foremost UK companies, through their Euro Garages outfit, but one of Europe’s leading concerns in this sector - as EG Group.
EG Group looks set to increase to more than 3,000 petrol stations across Europe - a new deal announced in January sees EG tying up with the Esso brand to increase their presence across the Benelux nations. The Group works with an incredible array of household brand names - from Greggs, Starbucks, and KFC to Carrefour (French supermarket giants), Louis Delhaize (a Belgian supermarket brand) through to oil majors, Shell, BP and Esso. It has brokered major deals with these retail concerns and global energy powerhouses, and is probably the no1 UK company doing this at home and abroad.
This year’s list sees Rajesh Ram Satiija of Sun & Sand Group, Zuber and Mohsin Issa and Tony, Raj & Harpal Matharu of Global Grange Ltd all making it to billionaire status, taking the total number of Asian billionaires to 12.
Rajesh Ram Satiija is the fifth highest riser in terms of net worth this year, with an increase of £390m. His mining to agriculture business spans three continents and comes in at £1.3bn. Satiija worked for an export business before starting out on his own, setting up an auto-parts business in Nigeria. He has a home in Mayfair and is now looking at a public floatation for his fast expanding group, where revenues have tripled over the last few years.
With the entry point for this year’s list being set at £90 million, it’s hard to expect any ‘young guns’ to earn their way on to the list. However, never to be outdone, this year’s youngest entry and a newcomer to the list is 36-year-old Nitin Passi, owner of one of hippest online fashion retailer ‘Missguided’. Valued at £100million and entering the list at number 90, Passi has broken into a hugely competitive, price sensitive and cluttered market, to create a household name amongst the 16-35-year-old demographic. Founded less than a decade ago, in March 2009, Missguided quickly grew from literally a one-man operation into an international online fashion giant. Keen to start his own company, Passi had the foresight to recognise that his future fortune would most likely be found online. That choice has since paid off immensely for Passi, with his company reporting sales in excess of £205m in 2017.
This year’s list also sees eight new entries with a combined value of nearly £1 billion, with the highest new entry, being at number halfway up the
list at number 50! With a valuation of £200 million, Raj Manak of Akaal Ltd is surprisingly the only representative from the growing construction industry. Also entering the list for the first time is Leena Malde of Lotus Flower Holdings, one of three self-made women featured on the list, at number 97 and a valuation of £90 million.
One underlying theme of the list is the power of family. From the Hindujas in poll position and throughout the list, we see second generation children taking up the mantle from their parents, as well as strong sibling ties with successful familial businesses proving that the tradition of joint families within the south Asian community is a force to be reckoned with.
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.
“What is doubly encouraging and reassuring to see is the high levels of philanthropy from the millionaires. Giving back to help the less fortunate is a cultural value and we are seeing foundations being launched and high levels of charitable donations to organisations both in their home countries and more importantly in the UK.”
There can be no doubt that this is a community which has had a huge impact on the UK economy over the past fifty years, and attendance at the gala to honour these Asian entrepreneurs by country leaders, members of the cabinet and other top politicians is indicative of the both their financial and political impact. The Asian Business Awards have been recognising outstanding business talent for the past 21 years and this year’s winners were no exception – all outstanding within their respective industries.
Kalpesh Solanki, Group Managing Editor of AMG added: “The enterprising spirit and the crucial role of entrepreneurs is vital not only to the economy but to society as a whole as it serves to inspire the next generation of businessmen and women. It is this attitude that will drive the economy forward, fundamentally creating jobs and giving families value and sense of purpose. The winners of the Asian Business Awards 2018 are just a handful of these amazingly dedicated, innovative and committed individuals.”
The gala awards ceremony was attended by a host of dignitaries and peers including: Lord Tariq Ahmad, Minister of State for the Commonwealth and the United Nations, Dawn Butler MP, Lord & Lady Dholakia, Lord Jitesh Gadhia, Lord Patel of Bradford; actors Sheena Bhattessa, Jaz Deol, Rebecca Grant, Preeya Kalidas, Shobu Kapoor, Amrit Maghera, Parle Patel, Paul Sharma, Deepak Verma and Gordon Warnecke amongst a host of others.
Winners of the Asian Business Awards this year were:
Restaurant of the Year Award 2018 in association with Zee TV
WINNER: Shamil Thakrar, Dishoom
Food & Drink Business Award 2018 supported by Sun Mark Limited
WINNER: Prakash Thakrar, HT Drinks & Co
Care Home Business of the Year 2018 in association with Citibond & Qatar Airways
WINNER: Avnish Goyal, Hallmark Care Homes
Asian Business Bank of the Year 2018 in association with Eastern Eye
WINNER: ICICI Bank
Businesswoman of the Year Award 2018 in association with Premier by Brightsun
WINNER: Zeenat Noon Harnal, Bombay Halwa
Young Entrepreneur of the Year 2018 in association with SBI
WINNER: Shane Thakrar, HKS Holdings
Entrepreneur of the Year 2018 supported by Edwardian Group London
WINNER: Sanjay Vadera, The Frangrance Shop
Philanthropy Award 2018 in association with SME
WINNER: Dawood Pervez, Bestway Foundation
Business Personality of the Year 2018 supported by Bristol Laboratories
WINNER: Joginder Sangar, Mastcraft Group of Companies
Asian Business of the Year 2018 in association with Eastern Eye
WINNER: Zuber & Mohsin Issa, Euro Garages Ltd
The Asian Rich List was released on 23 March 2018 and is the definitive guide to ultra-high net worth individuals and Asian business success.
Position Name 2018 Valuation 2017 Valuation
1 GP and SP Hinduja £ 22 billion £ 19 billion
2 Lakshmi Mittal £ 14 billion £ 12.6 billion
3 Sir Prakash Lohia £ 5.1 billion £ 4 billion
4 Sir Anwar Pervez £ 2.35 billion £ 2 billion
5 Simon, Bobby & Robin Arora £ 2.3 billion £ 2.2 billion
5 Anil Agarwal £ 2.3 billion £ 2.2 billion
7 Cyrus & Priya Vandrevala £ 2.1 billion £ 2.1 billion
8 Jasminder Singh £ 1.5 billion £ 1.5 billion
9 Rajesh Ram Satiija £ 1.3 billion £ 910 million
9 Zuber & Mohsin Issa £ 1.3 billion £ 300 million
By PARVEEN AHMED
Islamic Relief is hosting a series of fundraising events, open to all faiths, in aid of the East Africa famine. 16 million people in South Sudan, Somalia, Kenya and Ethiopia are on the brink of starvation and children are dying from malnutrition and preventable diseases.
‘The 21st-Century Muslim: A Balance between Hope and Fear’ events in Manchester, Bradford, Birmingham and Croydon, will each feature a talk by esteemed American scholar and cleric Sheikh Yasir Qadhi. His lecture will address the challenges of being a Muslim in the second decade of the 21st century. Dr. Qadhi, described by The New York Times Magazine as being “one of the most influential conservative clerics in American Islam”, teaches at Rhodes College in Memphis, Tennessee.
Imran Madden, UK Director of Islamic Relief, said:
“As we prepare for the holy month of Ramadan we invite everyone – Muslims and non-Muslim friends alike – to attend a fascinating talk by one of the most esteemed Muslim scholars of our time. We hope as many as possible will join us for what will be a very enjoyable and thought-provoking evening that will also raise funds for our life-saving aid work in East Africa.”
The fundraising will take place in Manchester on 28 April, Bradford on 29 April, Birmingham on 30 April and Croydon on 1 May 2017.
Tickets for each event can be booked by visiting:
To donate to Islamic Relief’s East Africa Crisis Appeal:
Islamic Relief is one of the 13 UK charities that form the DEC (Disasters Emergency Committee).Read more
By PARVEEN AHMED
Detectives have released an image of a man they wish to speak to in connection with a sexual assault on a bus in Southwark. The assault occurred on the 453 bus as it drove from Haymarket towards Deptford Bridge, in South East London on Saturday 17 September 2016, at approximately 16:40pm.
The female victim boarded the bus at Haymarket and sat on the upper deck. The suspect came and sat next to her and during the journey he sexually assaulted her, whilst she attempted to push him away. He then got off the bus at the next stop, believed to be on London Road in Elephant and Castle.
The suspect is described as an Asian, or a light skinned black man, aged in his 40s, and of medium build. He was wearing a blue and white jacket.
Detectives from the Met’s Roads and Transport Command (RTPC) are investigating.
Any witnesses or anyone with information is asked to contact PC Gurmit Nothay on 101 or Crimestoppers on 0800 555 111.Read more
By PARVEEN AHMED
Detectives in Southwark are appealing for help to identify a man they wish to speak to after an elderly woman was conned out of her life-savings. He is described as Asian, in his 20’s and as around 5ft 8ins tall.
A man, posing as a police officer, called the 73-year-old woman from Dulwich woman on her mobile phone. He claimed he needed her help with a sting operation to catch a group of offenders targeting elderly and vulnerable people in the area. The following day, he persuaded her into withdrawing 5,000 Euros from a bureau de change at Liverpool Street Rail Station and hand the money to his assistant on 28th March. He then told the victim told to go to a watch shop in Knightsbridge to purchase a watch costing £25,050. After buying the watch, the victim was instructed to meet the same assistant as before at Knightsbridge Tube Station. The woman handed the assistant the watch. The ‘police officer’ then called her, claiming her evidence had been accepted. After this, the victim became suspicious and when she was unable to get in contact with the man, she phoned the police.
Police in Southwark are keen to speak to the man in the CCTV in connection with the case.
DC Michael Esangbedo from Southwark CID said:
"I am pleading with anyone that recognises the man in the CCTV to get in touch with police.
"The offenders have deliberately deceived the victim out of her life-savings. We are determined to bring those responsible to justice to prevent anyone else falling for the scam.
"It is also worth noting that the police will never call members of the public and ask them to be part of a 'sting' operation."
Anyone who recognises the man in the photo or anyone with information should contact police on 101. Information can also be reported anonymously to Crimestoppers on 0800 555 111.Read more
The mayor of London Sadiq Khan has pledged to launch the UK’s most comprehensive inquiry into the impact of foreign investment on London’s housing market.
Khan says he will commission the most thorough research on this matter ever undertaken in Britain – the biggest look of its kind at this issue, “so we can figure out exactly what can be done.”
He insisted there are “real concerns” about the surge in the number of homes being bought by overseas investors, adding that the inquiry would map the scale of the problem for the first time.
“It’s clear we need to better understand the different roles that overseas money plays in London’s housing market, the scale of what’s going on, and what action we can take to support development and help Londoners find a home,” Khan told the Guardian.
Earlier this year, it was revealed how a 50-storey block of 214 luxury apartments by the river Thames in Vauxhall was more than 60% owned by foreign buyers. In one of the starkest examples of the impact of foreign investment, it found that a quarter of the flats were held by companies in secretive offshore tax havens, and many were unoccupied.
In China, experts predict the current scale of global investment in UK property could rise significantly over the next decade, with a “new wave” of middle-class investors from mainland China quadrupling the amount of money flowing annually into foreign real estate – including the UK – to $200bn (£150bn) in the next 10 years.
Sohaib Hamid of Reeds and Rains, said he expected a major jump in investors looking for a return in Britain, adding: “The UK market, particularly post-Brexit, is really picking up.
“The interesting thing is that that in many ways the international investment journey is probably just starting … The exciting thing about China and India is that there are many cities with more than a million people. So London is a huge market for them.”
Critics say the influx of foreign investors is contributing to a housing crisis in the capital. Earlier this week, it emerged that the number of thirtysomethings leaving London has leapt in recent years, as high housing costs have forced people to move out.
Overseas buyers are also increasingly focusing on towns and cities outside the UK capital – with Manchester, Liverpool and Birmingham all identified as “hotspots” as buyers try to get more for their money while avoiding new stamp duty rules.
Foreign investment has helped drive a fresh property building boom around the UK. Liverpool has received millions of pounds of overseas investment in housing and property in the past five years, including a £200m New Chinatown development that is under construction and is being heavily marketed in China. Earlier this year, Sheffield announced a multibillion pound deal that would generate four or five city-centre projects over the next three years and create “hundreds if not thousands” of jobs in south Yorkshire.
The Chinese are the biggest buyers of new-build residential accommodation globally, with the Singaporeans second and the British fourth, according to international property agents Knight Frank.
Khan said: “We welcome investment from around the world in building new homes, including those for first-time buyers. At the same time, as more and more Londoners struggle to get on the property ladder, there are real concerns about the prospect of a surge in the number of homes being bought by overseas investors.”
One key aim of the research will be shining a light on who is investing and where the money originates from.
Khan said: “We urgently need money invested in London property. Londoners need reassuring that dirty money isn’t flooding into our property market, and ministers must now make all property ownership in London transparent so we can see exactly who owns what.”
Khan said: “We welcome investment from around the world in building new homes, including those for first-time buyers. At the same time, as more and more Londoners struggle to get on the property ladder, there are real concerns about the prospect of a surge in the number of homes being bought by overseas investors.”Read more