PICTURES: Hinduja brothers top Asian rich list 2014

The Asian Rich List was unveiled at the Asian Business Awards and is published by Asian Media & Marketing Group (AMG).

Winner of  Business Personality Award - Dr Rami Ranger of Sunmafrk Ltd with Priti Patel MP at the Asian Business Awards 2014

It shows the combined overall net worth of the featured 101 millionaires has reached a staggering £51.5 billion, (an increase of £6.5bn since 2013), with the Top 10 representing 71% of the total figure.

Millionaire and award winning entrepreneur Sir Anwar Pervez  at launch of Asian Rich List & Asian Business Awards 2014

The brothers Hinduja, whose trading empire is spread virtually over five continents and run by four brothers and their children have had a very good year, with an increase in their net worth of £1billion, taking their overall valuation to £13.5 billion.
A seemingly apt homage to the family business which this year celebrates its centenary.

Music producer Rishi Rich and actress wife Marna Rekhi at Asian Business Awards 2014

The group has what GP Hinduja likes to call 10 ‘verticals’, spanning a variety of sectors and allowing true diversification. Another strategic decision taken by the group in 2013 was to enter Africa. 

With the economy slowing in India, especially in the automotive sector, it had to look for pastures new.

GP Hinduja, co-chair of the group remains true to his father’s ethos of building a diversified, global group. GP states: “The lesson one can learn was from what my father used to say – ‘Never put all your fruits in one basket.’ This has always been rewarding for the group because suddenly if you have an economic crisis in one country there is somewhere else where things are progressing.” A principle that certainly seems to have worked well for the Hindujas.

Rt Hon Michael Gove MP, Secretary of State for Education speaking  at the launch of Asian Rich List.

Mittal is also seeing a reversal in his fortunes, after a tough couple of years, the steel business seems to be back on track and Mittal’s net worth has seen also seen an increase of £1 billion, taking him to £12 billion, and although still lagging slightly behind the Hinduja’s, the gap seems to be closing again.

BBC Radio presenter Nihal  hosts the launch of Asian Rich List

60 of the 101 millionaires have seen an overall increase in their net worth, with at least four of them more than doubling their wealth and showing phenomenal growth. Kishore Lulla’s Eros International has nearly 2,000 films under its belt and digital rights to a further 700. In November 2013 became the first Indian own media company to be listed on the New York Stock Exchange. 

A timely and wise move for Mr Lulla, with his net worth increasing by a stunning £365million to £670 million and placing him just bubbling under the Top 10 at number 11.

BBC TV Presenter Sonali Shah arrives at Asian Business Awards 2014

With the entry point for this year’s list being set at £55 million, it’s hard to expect any ‘young guns’ to earn their way on to the list. However, never to be outdone, we see two self-made under 40 millionaires climbing steadily up the list this year.

At just 39, Amit Patel, from one of the country’s fastest growing pharmaceutical companies Auden McKenzie has had a phenomenal year of growth, with his net worth increasing by a staggering £160 million to take his value to £400 million and placing him at number 17 on the list this year.

Winner of Restaurant Award - Arjun; Andy Varma and Tai Khan of Chakra - at the Asian Business Awards 2014

This year’s list also sees eight new entries with a combined value of nearly £3 billion, with the highest new entry, being SP Lohia chairman of the Indorama Corp, one of the biggest polyester companies in the world, storming in at number 4 with a valuation of £2 billion.

Actors Shobhu Kapoor, Sudha Buchar and Shaheen Khan arrive at Asian Business Awards 2014

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."

Goldy Notay and Valmike Rampersad arrive at Asian Business Awards 2014

It was this entrepreneurial spirit that was celebrated at the Asian Business Awards ceremony which also took place on the night.

Speaking at the gala event Rt Hon Michael Gove MP said,  “Reading through the stories of many of the winners I remain astounded by the amazing spirit, not only of individuals, but of the community as a whole. Today we celebrate some of the most successful Asians in the UK, many of whom started with a small idea and worked their way up the ladder to where they are today.

"There is one consistent thread that binds these individuals together: never being afraid to dream big and work hard to achieve those dreams. There is much to be learned from the famous ‘Asian work ethic’ and I have no doubt that their stories will continue to inspire future generations across the board.”

Millionaire brothers Vijay; Bhikhu Patel at the launch of the Asian Rich List.

The event and awards ceremony was attended by a number of leading politicians and peers including: Lord Andrew Feldman, Richard Harrington MP, Seema Malhotra MP, Priti Patel MP, Alok Sharma MP, Shailesh Vara MP and Keith Vaz MP. Also in attendance were many of the millionaires featured in this year’s list, including: Zameer Choudrey, Dinesh Dhamija, Afzal & Akmal Khushi, SP Lohia, Amit Patel, Dr Vijay & Bhiku Patel, Sir Anwar Pervez, Dr Rami Ranger, Mr T Ramachandran, Younus Sheikh and Indraneel Singh..

Winners on the night included:
Business Personality Award in association with Bristol Laboratories
Winner:  Dr Rami Ranger, Chairman & Founder, Sunmark Limited

Eastern Eye Lifetime Achievement Award
Winner:  Sir Anwar Pervez OBE, Chairman, Bestway Cash & Carry

Asian Business Award in association with HSBC
Winner:  Hinduja Group

The Asian Rich List in association with UBS was released on 11th April 2014 and is a guide to ultra-high net worth individuals and Asian Business success.