STEEL GIANT LAKSHMI MITTAL IS OFFICIALLY
THE RICHEST ASIAN IN BRITIAN

 Friday 15th March sees the publication of the annual Asian Xpress Rich
 List, the official listing of the 275 wealthiest Asians in the UK.
 
 The publication, which is published by Asian Xpress newspaper and
 compiled by Philip Beresford, author of the Sunday Times Rich List,
 puts the combined wealth of these 275 millionaires at an astounding
 £9.5 billion, an increase of £1 billion in the last year.
 
 Steel baron Lakshmi Mittal, whose company Ispat International is the
 world's eighth largest steel manufacturer, maintains his position at
 the top of the money mountain - despite having lost £100 million in
 net worth. The recent controversy surrounding Mittal's acquisition of
 a steel plant in Romania does not appear to have diminished the steel
 giant's stronghold, although it may have a long lasting impact on his
 political relationships.
 
 The Hinduja brothers, who have struggled with both political and legal
 fights this year, have maintained their runners-up position. Having
 returned to the UK after much wrangling with the Indian courts, they
 are maintaining a low profile and concentrating on rebuilding their
 pot of wealth, which currently stands at £800 million - a reassuring
 increase of £100 million in what has been another turbulent year for
 the brothers.
 
 This year's list also sees the introduction of 50 new millionaires,
 worth an astounding £562.1 million. The lowest entry point for this
 year is £5 million, and the highest entrants are Ranjit and Baljinder
 Boparan, who enter the list at number 25, with a cool £70 million.
 This thirty-five year old couple are based in Dartmouth and run a
 chicken-processing firm.
 
  The increasing influence of women on the Asian business community is
 also demonstrated this year, by the second highest new entry, 47-year
 old Nighat Awan from Manchester. Ms  Awan looks set to take up the crown of 'Curry Queen', with her
 restaurant and curry sauce manufacturing businesses. Both Meena Pathak  and Perween Warsi remain high on the list of successful women – Meena Pathak received a CBE this year and Perween Warsi opened her first restaurant, Opium in Soho's Wardour Street.
 
 This year's list also shows that Asian millionaires are definitely
 getting younger, with a total of 55 of the current list aged under
 forty, and controlling a staggering £1.8 billion. The youngest
 millionaire this year is the record-breaking Reuben Singh, who entered
 the Asian Xpress Rich List last year with his internet company
 alldayPA.com. Reuben seems to have avoided the internet bubble
 bursting, and has increased his net worth by £5 million to £35
 million.
 
 The general increase in wealth of the list indicates that Asian
 businessmen are generally bucking the national trend. There appear to
 be no major signs of recession in key industries such as Food, Fashion
 and the Retail Industry, all of which show a definite increase in
 value. The Hotel industry, which was expected to show heavy losses
 after the September 11th tragedy, also appears to have escaped
 unscathed, showing a net increase of £135 million on last year.
 
 Sarwar Ahmed, publisher of the list, says: "The Asian Xpress Rich List
 2002 highlights the success of the Asian community in the UK and their
 contribution to the local economy. These entrepreneurs have created
 enormous wealth for themselves, but also supported their local
 community by creating jobs and bringing investment into the city.
 
 "In what has been a difficult year for industry in general, Asian
 entrepreneurs have demonstrated a remarkable resilience and actually
 increased their wealth against all odds.
 
 He continues: "Over the years there is a definite broadening of the
 industries that Asians are investing in, and although the traditional
 businesses of food, fashion and retailing are still strong, up and
 coming generations are moving into the fields of finance, media,
 pharmaceuticals, IT and property. This clearly demonstrates just how
 far Asians have integrated into the fabric of British society"

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 * The value of this year's Rich List stands at £9.51 billion

 * The top 10 control £3.9 billion of that money, they are:

 * 1. Lakshmi Mittal Ispat International
 £ 900 million

 * 2. Sri & Gopi Hinduja Sangam £ 800 million

 * 3. Mike Jatania & Family Lornamead International
£ 548 million

 * 4. Jasminder Singh Edwardian Group of Hotels
 £ 400 million

 * 5. Vijay & Bikhu Patel Waymade Healthcare
 £ 298 million

 * 6. Lord Swraj Paul Caparo
 £ 280 million

 * 7. Anil Chandaria Comcraft
 £ 200 million

 * 8. Sir Anwar Pervez Bestway £ 175 million

 * 9. Tom Singh New Look
 £ 160 million

 * 10. Viren Rastogi RGB Resources
£ 150
 million
 
 * There are a total of 50 new entries, who together have a value of £562 million.

 * There are a total of 6 entries under the age of 30, together
 being worth over £ 130 million.

 * The highest climber in terms of VALUE is the Jatania Family of
 Lornamead International, whose net worth has increased by £300
 million, taking them to number 3 in the Rich List, with a value of
 £548 million.

 * The biggest drop of the year is by software consultant Professor
 Madan Singh, who has lost over £80 million, with a drop of 120 places.