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Meet the Asian dragons
Sri Carmichael19 Nov 2008
BRITAIN'S first two Asian billionaires have emerged amid the turmoil of the credit crunch.
London businessmen Lord Paul and Mike Jatania top the annual list of Britain's 20 richest Asians.
New entry, BBC Dragons' Den judge James Caan, who slipped in at number 20 with a fortune of £70million, attributed the success of members of the Asian community to their "cautious approach to borrowing".
The combined fortune of the 20 richest Asians is £7.46billion, up from £4.91billion last year. Metal magnate Lord Paul, 77, and his family from Marylebone, saw their wealth double from £750million to £1.5billion. Mr Jatania, 41, from Uxbridge, also swelled his family's fortune to £1billion from £850million last year with a portfolio of personal care products. The list was drawn up by the Ethnic Media Group to coincide with tonight's Eastern Eye Asian Business Awards at Wembley Stadium.
Multibillionaires Lakshmi Mittal, the steel tycoon, and the Hinduja brothers Sri and Gopi, who invest in industry, were not included as their business interests lie mainly abroad.
Lord Paul attributes the success of his firm the Caparo Group to the fact it is a family business and has a significant European export market, which has been very profitable because of the strength of the euro against the pound.
He said: "The main secret is to keep your head low, work hard and try to stay one step ahead. The credit crunch is a challenge.
"Our family is the rock underlying the business and my three sons, who run operations, know they have my support 24 hours a day."
Mr Caan, 48, who has been nominated for the Entrepreneur of the Year award, said his diverse business interest had allowed him to do well despite the downturn.
He said: "Not putting all my eggs in one basket allows me the opportunity to hedge my position when things get tough.
"I think Asian people have a generally cautious approach to borrowing."
There are only three women on the list, who all form part of husband and wife teams - Ramesh and Pratibha Sachdev at 7; Navin and Varsha Engineer at 9; and Ranjit and Baljinder Boparan at 15.
Tonight's awards will also honour female entrepreneurs in a Businesswoman of the Year category. Nominees include Geetie Singh, who runs the Duke of Cambridge organic pub in Islington.
Reader views (11)
James Caan is the epitome of success and inspiration. I will strive to have the success he has had. Stereotyping is happening whether we like it or not; thankfully its a minority of individuals. The world is on an equal playing field, you get to the top by using your head. Business is my passion and is to many people around the world. No business is made without hard work and persistence. well done james caan.
- Ashley, London, 29/07/2009 23:41
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Fair play to James Caan, he has made his furtunes through hard work. I would love to be as successful as he is.
Cheers from Mike OShaughnessy
- Mike Oshaughnessy, Worcestershire, 15/06/2009 23:55
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Well done to them I say
- P I Staker, London, 20/11/2008 09:36
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Lord Paul is a major benefactor of London Zoo and saved it from closure in the Eighties when it was struggling financially. Any insinuation that Asian businessman do not pay their taxes or support British culture, more or less than the average 'white' businessman is completely wrong. We pay our taxes and we borrow money from the banks and pat interest. ICICI bank is becoming a major player in the UK savings scene.
- Naren, London, UK, 20/11/2008 08:23
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Right, Frank so starting a global recruitment company is the "Brown Market". Nothing to do with hardwork, determination and luck.
Apart from the odd few, like James Caan (who uses non-Pakistani / asian names for his companies to avoid stereotyping - yes very "Brown Market"), the rest of the rich families have been rich for a while and have just built on it. Its the same the world over, its easier for the rich to get richer, but difficult to join their ranks.
- H, London, 20/11/2008 06:52
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Well Frank what a nasty person you are,GREEN EYED MONSTER, me thinks, you should read James Caans story how hard he worked to get where he is, some guys want it NOW,without the effort and ambition has a lot to do with it too. Annie
- Annie, croydon, 19/11/2008 15:10
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Most Asians religion mean they arent allowed to pay interest are they? no wonder theyre so well off....
They also lend to each other and are as tight as anyone when it comes down to spending money. Banks worse nightmare...they can't cripple them with debt as easily
- Tony, Preston, 19/11/2008 13:09
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Oh dear Frank, the story title must have been impossible to resist !
The Home Counties must be mountainous with all those chips on your shoulders.
Anyway lets carry on with the story.
"The Brown Market". James Caan made his money in the recruitment industry, I you suggesting that he only dealt with "brown" clients and candidates ?
Your claim that very little of the finance makes it into mainstream society or our tax coffers" do you actually have proof of this or is it just what you beleive because you have a rather obvious grudge ?
How many of the natives of Australia, NZ, USA,Canada, Africa ever see the wealth which all those illegal white immigrants accumulated ?
Why are you so hung up on these sort of issues, what a grudge, get a life.
Anyway you never answered my questions on another post. Would you rather there was no Indo-British trade and all that business went to other countries ?
This is a trading nation, you have to trade with the world, get over it Frank, the world will continue to turn despite your bitterness.
By the way Frank did you read that both the Royal Navy and the Indian navy have been in action against pirates. If Britain and India are such mortal enemies Frankm how come they are not shooting at each other ??
- Vijay Gupta, London, 19/11/2008 13:02
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Really dont like minorities do you Frank. Why is it you are always the first to throw in a negative comment whenever minority issues are raised? What would you do if "one of them" was to move in next to you I wonder? Sad, very sad!!!!
- Mark, Muswell Hill, 19/11/2008 12:53
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Frank - your comment is extremely racist - all these people have made it to the top by sheer hard work and using their brains - something you don't seem to do much of!!!
- Deedanna, Windhoek, Namibia, 19/11/2008 12:39
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Their success is due to what is called the "Brown Market". Very little of the finance makes it into main stream society or the our tax coffer.
- Frank, Home Counties, England, 19/11/2008 11:16
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