Reveal Of The Annual Asian Rich List Values Midlands Asian Millionaires At Over £4 Billion
MIDLANDS ASIAN MILLIONAIRES VALUED AT OVER £4 BILLION
Annual Rich List Celebrates Success of
51 Richest Midlands-Based Asian Millionaires
The ongoing annual battle of the Midlands’ Asian millionaires this year saw Ranjit Boparan of 2 Sisters Food Group maintain his position at the top of the money mountain ahead of Steel tycoon Lord Swraj Paul for the third consecutive year.
Ranjit Boparan, of 2 Sisters Food Group, now acknowledged as the country’s second largest food production company, is in fact the only official Asian billionaire in the Midlands. Despite a challenging year for the business, his wealth is valued at £1.35billion, an overall increase in net worth of £50 million, and representing just over a quarter of the overall net worth of the 51 millionaires on this year’s list.
In what has been another tough year for the economy, this year’s Asian Rich List – Midlands, published by Asian Media & Marketing Group (AMG) on 15 May, shows the combined overall net worth of the 51 millionaires has reached an impressive £4.37 billion, (an increase of £60 million since 2014), with the Top 10 representing nearly 75% of the total figure.
20 of the 51 millionaires have seen an overall increase in their net worth, but the impact of the global economic slowdown has definitely impacted on business, with 18 of the millionaires treading water to maintain their valuations and positions.
The list does however see two new entries, with a combined value of £32 million. Danesh and Sanjay Gadhia show that there is definite strength in siblings working together as they enter the list at number 38, with Morningside Healthcare, their successful Leicester based pharmaceutical wholesaler and retail chain valued at £20million. The second new entry is Dr Manjit Pawar, director of Absolute Care Homes which provides dementia care and nursing services to clients in the north of England.
With the entry point for this year’s list being set at £12 million, one would expect many of the business owners to be first generation immigrants that have worked hard to build their fortunes – however interestingly, the list shows that the ‘young guns’ are making their mark in the Midlands, with two of the millionaires being under 40 and 16 being aged between 40 and 50. The Midlands millionaires are in fact significantly younger (54.4 cf 60) than those featured in the national Asian rich list, with the youngest entrepreneur on the list this year being Kavi Jundu, with his West Bromwich based cardboard box manufacturing company Diamond Box. At just 35 and with a net worth of £12 million, he has successfully tapped into the growing demand for premium packaging both on the high street and online.
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 resilience 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.
It was this entrepreneurial spirit that was also recognised and celebrated at the Asian Business Awards ceremony which also took place on the night, with Awards being presented to:
• Asian Business of the Year
• Manufacturing Award
• Entrepreneur Award
• Fast Growth Business Award
• International Business Award
• Restaurant Award
• Healthcare Business Award
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 Asian Rich List, Midlands was released on 15th May 2015 and is the definitive guide to ultra-high net worth individuals and Asian Business success across the Midlands.
- This year’s Top 10 wealthiest Asians across the Midlands region are:
- Ranjit & Baljinder Boparan Boparan Holdings (£1.35bn)
- Lord Swraj & Angad Paul Caparo Group (£725m)
- Anil Aggarwal Barker Shoes Ltd (£370m)
- Abdul Rashid and Aziz Tayub Crown Crest Group (£200m)
- Shiraz Tejani LPC (£150m)
- Tony Deep Wouhra East End Foods (£85m)
- Anup, Nitin & Pankaj Sodha Lexon (UK) Ltd (£82m)
- Paul Bassi Bond Wolfe (£80m)
- Abdul Ali Mahomed Euro Packaging (£75m)
- Palminder & Enrez Singh SEP Properties (£75m)
The winners of this year’s Asian Business Awards Midlands are:
Asian Business of the Year
Awarded to a company that is a proven commercial success and/or has an Asian at the head of business.
- Winner: Hasmukh, Kamlesh & Sailesh Thakrar, HKS Retail
Manufacturing Award sponsored by Close Brothers
Presented to an outstanding manufacturing business that has demonstrated the highest standards of quality and controls throughout its business and production processes
- Winner: Bill & Jaswinder Panesar, Panesar Foods
Entrepreneur Award sponsored by Rybrook Rolls Royce
Presented to an outstanding businessman or woman over the age of 35 who has shown flair, innovation and drive in developing a business.
- Winner: Palminder & Engrez Sanghera, SEP Properties
Fast Growth Business Award
Given to a company that has grown the business in size and profit
- Winner: Dr Nik Kotecha, Chief Executive Officer, Morningside Pharmaceuticals
International Business Award sponsored by Mazars
Given to a business that has expanded its operations internationally.
Restaurant Award sponsored by Stassen Tea
Awarded to an establishment that has enhanced the dining and culinary experience.
- Winner: Jaswinder Singh Choongh, Jimmy Spices
Healthcare Business Award sponsored by Bank of Baroda
Awarded to a company that has shown entrepreneurial flair and contributed to the nation’s wellbeing.
- Winner: Surjit Singh Rai, Rushcliffe Care Group