Swraj Paul increases wealth in the midst of financial crisis


London : Led by billionaire steel magnate Swraj Paul, wealthy Indian-origin businessmen in Britain have increased their wealth despite the global financial crisis, according to a list published Wednesday.

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Caparo founder and chairman Paul is among Britain’s richest Asians who have increased their wealth by more than a third in the past year, the list published by Eastern Eye magazine revealed.

The Asian wealth – coming in the midst of Britain’s worst recession since the start of the First World War – is to be celebrated Wednesday night at a gala event at Wembley Stadium in northwest London.

Seven awards are to be announced for achievers at the 12th annual Eastern Eye Asian Business Awards, which is expected to be attended by some 800 guests.

To coincide with the event, the weekly will also publish ‘Britain’s Richest Asians’ list – an annual audit of wealth for the richest 30 Asians in Britain.

The list shows that the combined wealth of the top 20 British Asians was up 35 percent from a year ago, led by Swraj Paul and Mike Jatania, head of Lornamead, which manufactures personal care products.

Paul, who came to Britain in the 1960s to seek medical treatment for his daughter, has seen his personal fortune double over the past year to 1.5 billion pounds.

The Jatania family, who have acquired fragrance and cosmetic brands such as Yardley and Vosene, have increased their wealth to one billion pounds, says the list quoted by the Guardian newspaper.

It says Asians in fashion, venture capital, finance and leisure have joined the traditional businesses of pharmaceuticals, hotels and manufacturing.