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Lakshmi Mittal is richest Asian in Britain

Steel billionaire Lakshmi Mittal has ousted the Hinduja brothers and moved back into the top slot as the richest Asian in Britain worth # 2.2 billion according to an annual survey.

Mittal, who was worth # 1.2 billion one year ago has made a fighting comeback after the steel industry recovered from a global slowdown, according to the Richest Asian 200 list which is published annually.

The Hindujas, who are worth # 1.95 billion, have also climbed steeply during the past 12 months. They were worth # 1.3 billion one year ago. Lord Swaraj Paul of Caparo Industries is in third spot and is worth # 330 million.

The Richest Asian 200 list is published by an Asian weekly newspaper Eastern Eye. The list has been appearing for four years and Mittal has headed it for two years.

However, the composition of the Richest Asian is changing dramatically and 40 people out of 200 are now aged below 40. The youngest person on the list is 25-year-old textile tycoon Kashif Ahmed, who is worth # 6.5 million.

But, the new stars of the Richest Asian 200 are the hi-tech magnates like Dinesh Dhamija, Ajaz Ahmed and Amjad Baig, who are amassing huge fortunes at a terrific speed.

Dhamija, who floated Internet travel agency ebookers.com on the Nasdaq in November, is now worth # 210 million according to the list. He was worth # 15 million one year ago. He has moved from 67th position to sixth place this year.

Similarly Amjad Baig, who is worth # 50 million, is the half-owner of a chain selling mobile phones. Baig's chain, The Phone People, has opened over 70 stores during the last one year. Baig, 34, is a newcomer to the list.

Another youthful hi-tech millionaire Ajaz Ahmed owns an Internet design company AKQA New Media. Ahmed, who is 26-years-old is worth # 50 million and he could become much richer if he ever goes public.

In the same age group, 28-year-old Joe de Saram of Rhodium Computers is worth # 25 million and he is contemplating a flotation in London or on the Nasdaq.

The hi-tech millionaires are together worth almost # one billion and they have grown dramatically during the last one year. The hi-tech sector -- which includes software, telecom and the Internet -- was worth only # 320 million last year.

However, the 'old economy' isn't about to vanish and Asians still have a strong hold in sectors like textiles, pharmaceuticals and food.

The pharmaceuticals millionaires, for instance, have been taking growth pills and are now worth # 448 million. That's up from # 225 million last year and it isn't bad for a group which, without exception, all started out as behind-the-counter pharmacists.

The food barons too have been fattening as the British gulp down their curries. The Pathaks, who have put their products into every British supermarket, are now worth # 55 million and they are growing at a blistering speed each year.

Another food king Ghulam Noon, is worth # 45 million and is now investing in an Internet fund with Shekhar Kapur.

But several new stars of the Richest Asian 200 are coming from entirely new directions. Girish Reddy, worth # 77 million is a partner at Goldman Sachs and his wealth has risen sharply after the company was floated last year. Reddy is a senior partner and was worth # 20 million one year ago.

At a slightly different level, Serena Doshi worked at Arthur Andersen before branching out to start Liv4Now an Internet business 'devoted to hedonism.'

The list also includes two Indian businessmen -- Sterlite Industries' Anil Agarwal and Ispat Industries Pramod Mittal -- who have most of their interests in the sub-continent. Agarwal, is reckoned to be worth # 60 million and he commutes between London and India.

Mittal, who is the younger brother of Lakshmi Mittal is believed to be worth around # 20 million.

The combined wealth of the Richest Asian 200 has also climbed dramatically to # 10.2 billion from # 7.5 billion last year.

The Richest Asian 200, will be released at a glittering dinner which has become a major social event for the Asian community. Princess Anne will be the chief guest at the dinner on Monday evening.

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