NRIs in UK's 'Under-40 richest' club
In the Daily Telegraph's annual list of Britain's 40 richest young entrepreneurs, at least eight of them are NRIs with a combined wealth of about one billion dollars.india Updated: May 05, 2008 11:07 IST
It is not the UK's billionaire club alone, which is led by NRI families like Mittals and Hindujas, even the younger rich brigade, all below 40 years of age, in Britain has a plenty of Indian origin people.
In the Daily Telegraph's annual list of Britain's 40 richest young entrepreneurs -- 'Made It By 40' -- at least eight have their origin in India with a combined wealth of about one billion dollars.
While two of those with Indian origin have made their debut this year, three others have seen their net worth increasing in the past one year.
Richest among those with Indian origin, Baljinder Kaur Boparan has been ranked 9th in the overall list with a worth of 130 million pounds, up from 115 million pounds a year ago.
Boparan and her husband Ranjit wholly own a chicken- processing company, Boparan Holdings, whose brands include Buxted chicken. Its turnover in 2006 rose to 377 million pounds and pre-tax profits were 22.3 million pounds.
Besides, Arif and Munaf Patels, the brothers who own Faisaltex group of companies that supplies socks, underwear and other children's clothing to discount stores throughout the UK, have debuted at 15th position with 90 million pounds.
The list comprises of UK entrepreneurs or foreign-born citizens having spent most of their lives working in Britain and whose main income source and place of business is here. Besides, to make it to the list, one must be 40 years or less.
The person who topped the last year's list, Sir Stelios Haji-Ioannou -- is not present in the latest rankings as he "is now too old to feature on the 2008 list" after turning 41.
Even this year's winner, Moneysupermarket Group's Simon Nixxon with a net worth of 363 million pounds, may not find a place next year as he is already 40.
In this year's list, one-fourth are Asian entrepreneurs, which the newspaper said "illustrates a growing trend," although not a radical change from the previous lists.
Separately, India-born Lakshmi Mittal, who heads the world's largest steelmaker ArcelorMittal, has been named the UK's richest person for fourth year in a row, as per the annual Sunday Times Rich List released this weekend.
Sunday Times Rich List has also named Sri and Gopi Hinduja, who run one of the world's most diversified business groups run by an NRI family, as the fourth richest in the UK.
However, unlike Daily Telegraph's "Made It By 40" list, the Sunday Times rankings do not have any age-specific criteria and includes people from all the age groups.
The eight persons of India origin on Daily Telegraph's under-40 richest list also includes at 22nd position Sanjay Kumar, whose family owns a textiles firm Rajan Group. His worth has dipped to 70 million pounds, from 82 million pounds, as the company's turnover declined and losses widened.
Besides, Mayank Patel of Currencies Direct, a billion- pound foreign exchange specialist, has debuted at 25th position with a worth of 67 million pounds.
Patel is followed by Sanjay Vadera at 26th rank with a worth of 66 million pound. He sold 65 per cent of his perfume distribution firm Per-Scent for 42 million pound in 2005.
The list has at 28th position Sanjeev Mehan, Raj Sehgal and family, whose Visage Holdings is a South Shields based fashion enterprise and are worth about 63 million pounds.
Raj Chatha, who heads Halifax-based European Food Brokers, a major wine and beer firm, has been ranked 34th with 57 million pound.
Sandeep Chadha and family, has been ranked 35th. With an estimated wealth of 56 million pounds, Chadha runs Supreme Brand Group, one of the UK's largest batteries sellers.