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British-Asian billionaires double in past year

Britain`s Asian entrepreneurs have defied the recession with some becoming billionaires from millionaires, according to a latest report on some of the country`s richest businessmen.



London: Britain`s Asian entrepreneurs have defied the recession with some becoming billionaires from millionaires, according to a latest report on some of the country`s richest businessmen.

The `Eastern Eye Asian Rich List 2013` found that the number of billionaires in the annual list more than doubled to seven, up from three in 2012.

The net worth of the country`s top 101 wealthiest Asians also registered growth from 41.2 billion pounds to 45.6 billion pounds, signifying a 10.7 per cent increase.

This year`s top 101 wealth creators will be unveiled at an annual Asian Business Awards ceremony here, later on Friday.

The list is reportedly topped by the Hinduja brothers, at the helm of one the UK`s largest industrial groups.

They are set to displace steel tycoon Lakshmi N Mittal, whose fortunes took a tumble over the last year as a result of a global slowdown in the steel industry.

Most of the entries in the list are family-run enterprises, with the younger generation of entrepreneurs seeking to build on the wealth and reputation of their parents who came to Britain as migrants.

"Britain is richer for its diversity, and turning adversity into opportunity is something that`s in the blood for Asian businessmen," said Kalpesh Solanki, managing editor of the Asian Media and Marketing Group, publishers of the Asian Rich List.

"Many came to this country from India and Africa with very little money, and through sheer hard work and sacrifice, they have built their companies from scratch into world-class enterprises.

The Asian Rich List shows that if you work hard and are open to new challenges and seize opportunities, then success isn`t far behind," he added.

PTI

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