‘Steelgate’ man is UK’s richest Asian

Published on Tuesday 5 March 2002 00:00

LAKSHMI Mittal, the businessman at the centre of the Government’s "steelgate" controversy, was today named as Britain’s richest Asian.

The millionaire, who donated 125,000 to the Labour Party just weeks before Tony Blair wrote a letter to his Romanian counterpart supporting Mr Mittal’s bid to buy Sidex, the country’s state steel firm, comes out top of the Asian Xpress Rich List 2002, the official list of Britain’s 275 wealthiest Asians.

His fortune is an estimated 900 million.

The list, which will be made public next week, puts the controversial Hinduja brothers in the number two spot with 800m and puts the combined wealth of all 275 millionaires at 9.5 billion.

Sarwar Ahmed, publisher of the list, said: "The Asian Xpress Rich List 2002 highlights the success of the Asian community in the UK and their contribution to the local economy.

"These entrepreneurs have created enormous wealth for themselves, but also supported their local community by creating jobs and bringing investment into the city. This clearly demonstrates just how far Asians have integrated into the fabric of British society."

The wealth of Britain’s Asians is concentrated in London, with 90 of the 275 based in the capital. Scotland ranks fourth as home to 13 Asian millionaires, including Hawick-based industrialist Anil Chandaria, 66, in seventh place with 200m.

The most lucrative business is industry - comprising oil, telecoms and manufacturing .