NRIs in Britain are creating wealth at three times the pace of the country's economic growth while dramatically shifting to hi-tech sectors.
LONDON: It is a boom time for Asian entrepreneurs, particularly the NRIs, in Britain who are creating wealth at three times the pace of the country's economic growth while dramatically shifting to hi-tech sectors, according to a new study.
The real wealth of Asian business people jumped by 69 per cent between 1998 and 2005, according to Barclays, whose business banking division carried out the survey anlaysing the fortunes of the UK's 200 richest Asians in the eight years.
Over the same period the UK economy grew by 22.8 per cent.
As well as dramatically increasing its total wealth, the group made a significant shift towards high-tech sectors, such as pharmaceuticals, information technology and the media, the study, published in The Daily Telegraph, said.
Number one in the survey was Mike Jatania who, with his family, sits atop a branded cosmetics business, Lornamead, valued at 650 million pounds followed by Patel brothers, Vijay and Bikhu, worth 455 million pounds who have been on a 30-year mission to create an "Asian Glaxo".
Pharmacy was the single biggest sector in the survey.
Third on the list is Lord Swraj Paul, Ambassador for Overseas British Business, whose Caparo group has sales of 650 million pounds.
He is a member of the Lords select committees for science and technology and economic affairs, and is chancellor of the University of Wolverhampton.
"Asian wealth is now built on a much broader base of entrepreneurs who are challenging traditional stereotypes and making serious money in high-tech industries," Satish Kanabar, corporate director of Barclays business banking, said.
"Asian wealth creation is more important than its headline contribution to overall economic growth would indicate as Asian entrepreneurs are actually in the vanguard of the UK's emerging high-tech, service economy," Kanabar said.
The report by Spinder Dhaliwal, a lecturer in entrepreneurship at Surrey University, highlighted a shift away from the industries in which Asians have traditionally made money, such as textiles, towards the technology and service sectors.
The findings underlined the same trends as did a survey by The Daily Telegraph of Britain's richest Asians in association with the Eastern Eye, Britain's biggest selling south-Asian newspaper, in April.
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