The Sunday Times Rich List 2021 was released last weekend. This year, in light of the pandemic, the list is confined to only 250 names. Otherwise every year, the list features a minimum of 1000 names across the UK. There are approximately 18 South Asians on the list (more than 10 people of Indian origin).
Asian people based in Britain have been better represented on the Rich List in the past. In one recent edition, nearly 9 per cent of the entries were accounted for by Chinese, Indian, Pakistani and Sri Lankan individuals and families. This year, due to the pandemic, the representation of ethnic minorities has taken a hit.
The Centre for Research in Ethnic Minority Entrepreneurship at Aston Business School has estimated that about 250,000 of the UK’s 5.9 million businesses are owned by ethnic minorities, approximately 40,000 of which are owned by black businessmen and women.
These numbers suggest that only 0.67 per cent of UK businesses are owned by black people, even though they account for 3.3 per cent of the British population.
Professor Monder Ram, director of research at the Aston centre, believes banks need to be encouraged to lend to entrepreneurs from ethnic minorities. “Minorities feel they are less favourably treated. So they get discouraged and exclude themselves by not applying,” he said.
The number one rank on the list is that of Sir Leonard Blavatnik (of Ukrainian origin) with an estimated fortune of £23 billion. The annual listing identifies 171 billionaires in all, 24 more than in 2ƒ020. Their combined fortunes have risen to £597.269 billion, up 22 per cent in 12 months despite the wider economic impact of the coronavirus.
Zayn Malik is the only Asian name in ‘The Young Rich’ with no chance in his net worth at £36m. Among women, Kiran Mazumdar-Shaw (£2.942bn) and Varsha Engineer (£1.7bn) are the only two Asian names. There are no Asian names on the Unicorn list as well as Giving Away Rich List 2021.
Reuben brothers - making profits in a pandemic
Mumbai-born brothers David and Simon Reuben led with their rank as the second-richest in the UK with an estimated net worth of £21.465 billion. Reubens snapped up undervalued hotels and other properties during the pandemic. The listing added, “The Reubens have been buying US buildings to upmarket brands that are unlikely to be damaged by the pandemic, such as Tiffany, Armani and Alexander McQueen. There have also been significant investments in Mallorca and Spain, where the brothers plan to build hundreds of luxury retreats.”
Hindujas: third place despite cracks in the empire
Last year, the Hindujas shared the second spot with the Reubens last year. In 2021, the Hinduja brothers have slipped to third place with an estimated net worth of £17 billion. The report doesn’t fail to mention that, “Cracks have appeared in the Hindujas' business empire, which has interests ranging from van manufacturing and luxury hotels to banking and healthcare.”
The Rich List 2021 stated: “London-based Sri Hinduja, 85, has become embroiled in a legal skirmish with his three brothers, Gopi (GP), 81, Geneva-based Prakash (PP), 75, and Ashok (AP), 70, who is based in Mumbai… Sri is claiming personal ownership of the Switzerland-based Hinduja Bank, which is overseen by his eldest daughter, Shanu, and her son Karam.”
“In June last year, GP, PP and AP Hinduja had issued a joint statement to say that it is "very unfortunate" that the proceedings are taking place,” The Sunday Times reported and further added that the Hindujas had gone on record to say that, “We intend to defend the claim to uphold these dearly held family values.”
Lakshmi Mittal jumps up from rank 19 to 5
Steel tycoon Lakshmi N Mittal is in the fifth position this year. Mittal has jumped from 19th to 5th rank by adding £7.899 billion. The Rich list also states that Mittal is spending nearly £290 million on a pilot project to slash its [ArcelorMittal Group] carbon footprint, which is not a small endeavour for a company that mined 58 million tonnes of iron ore and made 71.5 million tonnes of crude steel during 2020.
Other Indian - origin billionaires in the top 100
Within the top 100 in the UK, other names of Indian origin are as follows: metals tycoon Anil Agarwal at No. 15 with £9 billion; Sri Prakash Lohia at 36th with £4.783 billion; Lord Swraj Paul and family at 82nd with £2 billion; and Navin and Varsha Engineer at 96th with £1.7 billion.
Zimbabwean telecoms tycoon becomes the first black billionaire to break into The Sunday Times Rich List
Few black entrepreneurs have broken into The Sunday Times Rich List over its 33-year history. Low numbers of black entrepreneurs have raised concerns that banks, private equity groups and other investors are less likely to provide finance to black people.
Those who have made it into this newspaper’s wealth rankings in recent years include Mo Ibrahim, 75, who also made his fortune in the telecoms world, and Sir Damon Buffini, 58, who co-founded the private equity house Permira. Two years ago, Zimbabwe-born Valerie Moran, 45, became the first black woman to appear in the Rich List following the success of Prepaid Financial Services, the fintech business she built up with her husband.
The London-based Zimbabwean businessman, Strive Masiyiwa has jumped up on the Rich List 2021, but he has put his work aside to secure Covid-19 vaccines for Africa’s 1.3 billion-strong population and may not have realised his elevation into the ranks of Britain’s super-rich. At the age of 12, his mother provided the money to pay for his fees and flights that came from her business. He studied electrical engineering at Cardiff University.
60-year-old Masiyiwa is also on the boards of Netflix and Unilever. He’s a father to six children. A committed Christian, he and his wife Tsitsi, 56, set up their Higherlife Foundation in 1996. The organisation has funded education for more than 250,000 children and provided $70m to combat cholera in Zimbabwe.
The Times reported that “Masiyiwa fled civil unrest in his homeland at the age of seven and later waged a five-year battle against Robert Mugabe’s regime to launch his business. Now he has become the first black billionaire to break into The Sunday Times Rich List with his wealth estimated to be £1.087 billion.” He is also the African Union’s special envoy on the pandemic and recently signed a deal with Johnson & Johnson for 400 million vaccine doses.
LIST OF ASIANS ON THE LIST
RankNameWorthRise/Fall Source of wealth
2021 (2020)
2 (2=)David and Simon Reuben£21.465bn£5.465bn▲Property and internet
3 (2=)Sri and Gopi Hinduja and family£17bn£1bn▲Industry and finance
5 (19)Lakshmi Mittal and family£14.68bn£7.899bn▲Steel: ArcelorMittal
15 (15)Anil Agarwal£9bn£500m▲Mining: Vedanta Resources
20 (New)German Khan£7.167bnNew entry Industry: Alfa Group and LetterOne
36 (42)Sri Prakash Lohia£4.783bn£1.178bn▲Textiles and plastics
37 (43)Mohsin and Zuber Issa£4.68bn£1.12bn▲Fuel distribution and supermarkets
56 (81)John Shaw and Kiran Mazumdar-Shaw and family£2.942bn£1.134bn▲Pharmaceuticals: Biocon
64 (65)Simon, Bobby and Robin Arora2.524bn£413m▲Discount stores: B&M
82= (79)Farhad Moshiri£2bn£125m▲Investment and football: Everton
82= (70=)Sheikh Hamad bin Jassim Al Thani£2bnNo change Investment and property
82= (77=)Lord Paul and family£2bn£100m▲Industry
96= (82=)Navin and Varsha Engineer£1.7bn£100m▼Pharmaceuticals: Chemidex
118 (142)Mahmud Kamani and family£1.422bn£391m▲Internet retailing: Boohoo
125 (50)Sir Anwar Pervez and family£1.364bn£1.738bn▼Cash and carry: Bestway
128 (111=)Raj, Tony and Harpal Matharu and family£1.3bnNo change Property and hotels: Grange
145 (115)Surinder Arora and family£1.185bn£80m▼Hotels
146 (127)Nadhmi Auchi£1.182bnNo change Finance
147 (144)Jasminder Singh and family£1.18bn£165m▲Hotels: Edwardian
149 (116=)Sunil Vaswani and family£1.159bn£91m▼Transport and food: Stallion Group
238 (217=)The Jatania brothers£648m£5m▲Toiletries, property and fashion
244 (93)Lord Choudrey and family£633m£898m▼Cash and carry and pharmacies
