The Hinduja family has knocked Lakshmi Mittal, the steel billionaire, from the top of the list of Britain’s richest Asians.
Mr Mittal’s wealth has dropped from £13.5bn to £11bn as falling demand for steel hit the share price of ArcelorMittal, while the London-based Hinduja brothers’ wealth rose £3bn to an estimated £12.5bn.
The Hindujas’ diversified conglomerate is spread over five continents and run by four brothers and their children. Listed in India, the family has a £100m home on the Mall in London and recently bought Optare, a UK busmaker.
It is the fourth year of the rich list compiled by the Asian Media & Marketing Group, and the first time Mr Mittal has not topped it.
The lavish awards dinner is a magnet for politicians and Theresa May, the home secretary, whose tough rhetoric on immigration has raised concerns among some in the Asian community, was guest of honour at the Park Plaza Hotel in Westminster on Friday.
David Cameron, the prime minister, led a trade mission to India in February in search of investment and has said he wants to make it easier for students and entrepreneurs to come to the UK.
Lord Bilimoria, chairman of Cobra Beer and a prominent Anglo-Indian who accompanied Mr Cameron, recently told the BBC that governments had “lost control of illegal immigration. There is good immigration and bad immigration. You can’t just have an open-door policy.”
However, he added: “This country has been built on the contribution of immigrants.”
The richest British-born Asians on the list were the Arora brothers, who sold a majority stake in B&M Bargains, their discount retail chain, to Clayton Dubilier & Rice, the US private equity house, in December.
Other big movers include Jasminder Singh, chairman of Radisson Edwardian Hotels, and Sir Anwar Pervez of Bestway Holdings, a cash and carry group. They are among seven billionaire families, four more than last year. The combined wealth of the 101 on the list is £46bn.