THREE OF BRITAIN’S FOUR WEALTHIEST ARE INDIANS

LONDON (TIP): The wealthiest persons in Britain are India-born, according to the Sunday Times Rich List 2017 which places the Hinduja brothers Srichand and Gopichand+ at the top of 134 billionaires. The brothers’ estimated riches: 16.2 billion pounds, 3.2 billion pounds more than last year.

Overall, the United Kingdom has witnessed, contrary to all expectations, what can only be described as a Brexit boom. Its billionaires are richer than before, so much so that the combined wealth of the top 500 individuals and families is more than the total put up by last year’s wealthiest 1,000, the Sunday Times reported. And there are more of them; together, they have earned a staggering 658 billion pounds, a record. The list compiler credited their growing fortunes to a revival in the stock market.

David and Simon Reuben, of Iraqi Jewish origin but Mumbai-born, have slipped from first to third place this year+ with an estimated wealth of 14 billion pounds. Steel magnate Lakshmi N Mittal is fourth with 13.2 billion pounds; the increase in his wealth from last year is quite phenomenal at 6.1 billion pounds.

There isn’t a single Briton in the wealthiest top 4 in a land the economist Adam Smith wrote of as a “nation of shopkeepers”; second place this year belongs to the Ukrainian businessman Len Blavatnik. However, the current Duke of Westminster, Hugh Grosevenor, does make it to the list (ranked 9) with assets worth £9.52 billion. The compiler has placed a total of 40 Indian origin people in the rankings, including the Gujarati brothers Mohsin and Zuber Issa of Euro Garages whose one billion pounds puts them at 133rd position. Also among the new billionaires are the brothers Raj, Tony and Harpal Matharu of the Grange hotel chain with one billion pounds.

Lord Swraj Paul+ , an NRI, finds himself at No.194, his wealth eroded by 80 million pounds since last year. The 2017 list estimates his fortune at 660 million pounds.

(Reuters)