Asian millionaires in the West Midlands have a combined wealth of nearly #455 million according to a list of the UK's richest 300 Asians published yesterday.
The Asian Rich List 2005, officially launched in Leicester Square yesterday, includes 20 millionaires from the region in a wide range of trades from textiles and fashion to pharmaceuticals and property.
The region's leader is Resham Lally, who is at number 31 on the overall list and worth #75 million. General Motors named Mr Lally as one of its winners in the "Dealer of the Year Awards" in June 2004.
He is managing director of Bilston Properties, a West Midlands management consultancy and property developer. He has a number of other interests in the U.S. and India.
His British interests alone are worth more than #10 million while his American car dealerships and property portfolios are worth more than #40 million.
His Indian assets are valued at #10 million while his property assets add a further #10m to his overall wealth.
Other entrants from the West Midlands include husband and wife team Ranjit and Baljinder Boparan, who are 45th overall. Boparan Holdings, a Smethwick-based chicken-processing firm, is valued at around #40 million. The pair are worth #50 million after tax, when dividends and other family assets, such as farms, are taken into account.
Third on the region's list, and 50th in the UK, is Paul Bassi of Bond Wolfe, one of the largest private landlords in West Bromwich and the Black Country, who has recently acquired the #14m West Plaza and Metro Court hotel and office scheme.
Including private assets, including a Midlands farm, he is estimated to be worth at least #45 million.
Next on the West Midlands list, and ranking 76th overall, are Charan and Shalinder Sohal, who run Orbit International, a Birmingham-based manufacturer of raincoats and waterproof clothing, founded in 1984.
It is the largest supplier of the high-visibility jackets worn by the police and emergency services in the UK. In the year ending September 2003, Orbit made a #704,000 profit on sales of #9.1 million. The family also have other business assets such as Dashrent Ltd and Direct Corporate Clothing, which made more than #350,000 profit in 2003 making the Sohal family worth #35 million.
At number seven in the West Midlands, and 88 on the UK list, is Ramesh Mansukhani, who started working for his father in India at the tender age of 13.
At 19 he ventured out on his own to work in the metal industry, more specifically in construction and irrigation pipes. In 1991, he moved from India to start operations in the U.K.
Now based in Cardiff Mr Mansukhai runs Man (U.K.), which is based in Walsall and has moved into the oil and gas industries. The total family wealth, including property, is around #27 million.
Lakshmi Mittal was announced as the top-ranking Asian millionaire in the UK with a fortune of #13,500 million.
The 300 British Asian individuals featured on the list are worth a combined fortune of more than #26 billion ? more than double the wealth of last year.
Avtar Lit, Chairman of the Sunrise Radio Group and publishers of the Asian Rich List comments: "The past year has been a great success for Britain's Asian business men and women and the increase in their wealth is proof of just how much the Asian community is prospering in spite of huge competition.
"The Asian Rich List 2005 is not simply a top 300 index, but is recognition of their immense talent and dedication."