Wealth of richest Asians grows three times faster than economy

Asian entrepreneurs in Britain have increased their wealth at three times the pace of economic growth, thanks to a rising focus on high-value industries such as IT, a new report shows.

Britain's 200 richest Asians increased their wealth by 69% in real terms between 1998 and 2005, compared with GDP growth of 22.8%, according to a study published today by Barclays Business Banking.

The boom means Asian entrepreneurs need £5m to join the top 200 rich list, compared with £2m in 1998. The report highlights a shift away from their traditional industries - such as textiles and manufacturing - as growth opportunities in these areas dry up.

They are focusing on hi-tech and service-sector businesses. "Wealth is now built on a much broader base of entrepreneurs who are challenging traditional stereotypes and making serious money in hi-tech industries," said Satish Kanabar, corporate director at Barclays Business Banking.

"They are in the vanguard of the emerging hi-tech, service economy."

The pharmaceuticals industry is the largest source of Asian wealth in Britain, rising 50-fold between 1998 and 2005. Asian businesses have also more than trebled wealth creation from the hotels sector, according to the study.

Read the full story from The Guardian