Indian-born Swraj Paul is second richest in the Midlands
With a wealth of £2bn, thanks to his steel and engineering business - the Caparo Group, Lord Paul and his family are second wealthiest in the list after Sir Anthony Bamford at £3.3bn.
NEWS UPDATE: Lord Swraj Paul's son Angad Paul dies - November 8th, 2015
On Sunday, November 8 2015, the NRI billionaire's son Angad Paul fell from his plush London penthouse home and died from injuries immediately.
45-year-old Angad was the CEO of Caparo Group, founded by Lord Swraj Paul.
Angad's death is not considered suspicious by the police but investigations are on to establish the cause of his death. Angad Paul married media lawyer Michelle Bonn 10 years ago and has been at the helm of Caparo Group for a long time now. He has also been the executive producer of superhit Hollywood film Lock, Stock and 2 Smoking Barrels.
Central England area is termed Midlands and includes Birmingham, Wolverhampton, Derbyshire, Leicestershire, Bedfordshire etc.
A Labour peer, Lord Paul’s wealth soared to £2bn in 2014 from £850m in 2013 when he was named the sixth richest in the same list.
His business empire – Caparo Group - posted lucrative profits (over £50m) last year and is expanding rapidly in India and the Middle East. The company entered India only in 1994 when it collaborated with Indian carmaker Maruti in a joint venture. Today, the business in India is expanded to include Caparo Engineering India and Caparo India Private in addition to Caparo Maruti.
While Lord Paul is the chairman of the group, his son Angad Paul is the chief executive.
82-year-old Lord Paul was born in Punjab and studied mechanical engineering at MIT in the US. He came to Britain in 1966 and founded Caparo Group two years later which has today become one of the top steel manufacturers in the UK.
A resident of central London, Lord Paul and his family own several flats in London as well as a country estate in Buckinghamshire.
In addition to his political and business roles, Lord Paul is also chancellor of University of Westminster and University of Wolverhampton.
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Other Indian-origin businessmen to make it to the Midlands’ 2014 rich-list include Ranjit and Baljinder Boparan Singh at No. 5 with a wealth of £750m and 43-year-old Raj Chatha at No. 33 with a fortune of £95m from his drinks distribution company called European Food Brokers .
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