Asian Entrepeneurship in the UK ... going up?
Well yes actually we are going up on this one it seems. So reports the Guardian that the wealth accumulation of Asian entrepreneurs in the UK has surpassed economic growth three fold thanks to a process of shifting up in the undertaken activities.
(bold parts are my emphasis)
'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.'
'"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 report, written by Surrey University entrepreneurship lecturer, Spinder Dhaliwal, showed wealth creation was no longer reliant on the performance of a handful of people. In 1998 almost two-thirds of Asian wealth was generated by the top 20 entries in the rich list. Their contribution was just one third of overall wealth in 2005. Over the same period, wealth generated by women listed in their own right quadrupled to £87.5m from £21m. While there were many women listed as part of family partnerships, there were only four listed in their own right - two more than in 1998.'
Most important here are the widening base of the Asian wealth accumulation and the shift up the value chain in terms of business activities. Immigration after all don't need to be a hazzle but can actually be a blessing it would seem ...