Blair and Asian friends

Between them, they are worth $12 billion, own a number of household brands and employ 300,000 people around the world. And Blair described them as "a credit to the country as a whole, not just the Asian community".

Leading the way are Lakshmi and Usha Mittal, who own a multi-national steel company worth Å“2 billion, followed by the Hinduja family, worth Å“1.2 billion, with extensive interests in industry and oil.

Others include 21-year-old Rueben Singh, worth anestimated Å“45 million, who owns a fashion accessory chain, and Shami Ahmed, owner of the Joe Bloggs fashion label, valued at Å“60 million.

The presence of the Blairs was proof of Labour’s keenness to woo wealthy Asians, who have traditionally favoured the Tories and seen Labour as a hindrance rather than a help to business. But as Blair tucked into his samosas, surrounded by the super-rich, the list, and Labour’s support for it, left others in the Asian community with a sour taste in their mouths.

Campaigners claim the list paints a misleading picture of the success of Britain’s Asian community.

Few in the top 10 made their money in Britain and many on the list come from wealthy families. Many originated from east Africa, and had made substantial money before coming to Britain.

Suresh Grover, of the Southall Monitoring Group in south London, said: "While there is no doubt that there are some success stories, we also have to ask the question, at what price? Many Asian workers are poorly paid and work interrible conditions, often in companies owned by other Asians. At the end of the day, a businessman is a businessman and it doesn’t matter what the race is."

Most successful Asian businesses are in the food, retail and textile areas, traditionally poorly paid with limited job security.

According to the latest government figures, unemployment rates for people of Pakistani and Bangladeshi origin stand at 22 per cent compared with the national average of about 6 per cent.

Kamaljeet Jandu, policy worker on ethnic issues at the Trades Union Congress, said: "We have a situation where a few people have done well but the reality is totally different for the majority of Asians. This list does not give a complete picture and there is a danger of replacing old stereotypes with new ones. Not all Asians are wealthy and many have limited opportunities."

Sarwar Ahmed, publisher of Eastern Eye newspaper which compiled the super-rich list, said: "There are vital social issues that affect the Asian community,but it doesn’t mean that everything we do has to be referred back to them. This list shows the changing nature of our community."

The Observer News Service