Mr Mittal came fourth in a rich list of UK-based entrepreneurs

Mr Mittal, who lives in a �9m mansion in Upton, east London, owns the world's largest steel company which is worth �3.5bn.

The list of the wealthiest Asians has been compiled by Dr Philip Beresford and will be published in the magazine Asiana on Friday.

The combined wealth of the top 300 amounts to �14.3bn.

In second place on the list are the Hinduja brothers with a fortune of �2.1bn from their business empire which includes oil trading, banking, telecoms and trucking.

ASIAN RICH LIST TOP 10 Lakshmi Mittal, �3.5bn - steel Sri and Gopi Hinduja, �2.1bn - oil trading, banking, telecoms and trucking in India, Europe and the Middle East Mike Jatania and family, �650m - cosmetics and beauty products Anil Agarwal, �540m - helped Indian Government privatise mining assets Vijay and Bhikhu Patel, �425m - pharmaceuticals Gulu Lalvani, �400m - electronics and resorts Jasminder Singh and family, �350m - hotels Tom Singh and family, �295m - retail Bharat and Ketan Mehta, �175m - pharmaceuticals Sir Anwar Pervez, �175m - cash and carry empire

Other people in the top 10 include those who have made their money through cosmetics, retail, pharmaceuticals, hotels and tourism.

The Mail on Sunday Rich Report named Chelsea FC's Roman Abramovich as the UK's richest person with �7.2bn last weekend.

Mr Mittal came fourth in the newspaper's list.

Dr Avtar Lit, chairman of Sunrise Radio and publisher of the list, said: "The determination and hard work of these business men and women shows no amount of racism, terror and political turmoil can deter them from the path they have clearly forged for themselves."