London-based entrepreneurs Srichand and Gopichand Hinduja have emerged as the UK's richest Asians, with a total worth of £13.5 billion.
The Asian Business Awards, held in the capital tonight, celebrated the contribution of the Asian community to the UK economy.
It also highlighted the top 10 British-based Asians, with the Hinduja brothers edging out steel magnate Lakshmi Mittal for the top spot.
This year's Asian Rich List shows the combined overall net worth of the featured 101 millionaires has reached £51.5bn - an increase of £6.5bn on last year - with the top 10 representing 71% of the total figure.
The Hindujas' business, whose trading empire is spread virtually over five continents and run by four brothers and their children, had a very good centenary year, with an increase in their net worth of £1bn.
GP Hinduja said: "The lesson one can learn was from what my father used to say - Never put all your fruits in one basket.
"This has always been rewarding for the group because suddenly if you have an economic crisis in one country there is somewhere else where things are progressing."
Shailesh Solanki, of rich list publishers Asian Media & Marketing Group (AMG), said: "The list shows the remarkable strength and diversity of Asian businesses in the UK.
"Despite the challenges of the general economy many business leaders in the community have seen opportunity and potential and moved quickly to capitalise. It is an inspiring picture and one that should energise entrepreneurs everywhere."
The gala event and awards ceremony was attended by a number of leading politicians and peers.
This year's Top 10 wealthiest Asians are:
1 - GP & SP Hinduja (£13.5bn)
2 - Lakshmi Mittal (£12bn)
3 - Anil Agarwal (£2.4bn)
4 - Sir Prakash Lohia (£2bn)
5 - Ranjit and Baljinder Boparan (£1.35bn)
6 - Simon, Bobby and Robin Arora (£1.3bn)
7 - Jasminder Singh (£1.2bn)
8 - Sir Anwar Pervez (£1.1bn)
9 - Chandaria Family (£1bn)
10 - Lord Swraj & Angad Paul (£0.75bn)