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Lord Paul, British Ambassador for Overseas Business, comes next only to John Caudwell, founder of a mobile communications company, who is worth 1.65 billion pounds.
According to 'The Birmingham Post Rich List', the meteoric rise of the Indian and Chinese economies and their insatiable demand for raw materials has pushed the price of steel through roof.
"This has done no harm at all to Lord Paul of Marylebone's Black Country-based-Caparo Group," the report said.
"Steel, engineering and property group Caparo, with its major regional office in Oldbury and a technology division on Wolverhampton Science Park, has posted profits of 55 million pounds on sales on 2.7 billion pounds, and continues to expand worldwide. Caparo's success has rocketed Lord Paul 14 places up The Birmingham Post Rich List."
The report said that acquisitions and growth - in 2006 alone Caparo acquired no less than 22 companies - have taken the group's employee numbers to nearly 6,000.
"Caparo is now made up of more than 40 companies operating on 60 sites in the UK, India, Spain, North America, Canada and Dubai. With business interests mainly centred on the manufacture of steel, automotive and engineering products, the group's other activities include materials testing, film distribution and bespoke furniture."
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