Wednesday, September 25, 2013

Pakistani-American Shahid Khan is the Richest South Asian in America

With a net worth of $3.8 billion, Shahid Khan tops the Forbes list of the richest Americans of South Asian origin. Overall, Khan ranks 122nd on Forbes 400 list for 2013, up from 179th in 2012.

L to R: Tony, Ann, Shahid  and Shanna Khan


Born in Pakistani city of Lahore, 63 year old Shahid Khan is a mechanical engineer and a self-made billionaire who built his fortune as a top supplier of bumpers to the auto industry. Khan made history in 2011 by becoming the first non-white owner of a National Football League team when he bought Jacksonville Jaguars. Recently, he acquired an English soccer team Fullham for $300 million.

There are four Indian-Americans on Forbes 400 this year: Syntel chairman and co-founder Bharat Desai and his family, Symphony Technology Group founder and chairman Romesh T. Wadhwani, Google investor Kavitrak Ram Shriram and venture capitalist Vinod Khosla, according to India West newspaper.

 Desai, 60, who lives in Fisher Island, Fla., is in 252nd place with a $2.2 billion net worth. He was in 239th place in 2012.

Wadhwani, 66, has a net worth of $2.1 billion, good for 260th place on the Forbes list. The resident of Palo Alto, Calif., was listed 250th last year.

Shriram, 56, a resident of Menlo Park, Calif., and a managing partner of Sherpalo Ventures, is in 325th place with assets of $1.75 billion. He dropped from the 298th spot in 2012.

Khosla, whose Khosla Ventures continues to invest in green energy and other forward-looking technologies, is in 352nd place with a worth of $1.5 billion. The 58-year-old Sun Microsystems co-founder was 328th last year. He lives in Portola Valley, Calif.

Here are some of the highlights of Pakistani-American data from US Census 2010 as gleaned from a report titled "A Community of Contrasts Asian Americans in the United States: 2011" published by Asian-American Center For Advancing Justice:

1. There are 409,163 Pakistani-Americans in 2010, the 7th largest Asian-American community in America.

2. Pakistani-American population doubled from 2000 (204,309) to 2010 (409,163), the second largest percentage increase after Bangladeshis' 157% increase in the same period.

3. 6% of Pakistani-American population is mixed race.

4. 65% of Pakistanis in America are foreign-born. 57% of foreign-born Pakistani-American population is made up of naturalized citizens.

5. There are 120,000 Pakistani legal permanent residents of which 42% are eligible to naturalize.

6. There were 69,202 immigrant visas issued to Pakistanis from 2001 to 2010, the 5th highest among Asian nations.

7. 28% of Pakistanis have limited English proficiency.

8. Average per capita income of Pakistani-Americans is $24,663.00

9. 15% of Pakistanis are classified as poor; only 1% of them are on public assistance.

10. 8% of Pakistanis are unemployed, a figure lower than the general population of Americans.

11. 55% of Pakistanis own their own homes.

12. 55% of Pakistanis have a bachelor's degree or higher.

13. Median age of Pakistanis in America is only 29 years, lower than most of the Asian groups and the national median age of 36.8 years.

Pakistani-American community is the second fastest growing community in the United States, according to 2010 US Census. It is also a very young community with the median age of just 29 years, compared to 32 years for Indian-Americans and 37 years for all Asian-Americans. 34% of Pakistani-Americans are under the age of 17 compared with 26% of Indian-Americans and 24% of  all Asian-Americans.

More of the Pakistanis in America are college educated than the general population of whites and various immigrant groups. The youthful energy and higher education levels of Pakistani-Americans are opening doors for them to rise and shine in America, in spite of the current economic difficulties in their adopted land of opportunities.

Here's a CBS 60 Minutes segment on Shahid Khan:

 Here's a Forbes interview video of Shahid Khan on his path to success:


Related Links:

Haq's Musings

Pakistani-American NFL Team Owner

Silicon Valley Pakistani-American Wins Big in IPO

Pakistani-American in $500 Million Deal to Buy St. Louis Rams

Shahid Khan's $112 million Luxury Yacht 

Edible Arrangements- A Pakistani-American's Success Story

Pakistani Diaspora World's 7th Largest

Pakistani-American's Game-Changing Vision

OPEN Forum 2010

Pakistani-American Elected Mayor

Huma Abedin Calm Amid Twittergate

Silicon Valley Summit of Pakistani Entrepreneurs

Pakistan's Multi-Billion Dollar IT Industry

Media and Telecom Sectors Growing in Pakistan

Pakistan's Middle Class Growth in 1999-2009

Social Entrepreneurs Target India, Pakistan

8 comments:

Amjad K. said...

I am in pakistan and and the poor pakistani was happy to learn. that some pakistani has made money by not robbing pakistan

Riaz Haq said...

Pakistani-American Entrepreneur Ahmed Khattak's GSM Nation revolutionizes America's cell phone market, launches unlocked phones and MVNO service

http://gigaom.com/2012/06/15/meet-gsm-nation-an-mvno-selling-every-smartphone/

http://bostinno.streetwise.co/all-series/gsm-nation-unlocked-and-contract-free-smartphones/

http://www.entrepreneur.com/article/224539

Riaz Haq said...

Here's a NY Times story on a Pakistani-American Halal food entrepreneur:

During the early months of 2010, Adnan A. Durrani found himself frequently thinking of kosher hot dogs. To be more precise, he was thinking of an ad campaign for them created decades earlier by the Hebrew National company. Its well-known slogan went, “We answer to a higher authority.”

Let it be said that Mr. Durrani was, in many ways, an unlikely recipient for such a revelation. An observant Muslim born to Pakistani parents, a Wall Street refugee turned natural-foods entrepreneur, he was then trying to create a line of frozen-food entrees adhering to the Muslim religious standard of halal for the American market.

And Mr. Durrani was doing so in an especially forbidding political climate, with a demagogic battle raging against a proposed Muslim community center in Lower Manhattan depicted as the “ground zero mosque,” and judicial and criminal attacks against a mosque being constructed in Murfreesboro, Tenn. “Perfect timing,” he recalled dryly.

Yet the Hebrew National mantra attested to the goal that Mr. Durrani had set for his nascent company, Saffron Road: to hit both the bull’s-eye of a specific religious audience and appeal to the concentric ring of other consumers inclined to impute positive traits to any food with a sanctified aura.

By the late summer of 2010, the first Saffron Road entrees landed store shelves. This year, as the Muslim holy month of Ramadan approaches, bringing with it daytime fasts and nightly iftar meals, the company has put out more than 50 different products and built annual sales on a pace to reach $35 million.

As significant, thanks to a close partnership with the Whole Foods chain, Saffron Road’s products have moved beyond a core audience of observant American Muslims and into the commercial mainstream. In that respect, Saffron Road is among the first halal producers to follow what might be called the kosher model of simultaneously serving and transcending a communal constituency.

“What it takes for an ethno-religious food to cross over into the mainstream is, first of all, buy-in from the general public — a perception that this food has something of value that other food does not,” said Sue Fishkoff, author of the book “Kosher Nation.” That something, she continued, might be a sense, even if inaccurate, that the food is healthier, purer or of higher quality because it has been produced under religious supervision.

The challenge for a halal product, then, is a foundational one. Instead of entering a marketplace that has an innocuously favorable view of a religion and its clergy, such as Judaism and Christianity enjoy in America, a brand like Saffron Road runs the risk of colliding with and even provoking Islamophobia. All of which makes its commercial success more notable, and one might say more heartening.
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As of 2014, about two-thirds of Saffron Road’s products are gluten-free and about one-third do not use genetically modified ingredients. They are sold in such mainstream supermarket chains as Costco, Publix and Kroger.

Predictably, some anti-Muslim reaction has appeared, with a small number of bloggers assailing Whole Foods in 2011 for running a Ramadan promotion of Saffron Road products. Less predictably, however, the brouhaha wound up being a bonanza. Mr. Durrani went on CNN to defend his company and deployed a “rapid-response team” of bloggers, including a rabbi, to attack the attackers. Thanks to all the free publicity, Saffron Road’s sales shot up by 300 percent during that Ramadan.

“We say this is higher-powered,” Mr. Durrani said. “Angels come in from nowhere to help us.”

That part of the story, of course, just may not fit into an M.B.A. case study.


http://www.nytimes.com/2014/06/14/us/a-muslim-entrepreneur-follows-a-kosher-model-to-success.html?_r=0

Riaz Haq said...

BBC News - #Indian and #Pakistani #Americans are big US election donors http://www.bbc.com/news/world-us-canada-33116280 …

For presidential hopefuls in the United States, it's still early days in the race for the White House, but the campaign finance machines are all geared up for the show.
Among the big donors and fundraisers are some from the Indian and Pakistani American community. They do not yet have the numbers to wield significant influence as voters in US politics, but they are a highly sought after lot when it comes to campaign cash.


Many of them figure in the elite list of political donors in both congressional and presidential campaigns.
So why do they fund political campaigns, what's in it for them?
BBC's Brajesh Upadhyay reports. Edited by Maxine Collins.

Riaz Haq said...

As 7th largest immigrant population, #Pakistanis not eligible for US diversity visa. #Pakistan #America #Immigration

http://tribune.com.pk/story/1147303/7th-largest-immigrants-pakistanis-no-longer-eligible-us-diversity-visa/

According to the US law, diversity laws are only allowed to counties that have low rates of immigrants, said US consulate in Karachi’s spokesperson Brian Asmus, during a media tour of the Karachi consulate’s visa section on Friday. Pakistan had 104,000 immigrants in the 10 years between 2005 and 2014, he said, explaining why Pakistanis are no longer eligible.

The state department has only stopped diversity visas and there are a lot of other options, such as petitions, student, visit and exchange programme visas, which come under the non-immigrant category. “One can always apply for immigrant visa if they have immediate family in the US,” explained US consulate’s Non-Immigrant Visa chief Mary Pellegrini.

She also explained that it takes around one year for spouse and children, two years for parents and, for siblings, the time can vary up to a decade.

Nevertheless, the Pakistanis who have managed to immigrate are doing pretty well. According to a recent survey, an average Pakistani in the US earns $63,000 every year while an average US citizen earns only $51,000 a year, said Asmus.

Asmus dismissed the misconception that fewer Pakistanis are able to get visa for the US. The percentage of applications is increasing every year and the number of Pakistani citizens getting visas has also increased by 20% between 2014 and 2015, and another 20% between 2015 and 2016, he said.

The US Consulate in Karachi only deals in non-immigrant visas while immigrants visas are dealt at the embassy in Islamabad. Last year, the consulate issued a total of 72,000 visas across the country. So far in 2016, the US consulate in Karachi has issued a total of 14,400 visas.

Riaz Haq said...

Ex #Pakistan Prime Minister Qureshi's #Washington home to sell for $8M. 6th most expensive in DC mkt http://dc.curbed.com/2017/4/3/15163828/home-pakistan-mooen-qureshi-massachusetts-heights?utm_campaign=dc.curbed&utm_content=entry&utm_medium=social&utm_source=twitter … via @curbeddc

The pending sale cost more than Jackie Kennedy’s or Rex Tillerson’s homes

At the moment, this Massachusetts Avenue Heights listing is the sixth most expensive single-family home on the D.C. market. Soon, it will close as one of the priciest sales of 2017 so far, above Jackie Kennedy’s Georgetown home and Rex Tillerson’s Kalorama home. The pending sale is an even $8 million.

The former owner of the home was former acting Prime Minister of Pakistan and the former senior official at the World Bank Mooen A. Qureshi. The late Herbert Haft once lived next door to this listing, and Vernon Jordan Jr., a leading figure in the Civil Rights Movement and close advisor to President Bill Clinton, lives on the same block.

In 2011, the owner of this listing attempted to break records by placing it on the market for $12 million, making it the second-highest residential listing price in prior Washington history. Two years earlier, it was priced at $18.5 million, which was $16 million higher than what the owners at the time bought it for in 2000. It later returned to the market in May 2016 for $8 million.

At one point, the residence was two properties. In 2001, the property was converted into one with eight bedrooms and 13 bathrooms across approximately 15,000 square feet of space and over an acre of land. Other notable features inside include a library, two kitchens, an elevator, and a pool cabana suite.

The listing agent is Eugene Coleman of Coldwell Banker Residential Brokerage.


Riaz Haq said...

Jaguars #Pakistani-#American owner Shahid Khan joins in on #NFL's national anthem protests. #Trump https://usat.ly/2ylPkS4 via @usatoday

What could be one of the most significant days in American sports history began in London.

Several players from the Baltimore Ravens and Jacksonville Jaguars either knelt or locked arms on their respective sidelines in solidarity and against the words of President Trump during the national anthem at Wembley Stadium. Included among them was Jags owner Shahid Khan, who locked arms with tight end Mercedes Lewis and linebacker Telvin Smith in an unprecedented show of unity with his team.

Khan was one of seven owners to donate $1 million to President Donald Trump’s inauguration festivities. Khan later released a statement explaining his action:

“It was a privilege to stand on the sidelines with the Jacksonville Jaguars today for the playing of the U.S. national anthem at Wembley Stadium. I met with our team captains prior to the game to express my support for them, all NFL players and the league following the divisive and contentious remarks made by President Trump, and was honored to be arm in arm with them, their teammates and our coaches during our anthem. Our team and the National Football League reflects our nation, with diversity coming in many forms – race, faith, our views and our goals. We have a lot of work to do, and we can do it, but the comments by the President make it harder. That’s why it was important for us, and personally for me, to show the world that even if we may differ at times, we can and should be united in the effort to become better as people and a nation.”

Also kneeling with Baltimore was former Ravens linebacker Ray Lewis. And shortly after kickoff, Ravens owner Steve Bisciotti released a statement: "We recognize our players' influence. We respect their demonstration and support them 100 percent. All voices need to be heard. That's democracy in its highest form."

This was the first of what figures to be protests at 13 more NFL games starting at 1 p.m, ET, in response to Trump saying Friday night that players should be fired for not standing during the anthem and in his terms disrespecting the flag. At a rally in Alabama, he said, "Wouldn’t you love to see one of these NFL owners, when somebody disrespects our flag, to say, 'Get that son of a b---- off the field right now. Out. He's fired. He's fired!"

Riaz Haq said...

Now CEO of Swiftships selling Corvettes to Pakistan Navy

In an interview with Mönch, Swiftships CEO Shehraze Shah stated that the Pakistan Navy placed an order for two 75m corvettes from the Louisana-based shipbuilding company. Shah also stated that the Pakistan Navy (PN) is a customer of the Swiftships’ 11m Special Operation Craft Riverine (SOC-R), which the PN has deployed for counterinsurgency (COIN) and drug-interdiction missions.

In its August 2017 issue, Marine News was told that Pakistan ordered two 75 Swift Corvettes with an option for two more in 2020. “Swiftships has partnered with Lockheed Martin to offer these 1,500-to 2,000-ton ships to the client,” said Shah, adding that the corvettes will be equipped with Lockheed Martin’s Combat Management System. Pakistan is expected to use these ships in its Combined Task Force 150/151 deployments.

Notes & Comments:

The 75m Swift Corvette is a multi-purpose platform for addressing both conventional and asymmetrical security threats. According to Swiftships, the Swift Corvette can also deploy rigid-hulled inflatable boats (RHIB) for special operation forces (SOF) missions and VBSS (visit, board, search and seizure) operations. At a speed of 15 knots, the Swift Corvette has a range of 4,000 nm and endurance of 25 days. It has a top speed of 30 knots. The corvette can operate in sea conditions of up to Sea State 6. If built with steel, the Swift Corvette would reportedly have a displacement of 1,640 tons, while an aluminium superstructure would enable for a displacement of under 1,000 tons and speed of over 30 knots.

In June, the Pakistan Navy signed an order for two offshore patrol vessels (OPV) from Damen Shipyards. The previous Chief of Naval Staff Admiral (retired) Muhammad Zakaullah stated that one of the OPVs will be built at Karachi Shipyard & Engineering Works (KSEW). The intended role for the Damen OPVs is “anti surface [and] anti air operations, maritime security operations, day [and] night helicopter operations, combat search and rescue, and surveillance and intelligence gathering operations.” Based on the technical specifications provided by the PN, it appears that the Damen OPV is a variant of the OPV 1800.

Based on Swiftships’ description of the Swift Corvette, it appears that the PN is acquiring the corvette to augment the Damen OPVs in the aforementioned roles. In fact, the Swift Corvette is configurable with a 76mm main gun, two 30mm guns, anti-ship missiles (AShM), Rolling Airframe Missile (RAM) for very short-range air defence (VSHORAD) coverage, decoy launchers and two Mk93 50 calibre mounts with Mk16 tripods. It also has an aft deck and hangar sufficient for a utility helicopter. It can also deploy ScanEagle unmanned aerial vehicles (UAV), which are also in service with the PN.

It appears that the Pakistan Navy intends for a tiered surface fleet.

http://quwa.org/2017/10/31/pakistan-orders-two-corvettes-us-based-swiftships/

Today Shehraze Shah is a veteran of the federal contract space in IT, telecommunications, logistics, and more, as President and CEO of ICS, the Vienna-based, certified 8(a) Small Disadvantaged Business. However, it didn’t start off this way. He and his twin brother, Khurram, who co-owns ICS today, were born in Pakistan in 1978, and later moved to the States with their parents and two older sisters in 1994. “In retrospect, it has been quite a journey. We have come far, but we’re still growing,” Shehraze explains. “ICS wasn't just our idea; rather, it was my family, mentors and friends that supported the idea, and eventually contributed to where we are today.”
http://bernhardtwealth.com/Profiles/ShahShehraze.pdf