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


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

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.
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.

Riaz Haq said...

BBC News - #Indian and #Pakistani #Americans are big US election donors …

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

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.