London: Swaraj Paul was born in 1931 in Jullundur, Punjab, then part of British India. His father, Payare Lal, operated a small foundry-a modest enterprise that would sow the seeds of his future industrial empire. Paul studied in India and Lahore before earning degrees in mechanical engineering from the prestigious Massachusetts Institute of Technology (MIT).
Building the Caparo Empire
In 1966, Paul moved to the UK seeking medical treatment for his daughter, who tragically died from leukemia. Channeling his grief into entrepreneurship, he founded Natural Gas Tubes, which evolved into Caparo Group by 1968. Over the decades, Caparo became a dominant force in the steel industry, producing structural steel, precision tubes, bar qualities, and cold-rolled strip products.
Inside Logan Paul & Nina Agdal's Dreamy Italian Wedding At Lake ComoAt its peak, Caparo employed more than 10,000 people across North America, Europe, India, and the Middle East. Despite stepping down from active management in 1996, Paul’s wealth was firmly secured. The 2015 collapse of Caparo UK did little to tarnish his financial legacy.
Net Worth and Assets
Lord Paul consistently featured on The Sunday Times Rich List, once ranked as the 38th wealthiest person in the UK. His net worth was estimated in the hundreds of millions of pounds. He and his family owned a dozen luxury flats on London’s Portland Place, each reportedly valued at around £1 million.
Though he lived in one of the city's most exclusive addresses, Paul maintained a modest public image, often stating he preferred public transport over chauffeurs.
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Appointed a life peer in 1996, Lord Paul played key roles in politics, business diplomacy, and London’s Olympic development. Despite a controversy over parliamentary expenses, which led to a brief suspension, he remained influential in public and charitable sectors.
A Legacy of Wealth and Giving
Through the Ambika Paul Foundation, named after his late daughter, Lord Paul donated millions to education and cultural institutions, including £1 million to the University of Wolverhampton and USD 5 million to MIT.
Swaraj Paul died in London on 21 August 2025, aged 94 - leaving behind a legacy defined by steel, philanthropy, and global influence.
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