Jagtiani tops GCC Indian Rich List with $3.2bn

Retail giant Micky Jagtiani beats rival Indian billionaires to net the top spot on our exclusive list

Landmark Group’s Micky Jagtiani is the Gulf region's richest Indian with a fortune of $3.2bn

Landmark Group’s Micky Jagtiani is the Gulf region's richest Indian with a fortune of $3.2bn

Landmark boss Micky Jagtiani has topped the first list of Indian wealth in the GCC, with a fortune of $3.2bn.

[To see the full Indian Rich List, click here]

The survey, released by Arabian Business today, shows that Jagtiani now has close to $1.5bn more than his nearest rival in the wealth stakes, EMKE Group’s Yusuffali MA with $1.75bn.

Covering the 30 Richest Indians in the GCC region, the survey placed New Medical Centre Group boss BR Shetty in third place with $1.72bn, while the Chhabria family, owners of the Jumbo Electronics chain, came in fourth with $1.3bn. In total, the list has just five billionaires, including fifth placed PNC Menon on $1.2bn.

Arabian Business deputy editor Edward Attwood said: “Wherever you look in the GCC, there are so many success stories of Indian entrepreneurs who came to the region many years ago, and have created world class businesses worth several billion dollars. Micky Jagtiani may have topped this year’s list, but everyone on it is a success story in their own right.”

Other notable names included GEMS Group founder Sunny Varkey, ranked sixth with $950m, while Petrochem Middle East managing director is ranked 13th on the list, with $623m.

Propping up the top thirty is Arabian Trading Agency chairman Maghanmal Pancholia, with an estimated fortune of $170m.

To read the full Arabian Business Indian Rich List 2011, click here


Special Report

Revealed: Indian Rich List 2011

Revealed: Indian Rich List 2011

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Posted by: Madhav Bodas

That this region and particularly UAE is a land of opportunity to all entrepreneurs is no doubt. The ones who came early and ventured in to business have really done well for themselves.
Its kudos to UAE and its business friendly policies, if top five names happen to be from this region !

Posted by: Jamal Sharif

A big omission is Sunil Vaswani, a Dubai based multi billionaire who owns a multinational business in 18 countries world wide; could easily be within the top three. Most international banks would endorse this...

Posted by: viju

Very impressive nouveau rich list. While the list of Indian wealth increases in both the GCC and in India as the economy there comes of age, the thing missing appears to be elegance, class and philanthropy by these groups. Maybe in another 100 years or so,

Posted by: kumar

Although Indians have traded with the Arabs for several centuries and continue to do so, unlike other nations on this list where people of Indian origin become naturlized citizens, this is not the case in many parts of the Middle East. Finding Indians in elected positions or holding ministers positions is extremely rare and uncommon,thereby forcing most of the Indian population into the business sector of the economy. However, this has not been to their disadvantage, and many NRI's have overcome this and many other obstacles to become household names in the region.Wealth and prominence go hand here, as it is the Indians who are keen participants in Business Circles who also command the most face time in the local press and media, therefore it is no surprise that the most prolific Indians in the Middle East also part of the wealthiest and most powerful trading families in this region.The Merrill Lynch wealth report estimates that there are 33,000 Indian dollar millionaires in the UAE.

Posted by: Aryan

As a wealth manager, I found the list quite interesting. Good efforts by your team. We do some research within our bank as well and there are some observations I would like to share:

1) There is atleast one candidate in this list, who is quite leveraged in his investment. Hope your team has checked the loans taken by these individuals as well

2) Wealth mentioned against some candidates is their family wealth and not individual wealth. So the wealth should either be divided among family members before identifying their networth or you need to put family name instead of individuals name.

Just one more observation, forbes has similar calculation pattern but has just come up with one name from this list. Is your discounting rate more liberal than what they have adopted ?

Nevertheless, good efforts and i am sure all indian gcc residents would be eagerly waiting for your next one.

Posted by: bhavan

Good list, but you missed a few you might want to consider next year-
Ramesh Prabhakar ? Rivoli Group
Vijay Malhotra & Suresh Subberwal ? Al-Kabeer Group
Kokil Pathak ? Al Basti & Muktha
B.S. Abdul Rahman - Emirates Trading Agency
j.R. Gangaramani ? Al Faara Group Of Companies
J.P Kalwani ? Al Safeer Group
Joozar Lightwala ? Sharaf DG
Aniyan Kutty ? Clarion Shipping
Abu Ali Shroff ? Aerotrans & Sheffield Group
Eugene Maye ? Tristar Transport
Fakhruddin Ebrahimji Hamid-Fakhruddin Ebrahim Al Hindi
Kuldeep Singh Grewal ? Elcome International
Harish Pawani ? Peekay Investments
Madhu Koneru ? Trimex Group
Bharat Narayanan ? Hunter Foods
Sunil Vaswani ? Stallion Group
Amarnani Family ? Viva Ventures
Manohar Lal Lahori ? Palmon Group

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