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 regions richest Indian with a fortune of $3.2bn
By Anil Bhoyrul
Sun 25 Sep 2011 07:52 AM

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

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