Sunil Vaswani tops Indian Rich List for second year running

Sunil Vaswani is once again the Gulf’s richest Indian with a net worth of $7.1 billion, according to the sixth Arabian Business Indian Rich List, which was published on Sunday.

The Stallion Group chairman comfortably beat Landmark Group boss Micky Jagtiani into second place. Vaswani’s company, based in Dubai, is one of the largest conglomerates in sub-Saharan Africa.

Click here to view the full list

With a net worth of $5.5 billion, Micky Jagtiani has come a long way since from ditching his job as a London taxi driver and moving to Bahrain to open a baby products shop in the 1970s. His Landmark Group has 2,000 outlets across the Middle East, Africa and the Indian subcontinent, and has 50,000 employees.

In third place is Dr Ravi Pillai, whose RP Group is the largest industrial contractor in the Middle East. With nearly 100,000 employees, the conglomerate also has interests in property, hospitality, travel and tourism, retail, healthcare and education. His net worth is valued at $4.6 billion.

LuLu Group International chairman Yusuffali MA is in fourth place, with a net worth of $4.47 billion. This year, for the first time, Yusuffali provided Arabian Business with an exclusive breakdown of his wealth. The investment in his own business is valued at just under $2.5 billion, with the rest coming from his real estate portfolio, stocks and bonds; vehicles including a private jet, precious metals, jewellery and others.

Click here to view the full list

Making up the top five is the Allana family, which run both the Allana Group and IFFCO, based in Sharjah. Their net worth is valued at $3.3 billion.

Other indivuals to make the top ten included NMC Health boss BR Shetty, GEMS Education founder Sunny Varkey, Kataria Holdings founder Raghuvinder Kataria and Aster DM Healthcare chairman Azad Moopen.

Of the 50 Gulf-based Indians ranked on the list, 17 are working in the retail sector, while 13 are based in industry.

Click here to view the full list

Related:

Special Report

REVEALED: 50 Richest Indians in the GCC 2016

REVEALED: 50 Richest Indians in the GCC 2016

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Mukesh


Good job with the list but not sure why the numbers here are so high when compared to other reputable sources like Forbes & Hurun.
Example: Worth of top ranker here is $7bn and the same gentleman's worth in Forbes is not even 30% of this number. Similar big discrepancy appear in lot of numbers.
Not sure if Arabian business has access to more information or they are just being too lavish in their calculations !

All comments are subject to approval before appearing

Further reading

Features & Analysis
The world's most influential Arabs: Power defined

The world's most influential Arabs: Power defined

Putting together a list of the world’s most powerful Arabs is...

Methodology: How we compiled the list

Methodology: How we compiled the list

Over 500 Gulf based Indians from more than 20 different sectors...

Most Discussed
sponsoredTracking