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.
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.
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.