By Staff writer
Our exclusive ranking of the Gulf’s wealthiest Indian expatriates
When we started our Indian Rich List five years ago, we had no idea how much attention the rankings would attract. No-one had ever attempted to evaluate the wealth of the Gulf’s largest and most important expatriate community, and the release caused quite a stir.
In the years since then, a number of the individuals on the list have approached us to provide what they thought was a more realistic estimate of their wealth.
This year, working in conjunction with many of the names on the list – especially in the top half – we believe we have published our most accurate rankings yet.
Retaining top place on this year’s list is Stallion Group chairman Sunil Vaswani, whose extraordinary success in West Africa has seen his net worth reach just over $7bn. In second place is Micky Jagtiani, the taxi driver turned retail mogul whose Landmark Group is going from strength to strength.
Dr Ravi Pillai remains in third place, although his wealth has grown considerably to $4.6bn over the last 12 months. And in fourth place is LuLu Group International chairman Yusuffali MA, who has for the first time shared a full breakdown of his net worth with Arabian Business.
All in all, there are 14 billionaires on our list this year, up from 11 last year. And with four others less than $100m away from hitting the 10-figure mark, there are sure to be more billionaires to come in 2016.
How we did it…
This year’s list has been put together over the course of the last year by our dedicated team of researchers. Our team looked across the Gulf at businesses run by Indians. As most are private companies, we have estimated the value of their assets, taken their shareholdings into account and projected a company value were it to be floated on the stock market.
Where possible, we have also sought to ascertain the value of their holdings in equities, bonds, real estate and other assets.
That being said, as always, we should stress that this is purely our estimate of the Gulf’s richest Indians. The list has been published to celebrate the extraordinary contribution these indivduals are making to the growth of the regional economy. As a result, we apologise in advance to those individuals whose wealth we may have overestimated, underestimated, or overlooked entirely.
Rich List researchers:
Ed Attwood, Courtney Trenwith, Neil Halligan, Sarah Townsend, Edward Liamzon, Anees Dayoub, Rasha Owais, Samer Batter.