Indian retail king Micky Jagtiani has topped a list of the Gulf’s richest Indians, as the country celebrates its Independence Day.
A new wealth survey by Arabian Business places Jagtiani on $2.65 billion, nearly $1 billion ahead of second placed BR Shetty, founder of the NMC Group.
Jagtiani’s Landmark Group is now one of the Gulf’s biggest retail empires, with 900 stores in 15 countries. Its operations turnover $3.2 billion per year, employing 31,000 staff. The company was launched in Bahrain in 1973 with just a single store.
In third place, in the list of the GCC’s richest Indians, are Jumbo Group founders the Chhabria family, with an estimated wealth of $1.45 billion. Lulu Hypermarkets boss Yusuff Ali and Omani based PNC Menon are the other two billionaires on the list.
India’s Consul General to Dubai and the Northern Emirates, Sanjay Verma
paid tribute to the success of Indians in the GCC, telling Arabian Business: “The Indian entrepreneurs marched in step from the very beginning with the people of the Middle East forging symbiotic links which have benefitted both India and this region. I note with pride that Indians have not been fair weather friends to this region and have toiled side by side with their Emirati and other partners in testing times, from which we are finally emerging, richer in experience.” [
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Their fortunes come as India continues to experience phenomenal economic growth, despite the global financial crisis. The country’s economy accelerated by 8.6 percent in the first three years of this year alone, compared to a rise of 7.4 percent through 2009. Most experts predict the economy will continue to grow by at least 8 percent during the next two years, thanks to a rebound in the manufacturing sector and an increase in domestic consumption.
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