By Anil Bhoyrul
Retail giant Micky Jagtiani beats rival Indian billionaires to net the top spot on our exclusive list
Landmark boss Micky Jagtiani has topped the first list of Indian wealth in the GCC, with a fortune of $3.2bn.
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.
Good Luck , Micky .... may you earn more and riches be around you.
I do not agree with the list published of the top 30 Indian businessmen ... there are lots more who are missing ... i think the judges & team should work harder and go under the table to hunt for the real deserving canditate's .. & not select who appear in the news on daily basis.
Can these gentlemen donate 1 million RIyal to the needy people in african who are under the grip of starvation...
If they do so...they are very rich....
I feel proud as an Indian to note the immense success of these gentlemen. But I also feel sad that they have not pooled their talent and their resources ( mind, money and man power ) to help alleviate the inhuman conditions that their Indian brethren - laborers in the building industry face.
I am sure if the top thirty approached Dubai's rulers with a request that erring employers - no matter which nationality - be punished severely for the inhuman, illegal and totally unfair conditions the uneducated laborers have to work under , they will have to take notice. Surely they can also set up a legal cell that would give free advice to tens of thousands of people caught up in "Catch 22" situations.
If they can not do that much for the down trodden of what use is all their wealth and their pomp ?
This list shows indian contribution towards GCC developments for the past 2-3 decades. Today, they are leading new business entrepeneurs, but at what cost?? Today we witness there is lots of politics & favourtism in recruiting employees in thier company & one can easily know who owns the company by seeing particular community in the company is dominating the show. However, overall, it is doing good for few deserving professionals.
With regard to community service especially for low salaried people, it has a long way to go. However, there are few, who lead very pious life & carry social responsibility like Yousuf Ali.MA. Due to his attitude towards community, he has been honoured by UAE to be member of Govt in decision making process. He has made every indian muslim proud. Jai Hind
Mr Jagtiani is financing the education of 300,000 students in India .... if that's not a noble cause, tell me what is !!!!
where is Ravi Pillai and Ajit Hamlai (of Ajay Enterprises- Oman) in this list
So that makes Micky the richest in UAE than all but one occupant of Forbes UAE ... Aint you guys are kidding ?
Good list, but you missed a few you might want to consider next year-
Ramesh Prabhakar â€” Rivoli Group
Vijay Malhotra & Suresh Subberwal â€” Al-Kabeer Group
Kokil Pathak â€” Al Basti & Muktha
B.S. Abdul Rahman - Emirates Trading Agency
j.R. Gangaramani â€” Al Faara Group Of Companies
J.P Kalwani â€” Al Safeer Group
Joozar Lightwala â€” Sharaf DG
Aniyan Kutty â€” Clarion Shipping
Abu Ali Shroff â€” Aerotrans & Sheffield Group
Eugene Maye â€” Tristar Transport
Fakhruddin Ebrahimji Hamid-Fakhruddin Ebrahim Al Hindi
Kuldeep Singh Grewal â€” Elcome International
Harish Pawani â€” Peekay Investments
Madhu Koneru â€” Trimex Group
Bharat Narayanan â€” Hunter Foods
Sunil Vaswani â€” Stallion Group
Amarnani Family â€” Viva Ventures
Manohar Lal Lahori â€” Palmon Group
As a wealth manager, I found the list quite interesting. Good efforts by your team. We do some research within our bank as well and there are some observations I would like to share:
1) There is atleast one candidate in this list, who is quite leveraged in his investment. Hope your team has checked the loans taken by these individuals as well
2) Wealth mentioned against some candidates is their family wealth and not individual wealth. So the wealth should either be divided among family members before identifying their networth or you need to put family name instead of individuals name.
Just one more observation, forbes has similar calculation pattern but has just come up with one name from this list. Is your discounting rate more liberal than what they have adopted ?
Nevertheless, good efforts and i am sure all indian gcc residents would be eagerly waiting for your next one.