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Sun 15 Aug 2010 09:16 AM

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Jagtiani tops list of Gulf’s richest Indians

Retail king celebrates top spot with $2.65bn, nearly $1bn ahead of second-placed BR Shetty.

Jagtiani tops list of Gulf’s richest Indians
RICHEST: India continues to experience phenomenal economic growth, despite the global financial crisis. (Getty Images)

Read the full Indian Rich List

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.

Arabian Business: why we're going behind a paywall

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Metroboy 9 years ago

So the Indian consul general has no name? It's a speaking office!

Christine B.Osborne 9 years ago

I did a search for a Pakistani Rich List which came up with nothing. How silly of me though. Pakistani labour only helped build what the Gulf States are today. Then I wondered how many of the richest Indians have donated towards the Pakistan floods? Can we know? Or is this equally silly?

NB 9 years ago

Its sad despite being among the richest people in the country, these gentlemen have done very little for the Indian masses in the region, particularly the blue color workers both as emloyers and as business leaders. They have an excellent oppotunity to influence the regional labor regulations to help their fellow labourers live in better conditions. Unfortunately, this has never been their priority.

CanIndian 9 years ago

It was refreshing to read and know that Indians in GCC are doing well inspite of the recession. It reads as heady wine on the 63rd Indian Indpendence Day today.

ben 9 years ago

Surprised these guys did'nt make the list. They are in the ballpark range too... Vaswani Family — Stallion Group The Patel Family — House of Patels Bhatia Family — Bhatia Brothers Kokil Pathak — Al Basti & Muktha Ganwani Family — Lals Group The Pagarani Family — T. Choithram & Sons J.P Kalwani — , Al Safeer Group Freddy Sidhwa — ,Seven Seas Group Salahuddin Family-ETA Group

Riz 9 years ago

I am surprised to know that $2.65 Billion leads an entrepreneur to the rich list in Gulf. It shows how small is the economy of GCC. India has got thousands of billionairs who do not stand anywhere in indian economy neither they are recognised.

Sonia 9 years ago

These guys can do so much more for their countrymen labouring out here.

Saj 9 years ago

Sonia , I liked your comments but please please live in a practicle life and come out of fantasy. This guys have risen from scracthes and worked very hard to capitalise their business on the strength of the Indian community. It will be very difficult for them to leave a single Halala for any person and its difficult to rise from that mental barrier. You relook into the list again and see do you find any guy who is also reflecting in the list of any philanthrophist.. no not at all instead you will find even guys who are happily racking their $$$ by even selling education at no barriers (COST).. Medical service previders who have all the private clinics but no free medical service for even Indian labour class or even discount.. Toppers for whom v have heard they are person of big heart but yet to see in action for public .. I request these guys to wake up atleast for there own countrymen or may I say your 90% customers.

Venkat Krishnan.S 9 years ago

I attended a seminar 2 days back; heard Mr. B R Shetty speak on Corporate Social Responsibility. He was Chief Guest and his presence was felt relevant to the topic under discussion. He spoke very simply and straight from his heart... on his humble beginnings and rise. He openly mentoined his medical rep days and his story was full of incidents and events of philanthropic approach to building his empire. He follows his mother's teachings and sees that the people around him benefiit from what he does. So that's something for u all !!