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Sun 28 Sep 2014 12:13 PM

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Micky Jagtiani tops list of Gulf-based rich Indians

The retail king is worth $5.3bn, Ravi Pillai second on list

Micky Jagtiani tops list of Gulf-based rich Indians
LANDMARK DEAL: Billionaire Micky Jagtiani. (ITP Images)

Middle East retailing king Micky Jagtiani has been named the richest Indian in the Gulf by Forbes magazine.

Seven Gulf-based Indians are included in the latest global ranking of rich Indians, with Jagtiani at number 17, worth $5.3 billion.

His Landmark Group, based in Dubai, started with one store in Bahrain in 1973 and now rakes in revenues of $5 billion annually, with 1800 stores across the region, Africa and India.

The second richest Indian in the Gulf, according to Forbes, is Ravi Pillai, chairman and CEO of the RP Group of Companies.

His wealth grew 65 percent in the past year, to $2.8 billion, moving him four places up the ladder to 30.

“I am honoured and thankful to Forbes for the ranking. However, I am even more delighted at the strong representation of Indian entrepreneurs from the region in the list, which underlines the contributions of Gulf-based NRIs to promoting all-round development here and in India,” Pillai said in a statement.

Pillai is the highest ranked Gulf tycoon originating from Kerala, and ranked above Lulu Group, Yusuffali MA, who was the third highest ranked GCC resident, at number 40, worth $2.3 billion.

Forbes said Lulu Group raked in $5.7 billion in revenues in the past year from its 110 hypermarkets, supermarkets and grocery outlets, mostly in the Middle East. It is now expanding to Africa, Malaysia and Indonesia.

Other Gulf-based Indians on the list were: Sunny Varkey, founder of the world’s largest private education company GEMS Education, (#55, worth $1.8 billion); property mogul PNC Menon (#70, $1.4 billion); BR Shetty, whose NMC Health is the UAE’s largest healthcare firm, (#86, $1.1 billion), Azad Moopon, who chairs Dubai-based Aster DM Healthcare, (#95, $1.1 billion).

It is the first time everyone in the top 100 is a billionaire, with combined wealth of $346 billion, up more than a third from 11 months ago, Forbes said.

The richest is Mukesh Ambani, who has topped the list for 8 years in a row, with $23.6 billion. He added $2.6 billion to his wealth, even as his $55 billion (market cap) Reliance Industries, battles the federal government's decision to review a gas price increase approved by the previous regime.

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Proud Mallu 5 years ago

Most of the richest Indians are Malayalees. A testament for their hardworking and resourcefulness. Great for the state of Kerala and South India.

Nasir 5 years ago

what is so great about it? if Kerala has most of the richest people in the list. It does not have any advantage to a common Keralite or is there some other point of view that I completely missed out on.

turk971 5 years ago

@Proud Mallu...This is an endemic problem with Indians, you always find a way to segregate each other. Why do you have to be always have to be segregated as Keralite or Tamil etc.? Why can't you just be proud as an Indian and not as a person coming from a specific state?

Arnab 5 years ago

This is the reason we Indians, in spite of having all the ingredients for success, command (perhaps) less respect than we deserve. The day we truly unite, we can rise to entirely different levels.

Akshay 4 years ago

Whilst that is not factually correct, whats worth noting here is that you've given the rest of the Indians belonging to the state of Kerala a bad name by referring to yourselves first as "Mallu/Keralite/Malayalee" rather than embracing your identity as an Indian first. Shame on you.

Calvin Pinto 4 years ago

FYI, in a subcontinent where a majority of Expat Indians come from One state, its imperative that a majority of rich people are going to be from the state.

BTW, there are a lot of expats who are equally if not more hard working than the mention group of Indians. Lets not get carried away.