This year, the combined wealth of the Gulf’s 50 richest Indians is valued at a little over $50bn, a sizeable 25 percent increase on last year’s figure. That growth is largely due to our dramatic reevaluation of the wealth of the man who has leapt to first place on our list, Sunil Vaswani. It should also be pointed out that Arabian Business is still the only publication to have put a value on Vaswani’s net worth, which we believe would put him in the top 200 of the world’s richest people.
As a result, the make-up of our top five entries has changed significantly. Feroz Allana drops down one place to second, while a revised estimate of Dr Ravi Pillai’s wealth has lifted him into third place. Healthcare magnate BR Shetty is in fourth, with LuLu International boss Yusuffali MA down in fifth place.
At his personal request, we have not included Micky Jagtiani on this year’s list. Altogether, there are 11 billionaires this year, up from nine last year. And with the likes of Kabir Mulchandani and Harshad Mehta knocking on the door, we are sure there will be more in 2016.
The barrier to entry to the 2015 list is $240m, a little higher than last year’s $210m. So if you haven’t made this year’s list, at least you’ll know what to aim for by the time we publish our rankings again in 2016.
How we did it…
This list has been put together over the course of the last year by a dedicated team of researchers.
Our team looked across the Gulf at businesses run by Indians, and a significant number of the names on the list have assisted us with assessing their wealth.
As most are private companies, we have estimated the value of their assets, taken their shareholdings into account and projected a company value where it ever to be floated on the stock market.
But, as always, we should stress that this is purely our estimate of the Gulf’s richest Indians. It has been published to celebrate the success of the local Indian community. As a result, we apologise in advance to those individuals whose wealth we may have underestimated, overestimated, or overlooked entirely.
Rich List researchers:
Anil Bhoyrul, Ed Attwood, Shane McGinley, Courtney Trenwith, Neil Halligan, Neil King, Edward Liamzon, Anees Dayoub, Samer Batter, Hana El Mourad.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.