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Sun 10 Feb 2013 08:34 AM

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REVEALED: 50 richest Indians in the Gulf

Landmark Group founder, Micky Jagtiani, tops Indian Rich List with $4.5bn

REVEALED: 50 richest Indians in the Gulf

Micky Jagtiani has topped the first ever listing of  the GCC’s 50 Richest Indians, published by Arabian Business today.

See the full list of the Gulf's 50 richest Indians here.

The Landmark Group founder – who once worked as a London cab driver – has an estimated wealth of $4.5bn. Jagtiani took pole position ahead of food magnate  Feroz Allana on $4.3bn, with legendary Dubai-based investor Ragu Kataria third on $2.5bn. The top five was completed with EMKE Group’s Yussuf Ali on $2.2bn, and BR Shetty on $1.9bn.

The list featured a total of ten billionaires, with the top 50 between them worth $40.2bn. The average wealth of the top 50 came in at $1.57bn.

Arabian Business editor Ed Attwood said: “The contribution and success of  the Indian community in this region is nothing short of remarkable, and our list fully reflects that.  What is fascinating is many people on the list - such as Micky Jagtiani and Yussuf Ali - are self made, starting with absolutely nothing. Their stories are an inspiration to all of us.”

See the Gulf's 50 richest Indians here.

The highest ranked woman on the list was Jumbo Electronics boss Vidya Chhabria, in eighth place with $1.4bn. Propping up the top 50 was Hassan Chougle with $195m.

Ashsish 7 years ago

Like your Dubai richlist- a major flaw in your article is labelling all of them as Indian- while they are all of Indian origin, some have aquired Omani, British and even U.A.E citizenship over time. The list should have been named "50 richest people of Indian Origin" rather than Indian.

You missed a lot of biggies too like the Vaswanis of the Stallion Group, Kokil Pathak, the Fakhruddins, Asghar Patel of Wall Street and many more!

hesham 7 years ago

when you are young, you wish to have money to travel, eat, entertain and enjoy life, which 99% you do not get it, when you become rich you are old, fat, lost youth, not much charm, you can not eat, you have diabetics, chrostrol, etc, you can not sleep deep, you can not travel long, and in fact when you are after the world, it escapes from you, and when it stops to look at you, you can not enjoy it..

Ali 7 years ago

What's with the obsession with Indians in the Gulf? Why not compile a list with all expat nationalities? Surely it would be more indicative of the Gulf's potential for expat businesses.

Kaz 7 years ago

What on earth is AB's fascination with running lists??? Guys - write something interesting then this garbage that you keep churning out???

Waseem Alam 7 years ago

wow, Good comments. i appriciate your feeling. Sometime I also think like u. Lasly I reach a point, its only because of luck. For example: Rahul Gandhi, Bilawal bhotto ----- people like this bourn with the spoon of gold. They always enjoy their life from 360 degree since birth till death except a few one.

Cheer n Enjoy and have a good drive.

Sam 7 years ago

About time these rich Indians gave back to the society they made their money from.

I am aware that virtually ALL these rich Indians have philanthropic activities back home in India...but has any one actually given back to the poor people in the GCC countries? GCC DOES have a poor population as well - not everybody is a SHAIKH u know. Build something that will leave a legacy and be a THANKYOU token. After all, it is unlikely u will ever be able to spend all the money u have even if u henceforth earned no more.

Also, there are thousands if Indians and other expats in jails for often paltry amounts of money- why not get them out? Will do your conscious a huge moral boost and you will sleep better.

Or setup a VC fund and fund high risk/return projects for locals and be a partner in that success. Or setup a free Hospital...just so many things you can do with your wealth that would earn you a ROI in the hereafter - which is forever, not just 70-80 yrs :)

Jawahar 7 years ago

I believe the list is totally biased.... I don't know how they judge the rich people but for sure they have missed many and certain names in the list are totally wrong...

jay 7 years ago

why oh why do we keep having these lists its repetitive and non interesting as we know who they are
focus on the news not the richest most influential etc
we dont care

neighbour 7 years ago

I really do not think that all those mentioned have been scrambling to get into the list.
Or maybe they did -perhaps it boosts their credi ratings and more favourable lending terms.
the banks will go - Guess what i just lent a billion dollars to so and so -- and no collaterals too !
@ Ali Hey bro Dont take it personally they are not partial to Indians- But surely there is no harm in listing the very rich among the largest expat community- in the GCC

KP237 7 years ago

Absolutely amateur journalism..There are major inaccuracies with AB's previously published Indian richlist