By Staff writer
Our exclusive ranking of the Gulf’s wealthiest Indian expatriates.
Sunil Vaswani is once again the Gulf’s richest Indian with a net worth of $7.48 billion, according to the sixth Arabian Business Indian Rich List, which was published on Sunday.
The Stallion Group chairman was comfortably ahead of LuLu Group International chairman Yusuffali MA in second place. Vaswani’s company, based in Dubai, is one of the largest conglomerates in sub-Saharan Africa.
With a net worth of $5.4 billion, Yusuffali MA had a very good 2016, announcing four new shopping malls in the UAE and India in the last six months, as well as plans to expand to the US and Indonesia, as well as numerous new openings in the GCC.
In third place is Dr Ravi Pillai, whose RP Group is the largest industrial contractor in the Middle East. With nearly 100,000 employees, the conglomerate also has interests in property, hospitality, travel and tourism, retail, healthcare and education. His net worth is valued at $4.6 billion.
In fourth place is the Allana family, which runs both the Allana Group and IFFCO, based in Sharjah. Their net worth is valued at $3.6 billion. Making up the top five is NMC Health boss BR Shetty, valued at $3.2 billion.
Being named to the Arabian Business Indian Rich List has become somewhat of an honour in the Gulf community.
So much so, many of the people on this year’s list voluntarily worked with us to provide the most accurate evaluation of their wealth. They provided details of not only their assets and revenues, but their liabilities and - in some cases - their average monthly spending habits. With such specifics, it is difficult to argue against the values determined.
The total wealth of this year’s richest Indians in the Gulf has surpassed $62bn for the first time. There are now an incredible 17 billionaires. The increase in wealth in the GCC is in contrast to what is happening globally, with 11 Indians losing their billionaire status last year amid the government’s demonetisation programme, according to the Hurun Global Rich List.
The wealth of Indians in the Gulf is growing so fast it is now worth counting not just the number of billionaires, but those worth two, three, four, five billion dollars.
How we did it: We studied Indian businesses across the Gulf and assessed their value according to revenues and relevant profit-earning ratios as well as the value of like-businesses that are publicly listed. We then took into account shareholdings and projected values if the company was listed. Individual’s other assets, including real estate, stakes in other businesses, equities and more, plus liabilities, were also considered.