Despite the fact that Dubai is a tiny city (3,302,664 persons at the time of the last count), it has an almost disproportionate amount of citizens who have wealth in the tens of millions of dollars. According to the most recent roundup, Dubai is home to a significant number of the world’s wealthiest people – which is not unexpected considering that it is the second most costly city in the region and the twenty-first most expensive city in the globe. The following is a look at the top ten richest persons in Dubai, with the goal of uncovering the secrets to their wealth.
The Richest People in Dubai
10. Saif Al Ghurair – Net worth: $1.7 Billion
Saif Al Ghurair, the 412th richest person on the planet, is the CEO of the Al Ghurair Group, which is one of the leading real estate and manufacturing enterprises in the United Arab Emirates. His $1.7 billion net worth can also be attributable to his substantial investments in Mashreq, the UAE’s oldest privately held bank, which has grown to become the country’s largest.
9. Hussain Sajwani – Net worth: $2.1 Billion
Hussain Sajwani, a real estate developer, formed the DAMAC Properties firm in 2002. Since then, it has evolved into one of the industry’s top enterprises, having managed the creation of several large-scale, luxury homes and projects in both Europe and the United Arab Emirates, among other places. At the Arabian Business Real Estate Awards, Sujwani received the title of Real Estate Legend, and at the Gulf Business Awards, he received the title of Real Estate Business Leader of the Year. Sujwani presently serves as the group’s chairman. According to the Forbes list of the world’s richest individuals, he is now ranked #962 overall.
8. Abdulla Futtaim – Net worth: $2.5 Billion
Abu Dhabi billionaire Abdulla Futtaim amassed his fortune as the owner of Al-Futtaim Group, a major conglomerate that works in a variety of industries including automobiles, electronic devices, insurance, financial services, real estate, and retail. In addition to owning the franchise rights to IKEA stores in the United Arab Emirates, Qatar, Egypt, and Oman, the company is also the exclusive distributor of several major automobile brands in the UAE, including Toyota, Lexus, and Hino, as well as the exclusive distributor of several other automobile brands in the UAE.
7. Sunny Varkey – Net worth: $2.6 Billion
With 250 schools globally, Sunny Varkey, an Indian-born millionaire, is the world’s 962nd wealthiest person, according to Forbes. Sunny Varkey is the CEO of GEMS Education, which is the world’s largest operator of K-12 schools, with 250 schools worldwide. Varkey has received various honors throughout the years in recognition of his contributions to the educational sector, including Outstanding Asian Businessman of the Year (2007), Middle East Excellence CEO of the Year (2012), and Education Business Leader of the Year (2013). (2012).
6. B.R. Shetty – Net Worth: $2.6 Billion
B.R. Shetty is another Indian-born billionaire from Dubai who makes our list. He owes his $2.6 billion net worth to his position as the head of a health care and financial services empire that includes companies such as BR Life, NMC Healthcare, and holding company Finabir among its many subsidiaries. As part of the Given Pledge, which urges the world’s wealthiest people to contribute half of their money to charitable causes within their lifetimes, Shetty demonstrated his philanthropic credentials in 2018 by signing the pledge.
5. Micky Jagtiani – Net worth: $3.1 Billion
In 1973, Micky Jagtiani relocated to the United Arab Emirates, where his fortunes have changed considerably since his early days as a London cab driver. Since then, Jagtiani’s fortunes have changed dramatically. After ten years of successfully running a baby product shop in Bahrain, Jagtiani decided to expand his business by opening a total of six additional stores under his own name. The Landmark Group was founded by him when the Gulf War began, and he took the decision to migrate to Dubai as a result of his desire to do so. Since then, the firm has developed at an exponential rate, with interests ranging from fashion, technology, and furniture to affordable hotels, among other things. Forbes magazine ranks Jagtiani as the 478th wealthiest person on the planet, and the 5th wealthiest person in Dubai, with a net worth of $3.1 billion.
4. M.A Yusuff Ali – Net worth: $3.7 Billion
M.A Yusuff Ali, an Indian billionaire who lives in the United Arab Emirates, gained his riches as the CEO of LuLu Group International, an Indian multinational that manages a network of retail enterprises throughout the country. Under Ali’s guidance, the firm has significantly expanded its activities over the past several years, and it currently includes holdings in retail, food processing, and logistics, among other sectors. In addition to his commercial endeavors, Ali is a well-known philanthropist, having made significant investments in India and contributing $2.6 million to flood relief operations in his native state of Kerala in 2018.
3. Ravi Pillai – Net worth: $4.2 Billion
His choice to leave his home country of India for the United Arab Emirates when his Kerala-based construction firm was forced to cease as a result of worker strikes is the source of Ravi Pillar’s immense riches and success. With the assistance of a local partner, he started a small trading business that, within two years, he had expanded into the construction industry through his new enterprise, Nasser S. Al Hajri Corporation (NSH), which would go on to become the foundation of the billion-dollar conglomerate, RP Group, which is still in operation today. Pillai is the 529th richest person in the planet, and he is the third richest person in Dubai, according to Forbes magazine.
2. Abdulla bin Ahmad Al Ghurair – Net worth: $4.9 Billion
Mashreqbank was established in 1967 by Abdulla bin Ahmad Al Ghurair and has since evolved to become one of the most important financial institutions in the United Arab Emirates. In addition to receiving a generous salary in his role as chairman of the bank (his son, Abdul Aziz, currently serves as CEO), Abdulla Al Ghurair’s billions are derived from his eponymous holding company, which is a massive organization with interests in everything from real estate and construction to agriculture.
1. Majid Al Futtaim – Net worth: $6.1 Billion
Majid Al Futtaim is the richest person in Dubai, according to Forbes, with a net worth estimated to be $6.1 billion. Majid Al Futtaim is the richest person in Dubai, according to Forbes. His wealth comes from Majid Al Futtaim Holding (MAF), a retail and entertainment conglomerate that has grown into one of the largest companies in the United Arab Emirates since its inception in 1992. MAF operates more than 120 stores across the Middle East, North Africa, and Central Asia region, and has exclusive rights to operate franchises of Abercrombie & Fitch, AllSaints, Lululemon Athletica, and Carrefour. It’s simple to see how Al Futtaim became a billionaire given the company’s $8.8 billion in revenue and $600 million in profit in 2017, according to Forbes, making it easy to see how he became one.