While Dubai may seem to be a small state it has a very enormous number of citizens who feature among individuals with a ten-figure fortune. A significant share of the richest people in the world has called this lovely city their home. This is also evident from the fact that Dubai is the second most expensive country in the UAE. The city is ranked as the 20th most expensive city in the world. We have compiled a list of the top ten richest people in Dubai here. Next time you wish to find the secrets to their wealth you must refer to this detailed list.
1.Majid Al Futtaim
Majid Al Futtaim is ranked as the richest person in Dubai. With a net worth estimated by Forbes to be $6.1 billion, he is the richest man. Futtaim’s wealth stems from Majid Al Futtaim Holding (MAF). This is a retail and entertainment conglomerate established in 1992. Today this has grown into one of the largest companies in the UAE. MAF functions via 120 stores across the Middle East, North Africa and Central Asia region. Apart from this he also owns exclusive rights to franchises of Lululemon Athletica, Abercrombie & Fitch, AllSaints, and Carrefour. As per Forbes, the company generated $8.8 billion in revenues and $600 million in profits in 2017. His status as the number one on the list of the richest men in UAE is understandable by this statistic.
Net worth: $ 11.4 Billion
2.Saif Al Ghurair
Saif Al Ghurair is the 412th richest person in the world. With a brilliant personality, Saif Al Ghurair heads up the Al Ghurair Group which is the largest manufacturing company in the UAE. His company also deals primarily with real estate.As reported his net worth is $2.1 billion which can also be attributed to his significant investments in Mashreq, the oldest privately held bank in the UAE.
Hussain Sajwani is the founder of the famous real estate company called DAMAC Properties which was established in 2002. He ranks 962 on the list of the world’s richest individuals. Since 2002 the company has grown into one of the leading companies in the real estate sector. His company has been instrumental when it concerns the development of multiple huge scales, luxury properties, and projects across UAE as well as Europe. In the year 2018, Sujwani, who is the chair of the company was felicitated with the title of Real Estate Legend at the Arabian Business Real Estate. He was also honored at the Gulf Business Awards with the title of the Real Estate Business Leader of the Year.
Net worth: $3.7 Billion
Investments: Real Estate
This Emirati billionaire is the owner of Al-Futtaim Group. He is regarded as extremely sound business-minded and serves as an inspiration for many. This group is a large conglomerate that deals in insurance, services, automotive, electronics, real estate, and retail sectors. He also holds a franchise right to IKEA stores in Qatar, Egypt, UAE, and Oman. His group is the only exclusive distributor of several well-known and huge car brands as well. These include Toyota, Lexus, and Hino among other brands.
Net worth: $7 Billion
Sunny Varkey is an Indian born billionaire. He is the head of GEMS Education which has over 250 schools worldwide. It is also the world’s biggest operator of K-12 schools. This enigmatic man is ranked by Forbes as the 962nd richest person in the world. And it is owing to his achievements in the educational sector, that he has been the recipient of various awards over the years. Among many of these are awards such as Education Business Leader of the Year (2012), Middle East Excellence CEO of the Year (2012) and Outstanding Asian Businessman of the Year (2007).
Net worth: $2 Billion
Another Indian born Dubai billionaire who features among the top ten richest persons is B.R. Shetty. He is the owner of a $2.6 billion worth empire built by him as ahead of a very enormous health care and financial services venture. His empire encompasses big well-known brands like BR Life, NMC Healthcare, and also a holding company Finabir. He is also a great philanthropist which is evident from the fact that he has signed the Given Pledge. This encourages him to make efforts towards varied charitable courses over the course of one’s life. He has donated often half of his income to various charitable courses.
Net worth: $3.2 Billion
7.M.A. Yusuf Ali
M.A Yusuff Ali is another UAE based Indian billionaire to feature on this list. He built his empire by being ahead of LuLu Group International. This is an Indian multinational which operates a chain of retail companies throughout the nation. It was only under Ali’s leadership that the company’s operations grew exponentially and extensively over the years. This company now has interests in food processing, retail, and logistics. However, this is not the only thing M.A. Yusuf Ali ventures into today he is also a noted philanthropist. His philanthropic efforts are evident from the $2.6 million to recovery efforts towards his home state of Kerala when it was hit by floods in 2018. M.A. Yusuf Ali is not only a great businessman but also a great man who is still connected with his roots.
Net woth: $5 Billion
This man’s story is an inspiration. Mickey Jagtani, post the beginning of the Gulf War, decided that he had to relocate to Dubai. Here he founded a corporation called the Landmark Group. Micky Jagtiani started with driving taxis in London taxi. But those days are well behind him since he has relocated to UAE in 1973. Today, Jagtiani’s fortunes have taken a total 360 degree turn. After coming to UAE, he spent a decade in a baby product shop in Bahrain. Soon he decided to expand his operations by building a bigger business by expanding into 6 shops to his name. This was the turning point in his life, his company grew exponentially. Today, he has ventured into areas such as furniture, fashion, electronics, and budget hotels. Mickey Jagtiani’s net worth today is $3.1B. He is ranked 478th on the list of the world’s richest men and today he is 5th richest in Dubai.
Net worth: $4.5 Billion
After his Kerala based construction business suffered labor strikes, Ravi Pillar’s decided to move to the UAE. Today he features one of the richest men in Dubai and the world. His wealth is the result of the decision he made to leave his native country India for the United Arab Emirates. When he arrived in UAE he took some assistance with a local partner where the begun a small trading business. It was within two years that he founded Nasser S. into construction under his new enterprise. Al Hajri Corporation (NSH), a company is a company that forms the bedrock to his billion-dollar conglomerate called the RP Group. Today Pillar ranks as 3rd richest in Dubai and the 529 richest people in the world.
Net worth: $3.6 Billion
10.Abdulla bin Ahmad Al Ghurair
The Mashreqbank was founded by Abdullain the year 1967. This bank has since grown into one of the leading banks in the United Arab Emirates today. Apart from drawing a healthy enormous salary as the chairman of the bank, his son, Abdul Aziz is the CEO of an eponymous holding company they established. They have built a huge business that extends to everything from real estate and construction to food.
Net worth: $4 Billion
With diverse opportunities in Dubai, numerous individuals have been successful in setting up companies in different sectors of the economy and as a result, they have amassed huge tons of wealth. Via diversification in industries like banking, oil, pharmaceuticals, real estate, and others, numerous billionaires have come up and made a mark for themselves in the developing entrepreneurial world. Dubai has immensely contributed in producing millionaires and billionaires over the years, thanks to its perfect location and convenient product distribution.