NRI businessman, LuLu Group chairman M.A. Yusuffali with his net worth of $5 billion, is richer than US president Donald Trump, according to the Forbes magazine’s 2018 list of billionaires.
Trump’s ranking on the list fell to 766th place from 544th in the last edition. His wealth is now being estimated at $3.1 billion, $400 million less than a year ago.
Ali, who ranked 388 in the Forbes list is the 19th richest man in India and the richest Malayali, the magazine said.
The seven Indian billionaires in the UAE command $22.7 billion (Dh83.3 billion) in assets.
According to Forbes magazine, Yusuffali followed by Micky Jagtiani ($4.4 billion), B.R. Shetty ($4 billion), Ravi Pillai ($3.9 billion), Sunny Varkey ($2.4 billion), Joy Alukkas ($1.5 billion) and Shamsheer Vayalil ($1.5 billion).
India has 121 billionaires – 19 more than last year – making them the third largest group of the ultra-rich after those from the US and China.
Mukesh Ambani, the energy and petrochemicals magnate, who keeps his standing as the richest Indian, is richer by $16.9 billion in 2018 with assets of $40.1 billion.
Amazon founder Jeff Bezos is the world’s richest man with assets valued at $112 billion, overtaking Microsoft co-founder Bill Gates whose fortunes are valued at $90 billion and investor Warren Buffet with $84 billion.