Meet the richest Indians in Middle East

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Seven NRIs based in Middle East were included among the 100 Richest Indians List released by Forbes Magazine this week.

Reliance Industries chairman Mukesh Ambani is No. 1 for the eighth year in a row, while Dilip Shanghvi, founder of Sun Pharmaceutical Industries, who got richer this year by $4.1 billion, is the new No. 2, displacing steel baron Lakshmi Mittal, who slips to fifth place.

For the first time in history, the top 100 are all billionaires, with combined wealth of $346 billion, up more than a third from 11 months ago.

RankNameNet Worth in USDNet Worth in INRAgeOrigin of Wealth
#1Mukesh Ambani$23.6 BillionINR 144,327 crores57petrochemicals, oil & gas
#2Dilip Shanghvi$18 BillionINR 110,080 crores58pharmaceuticals
#3Azim Premji$16.4 BillionINR 100,295 crores69software
#4Pallonji Mistry$15.9 BillionINR 97,237 crores85construction
#5Lakshmi Mittal$15.8 BillionINR 96,626 crores64steel
#6Hinduja Brothers$13.3 BillionINR 81,337 crores-diversified
#7Shiv Nadar$12.5 BillionINR 76,444 crores69information technology
#8Family Godrej$11.6 BillionINR 70,940 crores-consumer products
#9Kumar Birla$9.2 BillionINR 56,263 crores47commodities
#10Sunil Mittal & family$7.8 BillionINR 47,701 crores56telecom
#17Micky Jagtiani$5.1 BillionINR 31,1916 crores63retail
#30Ravi Pillai$2.8 BillionINR 17,124 crores61construction
#40M.A. Yusuff Ali$2.3 BillionINR 14,066 crores58retail
#55Sunny Varkey$1.8 BillionINR 11,008 crores57education
#70P.N.C Menon$1.4 BillionINR 8,562 crores65real estate
#86B.R. Shetty$1.1 BillionINR 6,727 crores72healthcare
#95Azad Moopen$1.1 BillionINR 6,727 crores61healthcare

The Middle East based Indians who found place in the elite list are :

#17 – Micky Jagtiani – $ 5.1 Billion

The Dubai- headquartered Landmark Group that Micky Jagtiani founded in 1973 with one store in Bahrain generates more than $5 billion revenues annually from 1,800 stores across the Middle East, Africa and India. it reportedly plans to open 50 more stores by 2015. After ending a 2-year alliance with France’s Groupe Auchan that operated 13 hypermarkets in India, Landmark has teamed with Dutch retailer Spar. 

#30 – Ravi Pillai – $ 2.8 Billion

Middle East construction tycoon Ravi Pillai owns 50% stake in Nasser Al-Hajri Corp., a heavyweight in Saudi Arabia. Pillai is bullish on Dubai, where he’s lined up real estate projects worth $1.5 billion. These include a Crowne Plaza hotel due to open in 2016 and a 110-story tower that will be Dubai’s second tallest. His fortune is up partly on new information on his indian assets, which include stakes in banks, hotels, property. 

#40 – M.A. Yusuff Ali – $2.3 Billion

M.A.Yusuff Ali controls the $5.7 billion (revenues) Lulu Group, which has 110 hypermarkets, supermarkets and grocery outlets, mostly in the Middle East. Now it’s expanding to Africa, Malaysia and Indonesia. It already has a Lulu mall in the southern indian city of Cochin. He has gone on a buying binge in his native Kerala state, picking up stakes in a string of banks. He has built a lavish 60,000-square- foot waterfront home in Cochin in the traditional Kerala style. Ali recently bought an Embraer Legacy 500 jet for $25 million.

#55 – Sunny Varkey – $1.8 Billion

Son of expat teachers Sunny Varkey created GEMS Education, the largest operator of private kindergarten- to-grade-12 schools in the world, with 150,000 students and 11,000 teachers across the Middle East, Africa, Europe, China and India. its first school in the U.S. just opened in Chicago. Plan to start a school in New York has been stalled by a lawsuit by a property developer who alleged that GEMS breached a tenancy contract. Passionate about fitness, he works out daily. Dotes on his four grandkids.

#70 – P.N.C. Menon – $1.4 Billion

Property mogul P.N.C.Menon, reenters the billionaire ranks based on new information about his vast holdings in the Middle East, where he’s developing 2 projects worth a combined $13 billion. The $9 billion Mohammed Bin Rashid Al Maktoum City District One, being built in partnership with Dubai’s Meydan Group, will feature 1,500 luxury villas, man-made lagoons and beaches. Nearby is the upcoming Sobha Hartland, a complex of 280 villas, condos, a shopping mall and 2 international schools. His India-listed Sobha Developers is run by son Ravi. Menon.

#86 – B.R. Shetty – $1.1Billion

B.R. Shetty owns the UAE Exchange, which handles over 10% of all inward foreign remittances into India. His London-listed NMC Health is the UAE’s largest private health care firm. Other interests include generics firm Neopharma and prized real estate such as an apartment on the 100th floor of Dubai’s Burj Khalifa, the world’s tallest building. 

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#95 – Azad Moopen – $1.1 Billion

Physician Azad Moopen chairs Dubai-based Aster DM Healthcare, a leading health care provider in the Middle East and India. He was a professor at a government-owned medical college in Calicut in south India before moving to Dubai in 1987, where he set up his medical practice. Went on to build a health care empire that today treats more than 8 million patients annually, employs over 1,000 doctors and covers the spectrum of hospitals, medical clinics, diagnostic centers, pharmacies and a health care consultancy. 

Note : Figures are from Forbes website as per Sept 2014. Net worth in Indian Rupees is calculated as per exchange rate on date of publication (INR 61.16 / US$)

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