The wealthiest people in Dubai presently. Having one of the fast-growing economies in the World, Dubai is the Capital city of the Emirate of Dubai and the populous country in the United Arab Emirates. The economy of the country is believed to be on the increase side because of the high number of public and private investments in the country.
These investments are done by both the Government and rich individuals in the country. This implies that the country houses numerous numbers of rich individuals just like many other countries in the World.
But who are these people? They include the following:
Top 10 Richest Men In Dubai 2020
1. M.A Yusuff Ali Net Worth: $3.9 Billion
M.A Yussuf Ali is a UAE based Indian billionaire who is known for achieving his wealth as the head of an Indian multinational company known as LuLu Group International. The company operates a chain of retail companies across the United Arab Emirates. The company’s operations have been known to be massively improved under the administration of Yussuf. Currently, the company has interests in areas like food processing, logistics, retail, etc. In addition, M.A Yusuff is also a well-known philanthropist in the country.
2. Abdulla Bin Ahmad Al Ghurair Net Worth: $3.7 Billion
Next on the list of richest men in Dubai is Abdulla Bin Ahmad Al Ghurair. He is known to be the founder of Mashreqbank. The bank, since inception, has grown into one of the leading banks in the UAE. With his son as the Chief Executive Director, Abdulla Bin Ahmad is the current Chairman of the bank. Another source of income for the second richest man in Dubai is an eponymous holding company that has interests in real estate, construction, food, etc.
3. Majid Al Futtaim Net Worth: $3.5 Billion
The third richest man in Dubai is Majid Al Futtaim. His wealth is known to have originated from his company named Majid Al Futtaim Holding (MAF). The company is a retail and entertainment conglomerate that has grown to be one of the largest companies in the emirate since its inception in 1992. The company currently has over 120 stores located across the Middle East, Central Asia, and North Africa. The annual revenue of the company has been on the increasing side since its inception and this has earned Majid the first spot in the list of richest men in the country.
4. B.R Shetty Net Worth: $3.15 Billion
B.R Shetty, Being the head of a health care and financial services empire, he is a well-respected individual in the country. The empire he controls includes BR Life, NMC Healthcare, and a holding company known as Finabir. He is also a well-known philanthropist as he has engaged in numerous philanthropic acts over the past years. In fact, he once signed a pledge that encourages the World’s richest individuals to donate half of their wealth to charitable courses.
5. Ravi Pillai Net Worth: $3 Billion
Third, on the list is Ravi Pillai. His wealth is known to stem from his decision to leave his native country, India to the United Arab Emirates after his construction company was forced to close down after numerous labor strikes. After leaving India, he founded his new business named Nasser S. Al Hajri Corporation which is a construction company that formed the foundation of the RP group which is a billion-dollar conglomerate. He also occupies a position in the list of richest men in the World just like with many other men in the list of richest men in Dubai.
6. Micky Jagtiani Net Worth: $2.2 Billion
The sixth richest man in Dubai is Micky Jagtiani. Before accumulating wealth enough to earn him a spot in the list of richest men in Dubai, he was a London taxi driver. He later ventured into baby product shop in Bahrain and this has fetched him a fortune over the past years. He has currently expanded by adding six more shops to his business. Later on, he decided to found another organization that he named Landmark Group. Since its inception, the company has grown exponentially with interests in areas ranging from fashion, electronics, and furniture to budget hotels.
7. Abdulla Al Futtaim Net Worth: $2 Billion
Being the owner of Al-Futtaim Group, Abdullah Futtaim occupies the eighth position in the list of richest men in Dubai. The company is a large conglomerate that is known for operating across numerous sectors including automotive, electronics, insurance, services, real estate, and retail sectors. In addition, the company is also an exclusive distributor of numerous car brands including Toyota, Lexus, and Hino. His company also holds the franchise right to IKEA stores in the United Arab Emirates, Egypt, Qatar, and Oman.
8. Sunny Varkey Net Worth: $1.8 Billion
Being the head of GEMS Education, Sunny Varkey is the seventh richest man in Dubai. He is an Indian born billionaire that has been honored with numerous different awards including Outstanding Asian Businessman of the Year in 2007, Middle East Excellence Chief Executive Officer of the Year in 2012, and a host of others. His company currently has 250 schools worldwide and is in fact the biggest operator of K-12 schools in the World.
9. Hussain Sajwani Net Worth: $1.8 Billion
Next on the list is Hussain Sajwani. Having founded his company named DAMAC properties in 2002, he is one of the major players in real estate development in the country. His company today has developed tremendously to be one of the leading companies that have numerous large scale and luxurious projects across Europe and the United Arab Emirates. Some of the awards he has been honored with include The Arabian Business Real Estate Awards, Real Estate Business Leader of the Year, and numerous others.
10. Saif Al Ghurair Net Worth: $1.7 Billion
Last on the list is Saif Al Ghurair who is known to be the head of the Al Ghurair Group which is one of the largest real estate and manufacturing companies in the Emirate. In addition, he is also a profitable investment as he has accumulated wealth by investing in Mashreq, which is the oldest privately held bank in the United Arab Emirates.
Closing on the richest men in Dubai 2020. Even though Dubai is one of the countries with the lowest number of residents, the increasing number of wealthy individuals in the country has given the country the title of the second most expensive city in the region.