Six UAE-Based Entrepreneurs Feature on ‘India’s 100 Richest List’ by Forbes

LuLu Group’s M.A. Yusuf Ali is the top UAE resident to feature, while Dr. Shamsheer Vayalil is the youngest Indian expat on the list

Dubai | Mumbai: After hosting the G20 Summit in New Delhi this September and becoming the fourth country to land a spacecraft on the moon, India is on a high. Reflecting that sentiment, the stock market rose 14% since Forbes last measured fortunes. But that jump, tempered by a weaker rupee, isn’t reflected in the collective net worth of India’s 100 Richest, which flatlined at $799 billion, according to the latest data published by Forbes.

Six non-resident Indians living in the UAE — MA Yusuffali, chairman of Lulu Group; Renuka Jagtiani, chairwoman of Landmark Group; Joy Alukkas, chairman of Joy Alukkas Group; Dr. Shamsheer Vayalil, Founder and Chairman of Burjeel Holdings; Ravi Pillai, Chairman and MD of RP Group; and Sunny Varkey, Founder of GEMS Education Group — featured in the prestigious Forbes ‘India’s 100 Richest List’ that was topped by Mukesh Ambani, Indian business tycoon, and Reliance Industries Chairman, with a wealth of $92 billion, while Adani Group’s Chairman, Gautam Adani is second with a fortune of $68 billion. Mrs. Jagtiani takes the spot of her husband the late Micky Jagtiani, who passed away in May. 

With a net worth of $ 7.1 billion, M.A. Yusuff Ali, whose Lulu Group runs one of the fastest-growing hypermarket-supermarket networks in the world, topped the list of UAE-based Indian businessmen. His rise to the 27th position on the list coincides with the Lulu Group’s global network expansion. Last year, he was ranked 35th with a fortune of $5.4 billion.  

Renuka Jagtiani, whose Landmark Group is one of the largest omnichannel retailers, ranked 44th on the list with a fortune of $4.8 billion. In 2022, Mrs. Jagtiani’s wealth had been estimated at $2.9 billion.

Joy Alukkas, who owns one the largest jewelry networks in the Middle East, was positioned 50^th on the list with a net worth of $4.4 billion. He has improved his position from 69th richest Indian last year. In 2022, he had a net worth of $3.1 billion, according to Forbes.

Dr. Shamsheer is the youngest Indian businessman featured on the list. With a net worth of $3.7 billion, he is ranked 57 on Forbes India’s 100 Richest List. Burjeel Holdings, one of the largest healthcare services providers in the region founded by Dr. Shamsheer, recently celebrated the first anniversary of its listing on the Abu Dhabi Securities Exchange. He is also the richest Indian doctor featured on the list.

RP Group’s Ravi Pillai is ranked 69^th on the list and his wealth has been estimated at $3.2 billion, while Gems Group’s Sunny Varkey has a net worth of $2.93 billion, ranked 78th on the list.