Yusuf Ali Musaliam Veetil Abdul Kader, popularly known as Yusuff Ali M.A. He is a UAE-based Indian businessman and billionaire. According to Webbspy, Ali achieved his $3.7 billion net worth as the Managing Director and Chairman of Lulu Group International. Mukesh Wadhumal “Micky” Jagtiani is an Indian billionaire businessman who is the owner and chairman of Landmark Group. Micky studied in Chennai and Mumbai before moving to London, where he was enrolled at an accounting school.
In this article, we list the top 25 richest people in Dubai with a net worth above a billion USD. The richest and wealthiest people around the globe call Dubai their second home. Ballmer owns an estimated 4% of Microsoft, making him the software giant’s largest individual shareholder. In 2014, shortly after stepping down as Microsoft CEO, Ballmer purchased the Los Angeles Clippers basketball team for $2 billion.Ballmer lived in the same dorm and on the same floor as Bill Gates while the two attended Harvard University. The brotherly relationship between the two became strained when Ballmer started pushing the tech company into hardware, such as the Surface tablet and the Windows mobile phone, during his tenure as CEO. Like several of richest man in dubai the tech billionaires on this list, Larry Page embarked on his path to fame and fortune in a college dorm room.
Some billionaires decided to sell their homes in the past two years, cashing out as prices rose. Forbes found 15 current and former billionaires who sold 23 properties for more than $90 million over that time period, with sales concentrated in Palm Jumeirah and the surrounding area as well as Emirates Hills and downtown Dubai. Among the sellers were Greek shipping billionaire Marianna Latsis, who unloaded a 4-bedroom apartment on Palm Jumeirah she’d bought in 2021 for $13.4 million last month, netting nearly $5 million. Russian insurance mogul and former billionaire Nikolai Sarkisov unloaded three apartments in Jumeirah Beach and downtown Dubai for a combined $17 million last year as well. The Russian expat controls approximately 40 per cent of a total wealth of $43.4 billion owned by 11 billionaires in the UAE. Dubai was home to 68,500 millionaires with at least $1 million in liquid assets, 206 centi-millionaires with a net worth of at least $100 million and 15 billionaires, according to the World’s Wealthiest Cities Report 2023.
It was then shared with E24 and OCCRP, which coordinated an investigative project with 74 media outlets in 58 countries. This has positioned the emirate first in the Middle East, Africa and South Asia (MEASA) and among the top 22 cities globally in terms of wealthiest populations, the Dubai International Financial Centre said. Ravi Pillai, chairman and MD of RP Group, with a net worth of $3.2 billion has secured the 905th rank.
Dubai’s 120 richest families and individuals with $1 trillion in wealth
The 10th entrepreneur from the UAE to be named in the list is Dr Shamsheer Vayalil, founder and chairman of Burjeel Holdings, with a net worth of $2.2 billion and featured in the 1,368 position. Business tycoons based in the UAE have bagged prominent positions in the Forbes’ 37th annual world’s billionaires list. Creating a list that accurately reflects the richest people in Dubai required consistent and careful methodology to ensure that the most current and reliable information was used in all steps of the process. Determining a net worth is not an exact science because not all financial information is publicly available. However, by using a few key methods and resources, a net worth estimate can be created that creates a research-based estimate.
The 10 Richest People in Dubai
According to UBS data, billionaires are relocating more frequently, with 176 having moved country since 2020. According to Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management, in total, billionaires accounting for more than $400 billion have emigrated in four years, with the MEA region attracting the most billionaire capital. After spending a decade running his deceased brother’s shop in Bahrain, he decided to expand his operations by opening six additional shops.
Chairman – Majid Al Futtaim Holding (MAF)
- Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits.
- B. Ravi Pillai is one of the most successful self-made Indian entrepreneurs.
- Within the Middle East and Africa region, UAE billionaires’ aggregate wealth rose by 39.5% to $138.7 billion, with the number of billionaires growing to 18 in 2024, the Swiss banks said in a report.
- The richest ranked person in Dubai, Majid Al Futtaim is the chairman of the Majid Al Futtaim Holding (MAF), the entertainment and retail conglomerate.
- He was enrolled at Cochin University, where he attained a degree in Commerce.
He moved many of his Telegram operations to Dubai and became a UAE citizen in 2021, and still lives in Dubai. His choice to move to Dubai has made him one of the most powerful figures in the UAE. While Durov is a billionaire, he claims to live a simple life and chooses not to have too many possessions. Pillai continues to expand his business and has plans to invest up to a billion dollars in group verticals by partnering with foreign businesses to help expand his influence and build his net worth even more. Owning a home is a keystone of wealth… both financial affluence and emotional security. She is an American makeup artist, beauty blogger, and entrepreneur and is also the founder of the cosmetics line Huda Beauty.
Their total wealth decreased by $950 billion or 9 per cent to $9.6 trillion. It was a difficult year for billionaires as 430 dropped off the list, which is a record number. Bernard Jean Étienne Arnault, the French Billionaire businessman, investor and art collector, is the chief executive and chairman of LVMB Moët Hennessy – Louis Vuitton SE which is the largest luxury goods company around the world. He is the founder, managing director, and chairman of Joyalukkas Jewellery, since 1987.
Sunil Vaswani began his career at the age of 21, inherited through his father. The son of Khalad Al Habtoor, the investor, business tycoon, CEO and vice-chairman of the Al Habtoor Group. Mohammed Khalaf Al Habtoor was born in one of the biggest business families in Dubai. As of Dec. 2, 2024, the world’s richest man is Elon Musk, the CEO of Tesla and SpaceX. Google also offers a variety of electronic devices, including Pixel smartphones, computers, and tablets, Nest smart home devices, and the Stadia gaming platform. In 2006, the company purchased YouTube, the top platform for user-submitted videos.
Joyalukkas Jewellery is widely famous with more than 160 luxurious jewellery showrooms across 11 countries. B.R Shetty began his career with his interest in hospitals and hospitality. He then expanded into the financial services, advertising, pharmaceuticals, information technology, and retail business.
