Saif Al Ghurair is the Emirati billionaire and the CEO of the Dubai based Al-Ghurair group which is the largest manufacturing and real estate firm of UAE. He is the former chairman of family holding company Al Ghurair Group with his brother Abdulla who is also a billionaire and both are scions of an old Dubai merchant family. Saif's sons are also holds positions within the group that has interests in banking, plastics for food packaging and in steel. He is also a major shareholder in Mashreq bank which is the leading bank of UAE.
Saif Al Ghurair estimated net worth is US $ 3.4 billion and he is ranked at No. 4 in the list of top 10 richest people of UAE. Abdulla Al Ghurair is the Emirati billionaire and the scions of a prominent UAE business family. In 1967 Abdulla founded Mashreq bank which is now becomes the one of the country's leading bank.
He serves as the chairman and his son Abdul Aziz is CEO of the bank. The family holding company is managed by the outsider with the help of Abdulla's sons who look after the various divisions including the real estate, food and construction business. Abdul Aziz is also the head of the family business of the Gulf Network Cooperation Council, which aim is to modernize and diversified the family businesses, and ensuring that business remain in family hands. Abdullah Al Ghurair estimated net worth is US $ 6.4 billion and he is ranked first in the list of top 10 richest people of United Arab Emirates.
This cosmopolitan city-state of 5.612 million people is known as the wealthiest nation in Asia and by far, fourth in the whole world with a GDP per capita of $98, 255, a 4.4 percent increase from 2017. Despite its minuscule size, lack of natural resources and agricultural land, it has managed to amass wealth that other countries only dream of. Today, Singapore's economy continues to grow, driven primarily by foreign investments and trade. The largest economic sectors include banking, shipbuilding and electronics.
Dubbed as the most expensive country in the world, Singapore has been living up to its reputation as its economy expanded by 3.9 percent during the second quarter of 2018 alone. Much of this has been attributed to the country's liberal economic policy and multicultural economy. Although the financial services sector remains as the backbone of the country's economy, its services and manufacturing industries have consistently contributed to its economic standing.
BR Shetty is the managing director and CEO of the Abu Dhabi based UAE Exchange and the new medical group of companies. His other firms UAE Exchange also becomes functional in India and provides banking services and also acquire the Travelex Holdings in last year. BR Shetty estimated net worth is US $ 1.7 billion and he is ranked at No. 9 in the list of top 10 richest people of UAE. Ravi Pillai is also the Indian born Emirati entrepreneur and business magnate. He is the head of the RP Group of companies that drives his fortune from the constructions firm Al-Hajri corp. that he established with his Bahrain partner. He also plans to expend his business into real estate and building the 110-story building in Dubai and has made investments in malls, hotels, school and in banks.
Ravi Pillai estimated net worth is US $ 2.4 billion and he is ranked at No. 7 in the list of top 10 richest people of UAE. Micky Jagtiani is the Indian entrepreneur and based in UAE and the owner of the Landmark Dubai based retail store group. He also holds the stakes in the high street retailer firm of UK Debenhams and he plans to expend his business from the Gulf countries to China. Micky Jagtiani estimated net worth is US $ 5.2 billion and he is ranked third in the list of top 10 richest people of UAE. Yousuf Ali is the Indian born Emirati businessman and the managing director of the EMKE LuLu Group of companies; that headquarter based in Abu Dhabi.
His business group also owns the LuLu Hypermarket in the Gulf countries. He also acquires the iconic Scotland Yard apartments in the London and plans to build a luxury hotel. He also expands his retailing empire to 119 hypermarkets, grocery outlets, supermarkets and dozens of stores and malls in the South Asia, Africa and in India. Yousuf Ali estimated net worth is US $ 2.5 billion and he is ranked at No. 6 in the list of top 10 richest people of UAE. Another Indian born Dubai billionaire to make our list is B.R.
In 2018, Shetty showed of his philanthropic credentials when he signed the Given Pledge, an effort that encourages the world's richest to donate half of their wealth to charitable courses within their lifetime. It is one of the seven emirates that comprise the United Arab Emirates , which is about to celebrate its 50th anniversary as an independent, united country. Contrary to what people imagine, Dubai has little oil (Abu Dhabi, the largest emirate, is the oil-rich one). Its prosperity is largely based on trade and commerce, the communications infrastructure there being among the world's best.
Almost every major international company has a presence here. Not surprisingly, the UAE ranks 11th in the world for the ease of doing business, whereas India is low down in the bottom half. Majid Al Futtaim is the Emirati billionaire and the owner of the Al Futtaim holding that owned and operated in the retail, leisure, shopping malls in the North Africa and in the Middle East. Al Futtaim holdings are diversified in the three subsidiaries of retail, properties and Al Futtaim ventures. His venture group provides the amenities such as the financial services, cinemas, entertainment, leisure, fashion and healthcare products and also deals in food and beverages.
Majid Al Futtaim estimated net worth is US $ 6.2 billion and he is ranked second in the list of top 10 richest people of UAE. Ranking first in our Top 10 richest countries in the world list is oil-rich Qatar. Its robust economy, which has been outperforming the rest of the world, is powered by its well-established petroleum sector, which accounts for around 85 percent of its export and 70 percent of total national revenue.
With a population of only around 2.639 million, Qatar enjoys the economic benefits of a small nation blessed with vast oil reserves. The country, in recent years, has enjoyed surplus revenues from the oil sector. Aside from this, the tourist trade has also been contributing to the national coffers, along with its steel and fertilizer exports. But Qatar's economy is far from perfect, relying on expat labor to keep its economic engine running.
Which Emirate Is The Richest The government does not levy any taxes on Qataris, making them enjoy their earnings in full, along with the national health insurance that the government sponsors. In 50 years, in one of mankind's greatest civic achievements, Abu Dhabi has gone from a struggling pearl center to the pearl of the Middle East. It is one of seven emirates, territories run by emirs, that make up the UAE. The UAE is the size of Idaho yet has 6 percent of the world's oil reserves. Its crown prince, 70-year-old Mohammed bin Zayed Al Nahyan, the son of founder Sheikh Zayed, is considered the world's richest man with an estimated worth of $1.3 trillion. Given birth to in 1952 or 1953, Hussein Sajwani can be considered as one of those trained to be an entrepreneur.
This is supported with the fact that both his parents were entrepreneurs and this gave him an edge when it comes to harvesting opportunities and turning it into real money. He is one of the many billionaires embedded in the Emirate, a property developer, chairman and founder of DAMAC properties, which is a real estate development company. This is why he is currently occupying the fourth position in the list of the richest men in the United Arab Emirates. Luxury sports cars are a routine sight in Dubai, especially for the super-rich.
While some of us can only dream about driving our favourite supercars, Dubai's elite are know to take their Bugattis and Lamborghinis for a quick grocery run! The royal family of Dubai is also well known for their love of exclusive supercars. His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, one of the world's richest billionaires with a net worth of $13.9B was the first person to receive a custom made Mercedes Benz G55 AMG.
Abdulla Al Futtaim is the Emirati billionaire and the owner of the conglomerate Al Futtaim holdings with his brother Majid Al Futtaim who is also a billionaire. His company is the exclusive distributor of Honda and Toyota vehicles in the United Arab Emirates and has retail stores of Toyotas in Egypt. Abdullah Al Futtaim estimated net worth is US $ 3.2 billion and he is ranked at No. 5 in the list of top 10 richest people of UAE.
Thaksin Shinawatra is the former prime minister of Thailand but has been living in Dubai, UAE for over 10 years. Thaksin Shinawatra is in control of the largest stake in SC Asset, a property firm. He also has investments in two U.K-based health tech startups, Owlstone Medical and DNANudge. With a net worth of $2 billion, Thaksin Shinawatra is one of the richest people in the world and also in the United Arab Emirates. The Al Habtoor family owns a total of USD 7.2 billion in wealth.
Mohammed Khalaf Al Habtoor is the son of a business tycoon, investor, and vice-chairman and CEO of the Al Habtoor Group which is one of the largest conglomerate companies in the UAE. Hw was born into one of the biggest business families in the UAE. Mohammed Al Habtoor managed the diversification of the group into the real estate, hotels, education, insurance, hospitality, automotive, and publishing industry.
Sunny Varkey is the Emirati Dubai based educational entrepreneur and humanitarian. He is the creator and the chairman of the GEMS Education system which is the largest operator of the private school from Kindergarten to grade-12 and has the network of 130 schools in Middle East countries. He is also the chairman of the Varkey Group and the trustee of the philanthropic foundation. Sunny Varkey estimated net worth is US $ 2 billion and he is ranked at No. 8 in the list of top 10 richest people of UAE. Oil has made Dubai one of the richest states or emirates in the world. The city is the wealthy trading hub for the Gulf and Africa.
Even though Dubai has little oil, the black gold has made the city rich. In less than 50 years, Its robust economy has made Dubai an affluent state admired around the world. The oil industry and forward-thinking business strategies have enabled Dubai to become a global economic powerhouse.
Dubaimay be the second-largest emirate in the country, but it holds the biggest population, majority of which are expats from around the world. Dubai has a thriving business and tourism industry, having a skyline dotted by majestic buildings and towers. Here, you will find the Burj Al Arab (a 7-star hotel), the Burj Khalifa , and the luxurious Palm Trilogy islands, among many other attractions. This small Southeast Asian nation is populated by only 400,000 people. Brunei Darussalam has consistently made it to the top 10 richest countries in the world in recent years. This year, the country holds the no. 5 spot with a GDP per capita of $81,612, up 3.1 percent from 2017.
This robust Southeast Asian economy is heavily dependent on its oil and natural gas production, which supports more than half of its GDP. This is further reinforced with income from its investments overseas and local production. Brunei, however, is starting to diversify its economy by investing in other sectors. The strong economy is reflected in the government's subsidy of food and housing and provision of free healthcare to its people.
In 2002, Hussain Sajwani founded the real estate development company DAMAC Properties. It's since grown into one of the leading companies in the sector, having orchestrated the development of multiple large scale, luxury properties and projects across both Europe and the UAE. He currently places #962 overall on the list of the world's richest people. Ravi Pillai is another Dubai-based Indian billionaire and founder of RP Group, the biggest employers of Indians in the entire Middle East. He has been able to maintain his spot on the Forbes Billionaire ranking with an estimated net worth of $2.5 billion, the same as his last year's net worth. Ravi Pillai moved to Saudi Arabia and with the help of a resourceful local partner, he built his RP Group into a construction heavyweight in the middle list.
Today, his company is worth an estimated $7.8 billion in revenue. Azad Moopen is the Dubai-based Indian physician, philanthropist and the founder of the Medicity Healthcare facility if Asian pacific. He is the chairman and the MD of the Aster Healthcare conglomerate which was established in 1987. He also provided the healthcare facilities in Indian and has MIMS hospitals with 3,000 employees.
Azad Moopen estimated net worth is US $ 1.1 billion and he is ranked at No. 10 in the list of top 10 richest people of UAE. Ninth in our top 10 richest countries in the world list, this small Arab nation is known for having a petroleum-based economy with petroleum-based products accounting for 95 percent of its exports. It, therefore, does not come as a surprise that Kuwait's GDP per capita has reached $66,980, spiking by 1.9 percent from the previous year. The country is not only the ninth richest in the world, but is also one of the wealthiest among Gulf Cooperation Council member states, second only to Qatar. But the fact that the country sits on around 10 percent of the world's petroleum reserves has not kept it from exploring other revenue sources.
In fact, it has been seeking to diversify into other potential income sources in preparation for the future. According to CNN, gold is still a big business in Dubai and the most richest people living there love to cover just about anything in it. From covering cars to adding it in food and cocktails and even plating a foosball table in gold, Dubai's wealthy are showing off just how creative they can get with their money. The 7th richest man in United Arab Emirates is Khalifa Bin Butti.
He is also a major shareholder in the London-listed firm that claims to be the largest private health care provider in the entire Emirate, NMC Health. In addition, he has stakes in UAE Transfer, a firm saddled with the responsibility of making money transfer in the Emirate. The company is currently known to handle approximately $30 billion in remittances per year. Other company he has stakes in include Travelex which is a money exchange firm located in the United Kingdom. He is also known to be a good and profitable business partner with Saeed Bin Butti Al Qebaisi.
Some of the partnership can be seen in investment through entities called Centurion Partners, Infinite Investment etc. Let's be honest, the lives of the rich and fancy pique our curiosity! And a slew of others have made millions out of feeding our vicarious sensibilities and giving us a glimpse into the lives of the super-rich across the world. Being one of the quintessential luxury capitals in the world, how do you think the uber-rich people in Dubai spend their money?
You might have heard a few outrageous stories about the luxurious tastes of super-rich celebrities but nothing comes close to the decadent extravagance of the elite in Dubai. From custom-made couture to cars made entirely out of gold, today MyBayut brings you a list of the unbelievable ways rich people in Dubai spend their money. Dubai is a uniquely affluent emirate because it isn't dependant on selling oil to thrive.
Its diverse economy is based around trade, transportation, technology, tourism and finance. With the world's busiest international passenger traffic, Dubai has become the gateway to the East. But the emirate is no longer just a stopover for moneyed travelers.
