17 Indians worth Dh70 billion live in UAE: 13 in Dubai, 3 in Abu Dhabi, 1 in Sharjah

Seventeen out of 141 Indian millionaires with total assets worth $19.1 billion reside in the UAE, according to  a new report.

The China-based Hurun’s India Rich List 2013 discloses that 13 Indian millionaires, with over $300 million in assets, live in Dubai, three in Abu Dhabi and one in Sharjah.

Ranked 16th on the Hurun list, but first on the UAE list is Micky Jagtiani of the Landmark Group.

His total assets are estimated at $3.9 billion. Feroz Allana of Iffco, is ranked 23rd  on the India list (second on the UAE list) with $2.6 billion in assets.

At 29th position (third on the UAE list) is MA Yousuf Ali of Emke Group with assets worth $1.9 billion.

Ravi Pillai of the Ravi Pillai Group holds the 36th rank (fourth in the UAE) with assets worth $1.6 billion.

Sharing fifth position in the UAE and 43rd on the India list is the Chhabria family of the Jumbo Group and Sunny Varkey of Gems Education. Both have total assets worth $1.4 billion.

Others on the list are Tony Jashanmal of the Jashanmal Group; Joy Alukkas of Joyalukkas Jewellery; Yogesh Mehta of Petrochem ME; Rizwan Sajan of Danube Group; Deepak Babani of Eros; Azad Moopen of DM Healthcare; Ramesh S Ramakrishnan of the Transworld Group; Santosh Joseph of Dubai Pearl and Lachmandas Pagarani of the Al Maya Group.

“Dubai has emerged as the most preferred overseas location for Indian businessmen,” the report says.

Despite the Indian rupee having depreciated 14 per cent against the US dollar, 101 individuals on the Hurun India Rich List saw their wealth increase or retained, with only 40 seeing their wealth decrease.

Earlier this month, 2013 Wealth-X and UBS Billionaire Census revealed the number of billionaires in the UAE had increased to 37 from 35 in 2012.

The report said UAE billionaires held a total of $45 billion in combined wealth, with an average net worth of $1.2 billion per ultra-wealthy individuals in the country.

The UAE has 4.5 billionaires per million people and is ranked No 7 in the world in terms of number of billionaires per capita.
 

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