Dubai: The UAE is home to the second-largest number of wealthy Indians globally, with 20 Indian-origin entrepreneurs residing in the country. In contrast, the United States is the preferred destination for wealthy non-resident Indians (NRIs), with 47 of them calling it home, according to the 360 One Wealth Hurun India Rich List 2023.
The report, released on October 10, revealed that 18 out of the 20 of the world’s richest Indians live in Dubai. The ‘rich list’ has listed 96 non-resident Indians, of which 84 per cent are self-made. The report also revealed that the US is the most preferred country for NRIs, followed by the UAE and UK. A total of 1,319 individuals from 138 cities feature on the Hurun 2023 list, which uses August 30 as the base date to assess fortunes.
Richest Indians in the UAE
Vinod Shantilal Adani, Indian billionaire Gautam Adani’s older brother, has secured the title of the wealthiest Indian in the UAE for 2023, amassing $12.9 billion in wealth. However, his global ranking has dropped from 6th to 12th this year, partly attributed to the stock market downturn in Adani Group firms after the Hindenburg Research report.
Yusuff Ali MA, Chairman and Managing Director of LuLu Group International, holds the second position with a fortune of $6.65 billion. Shamsheer Vayalil, the CEO of Burjeel Holdings, follows with $4 billion. Sunny Varkey of GEMS Group ranks fourth with $3.16 billion. Vayalil, who made waves in the UAE stock market with a $2.83 billion IPO for his healthcare group Burjeel Holdings in 2022, is among the 283 new wealthy Indians entering the Hurun India Rich List this year.
According to another report from residency and investment specialists Henley and Partners, Dubai is home to 15 billionaires and more than 200 centi-millionaires and is expected to be one of the fastest-growing cities for the ultra-rich in the next ten years. Centi-millionaires are people with assets worth $100m or more.
16The position Dubai has secured in Henley and Partners' annual global ranking of cities with the most ultra-rich residents.
World’s richest Indians
Reliance Industries chairman Mukesh Ambani overtook Adani Group’s Gautam Adani to become the richest Indian in the rankings. Serum Institute of India’s MD and chairman Cyrus Poonwalla retained his position as the third wealthiest Indian. HCL Technologies’ Founder and Chairman Shiv Nadar has retained his position as the fourth richest Indian.
Anas Rahman Junaid, MD and Chief Researcher at Hurun India, said, “From Tata to Birla, India has fostered some of the world’s most esteemed family dynasties. Nearly 60 per cent of the 360 One Wealth Hurun India Rich List is poised for intergenerational wealth transfer within the next decade.”