Thanks to all the cinematic influence, we all have a theatrical vision of Dubai in our minds. It is usually about a car chase or a setting where scantily dressed women are being exploited by the rich and the influential. But, the reality of one of the largest economies of the Middle East has a different story to tell.

So why does Dubai have so many rich people, if not for the clichéd glamorous lifestyle? We’re going to answer these questions and take a look at the richest people in Dubai, including their net worth and the secret to their obscene wealth.

Dubai: An Overview

Firstly, being the centre of business backed by a lavish lifestyle, Dubai is the global hub for cosmopolitan culture along with a high standard of living. You will be surprised to know that Dubai has next to 90 billionaires and as of the year 2020, the number is only growing.

This elite city of the UAE saw ED 429 billion ($USD 116,779 billion) as its GDP in the last financial year and occupies the 20th position as the wealthiest city in the world. Dubai witnesses an influx of billionaires from all around the world owing to various factors, which results in a more stable economy and much higher access to luxury, prosperity, and economic opportunities.

The reason for the wealthy to migrate to Dubai is quite simple though. Dubai has lower crime rates, affordable apartments, and an overflowing opportunity to uplift you professionally. Moreover, it might seem like a myth, but the UAE does not levy income tax on individuals, which is a too-good-to-be-true situation for anyone in the high-income grade.

So now you know what makes Dubai get its impression, and as I said it is not even close to the reason as portrayed in the movies. Now, it’s obvious to be intrigued about the people who make the creamy layer of Dubai’s richest. Let us know more about the richest Emiratis and understand what makes them the top one percent of the one percent.

Top Richest People in Dubai (2024)

Before you begin with the list, have you ever considered the possibility of meeting one of these elite people and the questions you might ask them? Or, how does one manage an empire like this? Well, one can only wonder.

Let’s begin with the list of the richest people in Dubai.

1. M.A. Yusuff Ali

• Net Worth: $8.7B or ₹72,210 crores.
• Age: 68 Years (born 15 November 1955)

As of 2nd September 2024, Mr. Yusuff Ali Musaliam Veettil Abdul Kader is the 313rd richest man in the world. Currently, he is the chairman of LuLu Group International and owns the Lulu Hypermarket Chain worldwide and the shopping mall.

This self-made retailer of Indian origin shifted to Dubai in the year 1973 and is the grandson of M. K. Abdullah, the chairman and the founder of the LuLu Group. He is mainly known for his philanthropic works and is currently married and settled in Dubai.

How did he attain his wealth?

M.K. Yusuff Alistruck gold in 1990 when the UAE market was being positively inclined towards the ingrowing supermarkets. He started the first Lulu Hypermarket. He further asserted on channelizing the distribution of the frozen foods and expanded to various categories to reach where it is today.

Did You Know?

• He has always been big on donations and has pledged support during some of the biggest crises like the Kerala Floods, Gujarat Earthquakes, and COVID-19 amongst many others.
• He and his family luckily escaped a plane crash unscathed, just like they show in films. So sometimes life does imitate art, who knew!

2. Hussain Sajwani

• Net Worth: $5.1B or ₹ 42,330 crores.
• Age: 71 years (born March 01, 1953)

Presently, Mr. Hussain Sajwani is the 644th richest man on the planet as of 2nd September 2024, and is one of the close allies of the former American president Donald Trump. This real estate mogul owns the DAMAC Properties, which he established in the year 2002.

Eldest of five children, he had an entrepreneurial mindset ever since he was a kid and studied Industrial engineering at the University of Washington. You will be able to assert his success with the fact that DAMAC Properties topped the Forbes 2017 Global 2000 list for fastest-growing global companies.

How did he attain his wealth?

Sajwani didn’t jump into the real estate business right away. He started his journey in finance at Abu Dhabi Gas Industries, later moved on to a catering venture, and eventually established the DAMAC Properties in 2002.

His journey and his career statistics both are impressive, and his company has delivered 27,400 homes to date.

Did You Know?

• Hussain Sajwani also owns the Cavalli residences in Miami that’s valued at $120 million and has many other such notable collaborations, including the De Grisogono.
• He was accused of corruption by the Egyptian government in the year 2006, in regards to a land deal, but the charges were eventually dropped after a settlement.

3. Sunny Varkey

• Net Worth: $3.6B or ₹ 360 crores.
• Age: 67 years (born 9 April, 1957)

“I don’t believe in giving up even when I hit a hard wall”. This is what this self-made billionaire believes in, and it is what shows in his legacy. Sunny Venky is the founder of GEMS Education, which is the largest operator of private kindergarten to-grade-12 schools in the world.

As of 2nd September 2024, he is the 950th richest man in the world and simultaneously the first education entrepreneur to invest in philanthropic causes. You will be fascinated to know that he was UNESCO Goodwill Ambassador for 2012 and has a philanthropic foundation called the Varky Foundation.

How did he attain his wealth?

With his roots in Kerala, India, Varky’s family moved to Dubai in 1959, and he relocated back to India and resorted to fruit selling to make ends meet. However, fate had other plans for him. He shifted back to Dubai in 1977 and started working with the Standard Chartered Bank.

With that, he started progressing upward in his career and became a part of the Dubai Plaza Hotel. It is when he took full control of the Our Own English High School in 1980 that his merit as an entrepreneur and true visionary started coming to light. He established the GEMS Education belt and the rest is history.

Did You Know?

• This champion of education never studied beyond high school.
• He has a list of awards to his name that also includes the prestigious Padma Sri award,Entrepreneur of the Year, and The Asian Awards (2018).
• The Varky Foundation gives a Global Teacher Prize, a $1 million award, to a deserving and magnificent teacher each year. (Yes, I know, it’s only fair to say that each teacher deserves an award like this).

4. Abdulla Al Futtaim

• Net Worth: $3.2B or ₹ 320 crores.
• Age: 84 years (born 1 January, 1940)

Succeeding over his father’s business empire, Abdulla Al Futtaim is known to fetch many awards and accolades for the Al Futtaim Group. Currently, the business group has a presence in over 30 countries from the Middle East to Asia and Africa.

The 1062nd richest man in the world as of 2nd September 2024 is known for many philanthropic causes along with a license to operate top brands like Hertz, Ikea, Toys “R” Us, and Marks and Spencer in the U.A.E.

He is also a car enthusiast and his company Al-Futtaim Motors is the exclusive distributor of Toyota, Lexus, along with other vehicles in the UAE.

How did he attain his wealth?

Abdulla Al Futtaim is forced to be reckoned with.He succeeded in every business venture he invested in or started.

After inheriting the business from his family, he made daring and calculated business decisions that led him to where he is today.

The Al-Futtaim Group saw its best days under him when he made sure it was one of the top business conglomerates in the Middle East.

Did You Know?

• He was the talk of the town in 2010 when he purchased the luxury megayacht Radiant of the late Russian oligarch Boris Berezovsky.

5. Abdulla Bin Ahmad Al Ghurair

• Net Worth: $4.2B or ₹ 420 crores.
• Age: 94 years (born 1930)

The founder of Mashreqbank, an Emirati bank, is one of the most notable names in Dubai and is a member of an influential business family. As of 7th February 2021, Abdulla Bin Ahmad Al Ghurairwas the richest person in the UAE. As of 2nd September 2024, he is the 815th richest man in the world.

Even though he has stepped down as the chairman of Mashreqbank, he is still a member of the board. Abdulla Ghurair also has a food chain called Al Ghurair Food, along with many other significant business ventures like Oman Insurance (Sukoon).

How did he attain his wealth?

Even though he was born into an affluent business family, he is known for his own contributions to the Al Ghurair name through business acquisitions and expansions.

He is praised for philanthropic advancements that include the Abdulla Al Ghurair Foundation (AGF), which aims to empower the Arab youth by focusing on STEM (Science, Technology, Engineering, and Math) for 15,000 students in the country.

Did You Know?

• His company was one of the companies which was involved in the exterior cladding of Burj Khalifa.

6. B. R. Shetty

• Net Worth: $3.15B or ₹ 26,145 crores (As of 2019)
• Age: 82 years (born on 1 August, 1942)

R. Shetty or Bavaguthu Raghuram Shetty is an elite businessman who migrated from Udupi (India) to Dubai to set up his healthcare empire. He is the founder and chairperson of various businesses that include NMC Health, Neopharma, BRS Ventures, and Finablr.

Interestingly enough, NMC Health is one of the largest hospital chains in the UAE. However, he didn’t limit himself to one sector and expanded to pharmaceuticals, financial services, retail, advertising, and information technology.

How did he attain his wealth?

After he immigrated to Dubai, he worked as the first medical representative and founded the New Medical Centre Health with his wife being the only doctor. From there, NMC reached a point where it was listed as an IPO on the London Stock Exchange and saw an influx of $330 million.

B.R. Shetty’s remarkable achievement was acquiring the UAE Exchange in the year 1980 and by 2016, it had expanded into over 31 countries. He had an amazing business mind and the courage to pursue his vision.

However, you will be flabbergasted to know that he had to sell his ₹12,478 crore business for a mere ₹74 owing to a major pitfall. His magnificent reign came to an end after Muddy Waters, a firm in the UK, made unpaid tax allegations against him which were proven to be true.

Did You Know?

• Before his downfall, he was the man who owned the entire 100th floor of the Burj Khalifa.
• He has always been a philanthropist and had signed the The Giving Pledge, which encourages the wealthy to donate much of their wealth.

7. B. Ravi Pillai

• Net Worth: $3.4B or ₹ 28,220 crores
• Age: 71 years (born on 2 September, 1953)

Ravi Pillai has been a business enthusiast ever since his college days and started his entrepreneurial journey by founding a chit fund. Once a labor strike closed his engineering contact business, he went to Saudi in 1978.

He has a Commerce degree and is more popularly known in India due to organizing the most expensive wedding in Kerala. When his daughter Arathi married Adithya Vishnu, the production designer from the magnum opus Baahubali: The Beginning, was given the responsibility of carving magic.

How did he attain his wealth?

This rich Emarati has the credit of establishing the Nasser S. Al Hajri Corporation with 150 employees, which now has over 70,000 employees and has become the flagship group, RP Group. However, this has not limited Pillai – he is also tied with Upasana Hospital and Research Centre and also owns the RP mall in Kollam.

Did You Know?

• As of 2nd September 2024, he is the 1021st richest man in the world.
• He was the first Indian to buy the 100 crore Airbus Helicopter Airbus H145.

8. Joy Alukkas

• Net Worth: $4.4B or ₹440 crores
• Age: 67 years (born on 29 October, 1956)

A household name in India, Joy Alukkas is one of the most loved jewelry brands in India and saw its inception in Thrissur. This gold kingpin is mostly known in the world for his finely crafted jewelry along with his philanthropic interest.

But not many people know that he dared to expand his family business to establish his own legacy in an unknown land. Even though the Gulf War of 1990 almost took over his entrepreneurial dream, he was resilient enough to return to the land and mark his territory forever.

How did he attain his wealth?

He moved the Joy Alukkas brand by opening a store in Abu Dhabi, followed by one in Dubai, despite many constraints and barriers. After the recovery from the Gulf War, he went ahead and opened 160 outlets in eleven countries.

Known for his wise business decisions and philanthropic conquests, Joy also had to witness some disappointment owing to an Income Tax debacle in 2018, but it was successfully resolved in 2023.

Did You Know?

• Joy’s higher business acumen will make you think he has decorated degrees to his name, contrary to which he never finished school.
• Joy Alukkas is the first jewelry retailer to have both prestigious ISO 9001:2008 and 14001:2004 certifications.

9. Shamsheer Vayalil

• Net Worth: $3B or ₹300 crores
• Age: 47 years (born on 11 January, 1977)

Shamsheer Vayalil started his career as a doctor, and later channeled his expertise to progress as a businessman and opened his first hospital, LLH Hospital in Abu Dhabi. Currently, the LLH hospital line has 20 hospitals in three countries, 23 medical centers, and 13,000 employees in the Middle East.

How did he attain his wealth?

He pursued his medical degree from Kasturba Medical College, Manipal, then obtained his MD in radiology from Sri Ramachandra Medical College and Research Institute, Chennai. From there, he migrated to serve as a radiologist in the Middle East.

Currently, he owns the flagship company Burjeel Hoardings, which has Burjeel, Medeor, LLH, and Lifecare under its umbrella. Do you remember reading about M.A. Yusuff Ali? Well, he is Shamsheer’s father-in-law, and even though might have aided Vayalil’s initial struggle, he has ensured to make a mark of his own.

He is busy building his own empire of the largest hospital chains and has always asserted how critical it was for him to make his own mark.

Did You Know?

• Burjeel Holdings was the first private sector company to go public in the UAE in 2022.
• As of 2nd September 2024, he is the 1128th richest man in the world today.

10. Raghuvinder Kataria

• Net Worth: $1.3B or ₹130 crores
• Age: 75 years (born on April 1949)

Adored in the Forbes billionaire list of 2019, the chairman of Kataria Holdings has an accountancy degree and hails from Uganda. He is known for buying two buildings in Emaar Square in Dubai downtown in 2009 for $205 million.

How did he attain his wealth?

Mostly known for his smart business advances, Raghuvinder Kataria is a man of modest nature. He is the driving force behind Jasmine Telecom and got his footing when he merged it with Bharati Enterprises.

However, he is mostly remembered as the man who sold his share in Bharti Airtel for a whopping $500 million.

Did You Know?

• He has been known for his philanthropic nature and donates to the Al Jalila Foundation.
• Fondly known as Raghu, he believed success can be achieved by the ones who are consistent.

How the Richest in Dubai Influence the Economy

These were some noteworthy names when it comes to the big revenue earners in Dubai. Some have a net worth more than a country’s GDP, and some keep touching extraordinary milestones every year.

All this decorative analysis will only make you wonder what exactly their contribution brings in for the country and the world economy in general. The migration of high-net individuals in Dubai keeps on increasing every year and this has resulted in some positive outcomes for this city of opportunities. Let us check a few quickly.

• Sector Growth: Gone are the days when you could associate Dubai only with oil reserves. With various investments from these influential leaders, the country’s dependency is seen to be inclined towards tourism, trade, real estate, and financial services too.

• Foreign investment: The concentration of the rich in one place has invited many foreign investments, which has aided its economy only for the better. You would be once again in awe to know that in January and August 2017, Dubai issued licenses for 249,000 businesses.

• Funding: Funding for ambitious projects is one of the prerequisites for an economy to bloom to a point where luxury becomes a necessity, and such is the case for Dubai. Dubai’s world-class airports and seaports, along with a massive construction boom, will always be indebted to its billionaires and philanthropists. Plus, a growing push in the service sector has forever shaped Dubai’s economy and sealed its fate.

• Philanthropy: We have a series of people coming from wealth in Dubai who have dedicatedly invested in philanthropic causes. They ensure not only a proper education for the youth but a well-balanced society leading to economic prosperity.

Conclusion

Reading about influential people will sometimes make you daydream, or at times make you wonder how one even manages to reach a point like this. You will be able to realize that the influence of these men has now grown beyond wealth and has reached to the point of hero worship.

But this comes from a place of inspiration for all the businessmen and a place of admiration for anyone who is struggling. Dubai is a dream city and an epitome of luxury. Hence, it is always good to keep reminding ourselves about the true pioneers who made it what it is today.

Frequently Asked Questions

1. Who is the richest person in Dubai in 2024?

Hussain Sajwani, the founder of DAMAC Group, is the richest man in UAE currently.

2. How do the richest people in Dubai make their money?

There are various ways in which the big shots in Dubai earn their money. This includes strategic investments, smart business plans, and planned collaborations among many.

3. How has Dubai’s wealth distribution changed over the years?

All the bling and glitters in Dubai have resulted in a gap between the haves and the have-nots, which are difficult to bridge. This epitome of luxury city has a wealth concentration at the top, while the bottom 50% share less than 10% of the wealth.

4. How does Dubai’s wealth compare to other cities in the UAE?

It is the third-wealthiest city in the UAE with 72,500 millionaires, including 15 billionaires and 212 centi-millionaires.

5. Who are some of the top business tycoons in Dubai?

Some of the notable names in business in Dubai are Hussain Sajwani, Abdulla Al Futtaim, and Sunny Varkey.

6. What is the role of real estate in wealth accumulation in Dubai?

Real estate plays a pivotal role in wealth accumulation in Dubai by allowing and offering investment opportunities that are highly valued and devoid of any tax cuts. It ensures massive returns, and in turn, more investments and inflow of funds for the economy.