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After US, UAE ranks second in hosting wealthy Indians globally

The United Arab Emirates (UAE) has become the second-largest home for wealthy non-resident Indians (NRI’s) globally, with up to 20 Indian-origin businessmen residing in the country.

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The findings were revealed in the Hurun India Rich List 2023, jointly released by Hurun India and 360 ONE Wealth.

It has listed 96 out of 360 are NRIs, with 84 percent being self-made, with London-based Gopichand Hinduja and family topping the list with a wealth of 1,76,500 crores, followed by Lakshmi Mittal and family also living in London— at 1,62,300 crores.

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The report indicates that with 47 individuals, the United States (US) is the top choice for NRIs, followed by the UAE and the United Kingdom (UK).

Top wealthiest Indians residing in UAE

Vinod Shantilal Adani

Vinod Shantilal Adani, brother of Gautam Adani, ranks as the wealthiest Indian in UAE with a global wealth of 1,07,300 crores.

His ranking among the richest Indians globally dropped to 12 this year, possibly due to the negative market performance of Adani Group company stocks following a Hindenburg Research report.

M A Yusuff Ali

Sixty-seven-year-old Yusuff Ali, founder and chairman of hypermarket chain operator LuLu Group International, ranks second wealthiest NRI in UAE, with a wealth of 55,000 crores.

Other top wealthy Indians in UAE

  • Prithviraj Jindal and family and Ratan Jindal and family
  • Divyank Turakhia and Bhavin Turakhia
  • Danube promoter Rizwan Sajan
  • Petrochem ME’s Yogesh Mehta
  • IBS Software chairman V K Mathews and family
  • Malabar Gold’s Abdul Salam KP

Top ten wealthiest NRIs

Rank Name City Wealth Company
1 Gopichand Hinduja and family London 1,76,500 Hinduja
2 L N Mittal and family London 1,62,300 ArcelorMittal
3 Vinod Shantilal Adani and family Dubai 1,07,300 Adani
4 Jay Chaudhry San Jose 72,100 Zscaler
5 Shapoor Pallonji Mistry Monaco 70,800 Shapoorji Pallonji
6 Anil Agarwal and family London 66,900 Vedanta Resources
7 M A Yusuff Ali Abu Dhabi 55,000 LuLu Group
8 Sri Prakash Lohia London 54,500 Indorama
9 Rakesh Gangwal and family Mclean 31,800 Interglobe Aviation
10 Vivek Chand Sehgal and family Melbourne 30,700 Samvardhana Motherson International

“The trends in the 360 ONE Wealth Hurun India Rich List 2023 reveal that India stands as a ‘shining moon’ in a global economy exploring every avenue to avoid recession. Despite being considered a ‘challenging year,’ India welcomed 278 new faces and a remarkable 38 new billionaires, marking the second-highest number of billionaire additions since the list’s inception. As the global economy stabilizes, we anticipate even more rapid wealth growth in India.”

“From Tata to Birla, India has nurtured some of the world’s most esteemed family business dynasties. Nearly 60 per cent of the 360 ONE Wealth Hurun India Rich List is poised for intergenerational wealth transfer within the next decade. India’s wealth creation story is truly inspiring, with 66 per cent of the list being self-made, a significant increase from 54 per cent five years ago.”

Anas Rahman Junaid, MD and Chief Researcher at Hurun India, said.

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