Yussuf Ali of Lulu tops NRI rich-list; Renuka Jagtiani is second



The wealth of India’s 100 Richest people flatlined this year at $799 billion despite the stock market rising 14 per cent due to India’s sentiments being on a high after hosting the G20 summit and becoming the fourth country to land a spacecraft on the moon. Mukesh Ambani Chairman, Reliance Industries, reclaimed the top position with a net worth of $92 billion, followed by Gautam Adani at $68 billion and tech mogul Shiv Nadar in the third position.

The six Non-resident Indians (NRI) from the UAE are M. A. Yusuffali, chairman and Managing director, LuLu Group International; Renuka Jagtiani, chairwoman, Landmark Group; Joy Alukkas, chairman of Joy Alukkas Group; Dr Shamsheer Vayalil, founder and chairman of Burjeel Holdings; Ravi Pillai, chairman and managing director of RP Group; and Sunny Varkey, founder of GEMS Education Group.

M.A. Yusuffali came 27th on the list coinciding with the LuLu Group’s global network expansion. Last year, he was ranked 35th with a fortune of $5.4 billion. Renuka Jagtiani’s Landmark Group – one of the largest omnichannel retailers in the region – is ranked 44th with a fortune of $4.8 billion. In 2022, her wealth was estimated at $2.9 billion.

Alukkas, who owns one the largest jewelry networks in the Middle East, was positioned 50th with a net worth of $4.4 billion. He has improved his position from 69th richest Indian last year. In 2022, he had a net worth of $3.1 billion, according to Forbes.

Dr Shamsheer, the youngest Indian businessman featured on the list, has a net worth of $3.7 billion and is ranked 57th. He is also the richest Indian doctor featured on the list. RP Group’s Ravi Pillai is ranked 69th and his wealth has been estimated at $3.2 billion.

RP Group is among the biggest employers of Indians in the Middle East. Sunny Varkey’s Gems Group has a net worth of $2.93 billion and is ranked 78th. He controls GEMS Education, the largest operator of private kindergarten-to grade-12 schools in the world. Yusuffali, Joy Alukkas, Dr Shamsheer, Ravi Pillai, and Sunny Varkey hail from Kerala.

The topper, Ambani, solidified his succession plan by appointing his three children as non-executive directors to Reliance’s board. Meanwhile, infrastructure magnate Gautam Adani, who briefly surpassed Ambani as India’s wealthiest in the previous year, saw a notable setback after a damaging report by US short seller Hindenburg Research in January, causing a drastic dip in his group’s shares.

Software tycoon Shiv Nadar surged two positions to reclaim the third spot as shares of HCL Technologies surged by 42% over the past year. Savitri Jindal, matriarch of the OP Jindal Group, a power and steel conglomerate, secured the fourth position with a net worth of $24 billion, witnessing a 46% increase.

This year, only three new entrants made their mark on the list. Renuka Jagtiani claimed a spot following her husband Micky Jagtiani’s passing away in May. The Dani family of Asian Paints and garment exporter K.P. Ramasamy also secured positions. Additionally, the list saw the return of seven individuals, including healthcare entrepreneur Ranjan Pai, who cashed out $1 billion by selling part of his stake in Manipal Health Enterprises to Singapore’s Temasek.

However, eight individuals from the previous year’s list dropped off, including the couple Byju Raveendran and Divya Gokulnath, as their edtech firm Byju’s saw a drastic devaluation amid various challenges.


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