UAE is preferred destination for richest NRIs: Hurun’s Report

United Arab Emirates has emerged as the favourite destination for wealthy Non Resident Indians (NRIs), as 14 out of the 40 richest reside there. UAE is followed by United Kingdom and United States of America, as 10 and eight wealthy NRIs live there respectively. This has been revealed in the year’s Hurun Report.

Having INR882 billion, LN Mittal of ArcelorMittal is the wealthiest NRI in the world living in UK who topped the list. He is followed by Micky Jagtiani of the Landmark Group and MA Yusuf Ali of the Emke Group who are ranked the second and third wealthiest globally. Jagtiani and Ali are residents of the UAE, with assets worth INR347 billion and INR319 billion, respectively.

United Arab Emirates has emerged as the favourite destination for wealthy NRIs as 14 out of the 40 richest reside in this country.
United Arab Emirates has emerged as the favourite destination for wealthy NRIs as 14 out of the 40 richest reside in this country. Photo courtesy: mediaoffice.ae

In addition to this, Sunny Varkey (Gems Education) having cumulative assets of INR179 billion and BR Shetty (NMC) having assets of INR173 billion are also included among billionaires in the top 10 list of Harun India Rich List. These NRIs migrated to UAE because of the country’s excellent infrastructure, ease of doing business, peaceful environment and good quality of lifestyle.

Extremely rich NRIs living in UAE also include Adani Vinodbhai Shantilal (Adani Enterprises), Ravi Pillai (RP Group), Feroz Allana (IFFCO), Divyank Turakhia (Media.Net), Shamsheer Vayalil (VPS Healthcare), Tony Jashanmal (Jashanmal), Saket Burman (Dabur), Azad Moopen (Aster DM Healthcare) Rizwan Sajan (Danube) and Ramesh S Ramakrishnan (Transworld).

Rupert Hoogewerf, chairman and chief researcher, Hurun Report Global, said, “The total number of rich list entrants increased 6 times since we launched the list six years ago; a good indication that Indian entrepreneurs are coming of age with global ambitions.”

Also  read: Golden Indians of the Desert Kingdom: 5 living legends of the Emirates

The Hurun India Rich List named the richest people in India with cut off at INR10 billion and the methodology involved taking a snapshot of wealth as on 31 July, 2017. The exchange rate used for USD was INR64.1. The list relates to those with Indian origin on their passports

Mukesh Ambani of Reliance Industries was ranked first for the sixth consecutive years with net worth INR 2.579 trillion. Dilip Shanghvi of Sun Pharma took the second place, with net worth of INR 890 billion. Others among the top 10 are LN Mittal (ArcelorMittal), Shiv Nadar (HCL), Azim Premji (Wipro), Cyrus S Poonawalla (Serum Institute of India), Gautam Adani (Adani Enterprises), Acharya Balkrishna (Patanjali Ayurved), Uday Kotak (Kotak Mahind), and Sunil Mittal & Family (Bharti Airtel).

Author
Ashraf Jamal
Ashraf Jamal – Senior Writer

Ashraf Jamal brings a rare depth to writing equipped with a degree in journalism, a postgraduate degree in political science, and a degree in law from the Allahabad University. His experience includes editing and publishing the Northern India Patrika and writing for Times of India for almost a decade covering just about any topic under the sun including NRIs and Indian diaspora.

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