Dubai is one of the well-known cities in the world for business and tourist destinations. It is the city where most of the richest people in the UAE live here permanently. Today in this post, we will explain the richest man in Dubai for the year 2020.
Although the number of largest businesses is owned by royal families, the richest man in Dubai is not part of the royal background. By 2020, there are 24 billionaires in UAE with two young entrepreneurs. Among the richest, 17 are foreign nationals and residents of the United Arab Emirates.
The richest man in Dubai
Majid Al Futtaim;
He is the richest person in Dubai and UAE. Born as Emirati and permanent resident of Dubai has operated the business under it own name formally known as MAF ( Majid Al Futtaim) group. The group has operated mainly three-sector: mall, retail, and leisure establishment. There are three subsidiaries business network;
- Majid Al Futtaim properties
- MAF retail and
- Majid Al Futtaim ventures
The group has operated in several business establishments in UAE, Lebanon, Egypt, Saudi Arabia, Oman, Bahrain, Kuwait, Qatar, Jordan, Pakistan, Iraq, Armenia, and Georgia. Although his wealth has now slipped from 10.6 to 8.9 billion still he is the richest man in Dubai and UAE.
2. Mohammed Khalaf Al Habtoor;
Born in 1968 in the largest business families in Dubai. Mohammed Khalaf inherited his father’s business Al Habtoor Group.
The group is the largest conglomerate operated in the UAE and the middle east. The founding father of the Al Habtoor group who is the father of Mohammed Khalaf was a prominent business person, investor, and vice-chairman of the Al Habtoor group.
Mohammed Khalaf diversified the business into a variety of the business including real estate, hotels, education, insurance, hospitality, automotive, and publishing industry. His wealth increased by 11 percent, earning a total wealth of 7.2 billion in 2020.
The growth of the Al Habtoor Group was incredible while Mr. Khalaf created the major revenue-generating organizations, Al Habtoor City, Polo resort & club, and Waldorf Astoria Dubai Palm Jumeirah.
3. MA Yusuffali;
He is an Indian businessman and resident of UAE started his own business lunching lulu hypermarket in 1990. The LuLu hypermarket chain is the subsidiary of the LuLu group was founded by his parental uncle in Abu Dhabi.
MA Yusuffali ranked at the 20th richest persons in India and 270th place in the world. He has owned the share capital of international organization and infrastructure some of them are 4.99% Stake in Thrissur-based Catholic Syrian Bank (CSB) and 4.47% stake in the Aluva-based Federal Bank.
MA Yusuffali has owned the Scotland Yard Building in London. 9.37% share at cochin international airport India, 10% share in UK based east Indian companies. MA also the owner of the LULU Bolghatty international convention center on Bolghatty Island.
It is one of the largest convention centers in South Asia, along with the third-largest Grand Hyatt branded hotel.
In 2020, his wealth has shrunk 9% his current aggregate wealth is 5.2 billion.
4. Vinod Shantilal Adani;
He is another Indian businessman and ranks 4 among the top ten wealthiest people in Dubai.
Vinod is the owner of Trident Trade and Investment, Pride Trade and Investment, Radiant Trade and Investment, Ventura Trade & Investment, Adani Power Pte Ltd, Adani Shipping and Adani Power (Overseas) Limited, Adani Global Ltd, Adani Enterprises, Adani Global FZE, and Adani Bunkering private limited.
In the first quarter of 2020, he was the only one who did not suffer and his fortune soared 54 percent and his wealth reach up to USD 4.3 billion.
5. Micky Jagtiani;
He was born in Kuwait in 1952 and came to Dubai after gulf war flared up in Kuwait. Micky established the landmark store in Dubai and expanded the business thereafter.
Landmark Group has expanded into the Middle East and Southeast Asia in the sectors of fashion, electronics, furnishing, and budget hotels.
It has over 45000 employees and over 1000 stores in the Persian Gulf region, the Middle East, and India.
Since falling 5% less than in the previous year, his net wealth remains 4.2 billion in 2020.
6. Sunny Varkey;
Although Sunny Varkey born in India he is a leading academic entrepreneur and philanthropist in the world. His career and entrepreneurship started in Dubai since 1977.
He is the owner of the GEMS(global advisory and educational management) it is the largest operator of kindergarten to grade 12 schools in the world.
His education firm GEMS has operated 130 schools with dozen of the schools in UAE, Kenya, Uganda, Egypt, Jordan, Libya, Singapore, the U.S., Switzerland, and elsewhere around the globe.
His net worth was 3 billion in 2020 and growth exceeded 15% compared to previous years.
7. Divyank Turakhia;
Raised in India back in 1982, he is the youngest multimillionaire in the UAE and India. He is the founder of MediaNet. Professionally he is a computer programmer, businessman, and a variety of business network operators. In 2020, his net wealth is 1.9 billion increased by 15% comparing 2019.
8. Philip Day;
As the son of the British parents, He was born in Dubai. His father was the Dubai businessman and CEO of The Edinburgh Woolen Mill Group.
The group has many brands including Austin Reed, Jane Norman, Jaeger, Peacocks. The Philip day is the owner of the woolen mill group that has owned the other high-street retailers in the world.
His net wealth in 2020 is 1.9 billion, but a 15 percent decline from last year.
9. Shamsheer Vayalil;
Born in 1977 in India a radiologist became the prominent business person in the health care sector. He is the founder and chairperson of VPS Healthcare Group and vice president of the Amanat holding a healthcare and education company.
His net wealth in 2020 is 1.9 billion and there is not reveled of decreasing and increasing rate.
10. Feroz Allana;
He is the co-founder of the Allan group that produce and supply the fast-moving consumer goods (FMCG). Although he lives in Dubai, his firm’s headquarters in Sharjah a neighboring Dubai state.
Allan group offers various products including frozen foods, oils, and institutional services. Some popular brands of the Allan group are Al Baker, London Dairy, Noor, Tiffany, Rahma, Khaleej, and Igloo, etc.
His net wealth boosts the growth of 25% and the now total worth of 1,7 billion.