Retail king tops Gulf Indian rich list with $ 3.2 billion fortune

A survey by the Arabian Business weekly magazine shows that Landmark boss Micky Jagtiani now has close to USD 1.5 billion more than his nearest rival in the wealth stakes, New Medical Centre Group boss B R Shetty, who was second with a USD 1.72 billion fortune.

Covering the 30 richest Indians in the GCC region, the survey placed EMKE Group's Yusuffali M A in third place with USD 1.55 billion, while the Chhabria family, owners of the Jumbo Electronics chain, came in fourth with USD 1.3 billion.

In total, the list has just five billionaires, including fifth placed P N C Menon with a USD 1.2 billion fortune.

Another notable name that figured in the list was GEMS Group Founder Sunny Varkey, ranked sixth with a USD 950 million fortune, while Arabian Trading Agency Chairman Maghanmal Pancholia rounded off the list with estimated wealth of USD 170 million, the report said.

"Wherever you look in the GCC, there are so many success stories of Indian entrepreneurs who came to the region many years ago and have created world-class businesses worth several billion dollars. Micky Jagtiani may have topped this year's list, but everyone on it is a success story in their own right," Arabian Business Deputy Editor Edward Attwood said.