Forbes reveals the top 5 richest men in the UAE

Published March 4th, 2015 - 06:57 GMT

The richest five people in the UAE, with a combined net worth of $21.7 billion (Dh79 billion), have made it to this year’s Forbes World’s Billionaires List. Most of them are UAE nationals who manage a number of homegrown businesses in the country.

The number of wealthiest billionaires in the world has increased to 1,826 in 2015, up from only 140 in 1987.

Among the nearly 2,000 billionaires who made it to the list, an Emirati businessman, Abdulla Bin Ahmad Al Ghurair, is crowned the richest person in the UAE, with a total net worth of $6.4 billion as of this month.

The founder of Mashreq is from a prominent UAE family that owns a number of businesses in food, construction and real estate industries. He manages the Family Business Network Gulf Cooperation Council, which seeks to “modernize family businesses,” according to his Forbes profile.

Al Ghurair is ranked number 220 in the global list.

Following closely behind in the second place is Majid Al Futtaim, who has a total net worth of $6.2 billion. The businessman owns several malls and Carrefour hypermarkets spread across the Middle East, North Africa and Central Asia.

Majid occupies the 230th spot globally.

Coming in the third place is Micky Jagtiani, the only non-Emirati businessman in the top five list. Jagtiani has a total net worth of $5.2 billion and runs the Dubai-based conglomerate Landmark Group, which has retail and hospitality businesses in the Middle East, Africa and India. It is known for a number of brands including Shoe Mart, Lifestyle, Babyshop and Splash, among many others.

Jagtiani is ranked 291st richest billionaire in the world.

Coming in the fourth place is Saif Al Ghurair, the brother of Abdulla and former head of Al Ghurair Group which has interest in manufacturing, real estate and investments. Saif holds a major stake in Mashreq. The businessman, with a total net worth of $3.4 billion, is ranked number 512 in the global list.

Abdulla Al Futtaim has emerged as this year’s fifth richest person in the UAE, with a total net worth of $3.2 billion. Abdulla is the owner of a family-run conglomerate that distributes Toyota and Honda automobiles in the UAE. A number of franchises are also tied to Abdulla’s business, including Ikea, Toys “R” Us and Marks & Spencer.

Abdulla is the 557th wealthiest billionaire in the world.

5 richest billionaires in the UAE and their net worth

Abdulla bin Ahmad Al Ghurair: $6.4 billion

Majid Al Futtaim: $6.2 billion

Micky Jagtiani: $5.2 billion

Saif Al Ghurair: $3.4 billion

Abdulla Al Futtaim: $3.2 billion

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