A country full of rich Emiratis: UAE, the third richest country in the world - MENA startups, innovation, and tech news

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A country full of rich Emiratis: UAE, the third richest country in the world

UAE’s total wealth is $870 billion and here’s how they are making their way up to the top.

“Work until Dubai is cheap” is what every budding entrepreneur tells. UAE is the third richest country in the world, Luxembourg at number two and Qatar at number one. Not just that, the economy of UAE is the fourth largest country in the middle east. The total wealth of the UAE is around $870 billion, attracted over 35,000 HNWIs since the turn of the century.

So why are the rich getting richer?

Dubai came on top for the wealthiest middle eastern city and is home to a total of 9 billionaires. The primary source of wealth has always been a port. The other sources differentiated into- property development, luxury tourism, building great architecture and tourist attractions are also helping them get to the top. According to a 2009 report, 85% of the UAE’s economy is invested in oil exports. The investment statistics say that UAE was valued at $109.9 billion in October 2012 by Bloomberg. Saudi Arabia ranked 30th, is the only other country from the Arab world listed among the top 30 countries with 10 billionaires in 2019.

The future’s not too blurry for UAE, here’s why:

The future of UAE is not just into petroleum but other resources such as tourism, substantial construction, and much more. It is predicted that by 2027, there will be 140,000 millionaires living in UAE, that’s huge, isn’t it?  Rupert Hoogewerf said, " Poor stock market performances and an appreciating dollar were the main reasons for this year's record drop in billionaires. Despite the strong dollar and its tax cuts, the USA added only 13 billionaires but made it harder for the rest of the world to make the cut."

Here’s a list of the top ten richest Emiratis:

Name: Majid Al Futtaim

Owns and operates shopping malls, retail, and leisure establishments in the Middle East and North Africa, with operations in 13 countries.

Net worth: 370 crores USD.

1): Khalaf Al Habtoor & family

Mohammed Khalaf Al Habtoor is the son of a business magnate, investor, and vice-chairman and CEO of the Al Habtoor Group. one of the largest conglomerate corporations in the UAE.

Net worth: the US $1 billion

2)Name: MA Yusuffali

MA Yusuffali is the chairman and managing director of LuLu Group International that owns the Lulu Hypermarket chain worldwide and LuLu International Shopping Mall.

Net worth: 490 Crores USD

3)Name: Vinod Shantilal Adani

A leading executive at the billion-dollar Indian conglomerate, The Adani Group, which is chaired by his elder brother Gautam Adani. Vinod oversees some of the firm’s overseas operations.

Net worth: $9.8 billion

4)Name: Micky Jagtiani

Billionaire businessman, based in the UAE, and is the chairman and owner of the Dubai-based Landmark Group.

Net worth: 380 crores USD

5)Name: Sunny Varkey

Dubai-based education entrepreneur and education philanthropist.

Net worth: US$1.9 billion

6)Name: Divyank Turakhia

Computer-programmer, businessman, billionaire, serial entrepreneur, and investor.

Net worth: $1.76 billion

7)Name: Philip Day

Dubai-based British billionaire businessman, and the CEO and owner of The Edinburgh Woollen Mill Group, which owns Peacocks, Jaeger, Jane Norman, Austin Reed, and other high-street retailers.

Net worth: £1.1 billion

8)Name: Shamsheer Vayalil

The founder, chairman, and managing director of VPS Healthcare Group, and the vice-chairman and managing director of Amanat Holdings, a healthcare and education investment company.

Net worth: US$1.4 billion

9)Name: Feroz Allana

Feroz Allana is the Founder of the Allana Group that deals in fast-moving consumer goods (FMCG).

Net worth: $4.4 billion

10)Name: Saket Burman

The son of Sidharth and Indira Burman, Saket Burman is part of the legendary Indian Burman family which founded Dabur, one of the largest consumer goods.

Net worth: 180 crores USD

Everyone starts small, it’s important to have the right vision and the dedication to work on your dreams.
“You have to fight through some bad days to earn the best days of your life.”

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