Indians have emerged as the biggest group on Forbes Middle East’s latest list of the richest residents in the UAE.
According to Forbes Middle East, nine Indians featured in its 2026 ranking of “The Richest Residents in the UAE”. Together, they hold a combined wealth of $49.9 billion.
The list includes 17 billionaires from five countries with a total net worth of $212.6 billion. Forbes Middle East said the ranking reflects how the UAE has become a preferred destination for wealthy entrepreneurs and global business leaders.
Yusuff Ali’s retail empire
M. A. Yusuff Ali ranked sixth on the list with a net worth of $5.8 billion. According to Forbes Middle East, Yusuff Ali heads LuLu Retail, which runs 267 hypermarkets across Gulf countries and recorded nearly $8 billion in revenue in 2025.
Originally from Kerala, Yusuff Ali moved to Abu Dhabi in 1973 to join his uncle’s small distribution business. Over the years, he built LuLu into one of the region’s largest retail groups.
Forbes Middle East also noted that LuLu Retail was listed on the Abu Dhabi Securities Exchange in 2024 and raised $1.7 billion. Apart from retail, Yusuff Ali also has investments in hospitality and aviation.
Renuka Jagtiani carries forward Landmark Group
Renuka Jagtiani secured the seventh position with a net worth of $5.6 billion. According to Forbes Middle East, she leads Landmark Group, one of the Middle East’s biggest retail businesses. The company was founded in Bahrain in 1973 by her late husband Micky Jagtiani.
Today, the company has more than 2,250 stores across 15 countries in the Middle East, Africa and Asia. Forbes Middle East said the group generates more than $7 billion in annual revenue. The report added that Renuka Jagtiani oversees the company’s strategy and expansion, while her children are also involved in the business.
Ravi Pillai’s Gulf success story
Ravi Pillai ranked eighth with a net worth of $4.2 billion. Forbes Middle East said Pillai moved to Saudi Arabia in 1978 after his construction business in Kerala failed. He later rebuilt his career and turned RP Group into a major construction and engineering company in the Gulf region. The report also noted that he has invested heavily in India through hotels, banks and real estate projects.
Sunny Varkey’s education business
Sunny Varkey ranked ninth with a net worth of $4 billion. According to Forbes Middle East, Varkey built GEMS Education into one of the world’s largest K-12 school operators. His parents had moved from India to Dubai in 1959 as teachers. The report said GEMS received investments from CVC Capital Partners in 2019 and later secured a $2 billion investment in 2024 from a consortium led by Brookfield Asset Management