Flashy, gaudy, and fascinating, Dubai plays host to some of the wealthiest people in the world. As part of the United Arab Emirates, who had a substantial seven billionaires land on the Forbes richest list last year in 2019, Dubai is a relatively small country that is home to some 30 billionaires – as a matter of fact, reports show that roughly 1% of the city’s population are in control of about 50% of the entire country’s assets. So, with that being said, here are 5 of the richest people currently living large in Dubai.
1. Abdulla bin Ahmad Al Ghurair – $5.9 Billion
Founder of the leading bank in the UAE, Mashreqbank, Abdulla bin Ahmad Ghurair and his family have had a substantial impact on numerous industries in Dubai. Today he remains the bank’s chairmen (with his son acting as CEO) 50+ years after founding the organization in 1967. His family also retains a holding company called the Al Ghurair Group which owns multiple retail, hospitality, and construction companies of high economic significance to the city. He was listed by Forbes as worth $5.9 billion but it is possible the number reaches even higher.
2. Majid Al Futtaim – $4.6 Billion
Majid Al Futtaim founded the Majid Al Futtaim Holding Group and has maintained operations of numerous entertainment establishments, retail stores, and shopping malls since. His group runs 12 hotels and 21 malls spread over 13 countries, and also owns the Dubai’s Mall of the Emirates and Cairo’s Mall of Egypt. Majid Al Futtaim’s net worth is understood to be $4.6 Billion (at the end of 2019).
3. Hussain Sajwani – $4.1 Billion
Running his luxury real estate empire over the last 18 years has clearly paid off, as now, Hussain Sajwani is worth an estimated $4.1 Billion and he is the 3rd richest man in Dubai. Before becoming the owner and founder of Damac Properties in 2002 Sajwani worked in food services, supplying large companies and even the US Military. He also partnered with the current US president back in 2013 to build two Trump golf courses in Dubai. Damac Properties is currently one of the largest property development companies in the region.
4. Micky Jagtiani – $3.1 Billion
Going from being a taxi driver in an around-the-clock city to becoming a multi-billionaire is something most of us can only dream about, but Micky Jagtiani made it happen. After moving to Bahrain from London in 1973, Jagtiani started a baby products store that he eventually parlayed in the uber successful Landmark Group. After relocating the company to Dubai, he eventually grew it to the size it is today, overseeing 2300 stores across 22 countries in the UAE and Africa (with his wife overseeing the company). His estimated net worth as of late 2019 is $3.1 billion dollars.
5. Abdulla Al Futtaim – $2.5 Billion
Even though Abdulla Al Futtaim’s fortune dropped almost one billion dollars from 2018 to 2019, he is still one of the richest people in Dubai. Abdulla Al Futtaim operates the Al Futtaim Group, which is responsible for the distribution of some extremely well-known brand names like Toyota, Ikea, Hertz, and Zara in the UAE. He is cousins with Majid Al Futtaim, who also happens to be number two on this richest-of-Dubai list.
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