Dubai, a gilded metropolis synonymous with luxury and excess, is a playground for the world’s ultra-wealthy. Its tax-free status, coupled with a booming economy, has transformed the city into a billionaire magnet. Home to a staggering concentration of affluence, Dubai’s skyline mirrors the fortunes of its elite residents. This exclusive post unveils the identities, empires, and extravagant lifestyles of the richest individuals in Dubai in 2024.
Dubai: One of the Wealthiest Cities in the World
Dubai has solidified its position as the most affluent city in the Middle East based on the sheer number of millionaires, as per a recent study conducted by Henley & Partners in collaboration with New World Wealth. Over the past decade, the population of Dubai residents possessing liquid investable wealth of USD 1 million or more has surged by nearly 80%, reaching a total of 72,500 individuals. Among them, 212 are centi-millionaires, with assets exceeding USD 100 million. Dubai is also home to 15 billionaires.
The study firmly places Dubai in the top 50 ranking of the world’s wealthiest cities, claiming the 21st spot. It continues to attract individuals with substantial wealth to its shores, while also fostering an environment conducive to the growth of startups and established enterprises alike. Notably, more millionaires reside in Dubai than in cities such as Osaka, Munich, Vancouver, or Madrid.
The Richest People in Dubai in 2024
While the exact net worths of individuals can fluctuate, here’s a spotlight on some of the richest people currently in Dubai.
Pavel Durov (Net Worth: $15.5 B)
Pavel Durov founded and owns the messaging app Telegram, boasting over 700 million monthly active users globally. Positioned as a free alternative to messaging platforms like WhatsApp, Telegram competes in the crowded digital communication landscape.
Durov’s decision to relocate to Dubai in 2017, following his departure from Russia due to his refusal to cooperate with Russian authorities regarding user data from his earlier social network, marked a significant shift. He obtained French citizenship in 2021.
M.A. Yussuf Ali (Net Worth: $7.6 billion)
M.A. Yusuff Ali, known as the retail magnate of the Middle East, leads LuLu Group International, which generates $8.4 billion in revenue. The conglomerate operates 256 hypermarkets and malls across the Gulf region and beyond. Originally from a village in Kerala, India, Yusuff Ali relocated to Abu Dhabi in 1973 to join his uncle’s modest distribution enterprise.
In April 2020, a member of Abu Dhabi’s royal family reportedly acquired a significant 20% stake in LuLu for $1 billion. Looking forward, Yusuff Ali plans to take the retail giant public between 2023 and 2024. His diverse portfolio also includes prestigious assets such as the Waldorf Astoria in Scotland and the Great Scotland Yard Hotel, which was formerly the headquarters of the U.K. Metropolitan Police.
Hussain Sajwani (Net worth: $5.1 billion)
Hussain Sajwani, the founder of Damac Properties, has been instrumental in shaping Dubai’s real estate landscape. Beginning his career in the food services industry, where he served the U.S. military and Bechtel, he transitioned to real estate in 2001 following Dubai’s decision to permit foreign property ownership. His swift success was evidenced by selling units in a residential building within six months.
Under his leadership, Damac Properties has developed some of Dubai’s most opulent residential and commercial projects, significantly altering the city’s skyline. Notably, Sajwani forged a partnership with Donald Trump in 2013 to establish two Trump-branded golf courses within Dubai developments. Known for his bold marketing strategies, he has at times offered incentives such as free Lamborghinis to apartment buyers and has secured co-branding agreements with prestigious names like Versace and Bugatti.
Renuka Jagtiani (Net worth: $4.8 billion)
Renuka Jagtiani serves as the chairwoman of Landmark Group, a major retail conglomerate headquartered in Dubai. Founded in 1973 by her late husband, Micky Jagtiani, Landmark Group began as a single store in Bahrain. Since then, it has expanded to encompass 2,200 stores across 24 countries spanning the Middle East, Africa, Southeast Asia, and the Indian subcontinent. In her role, Jagtiani leads strategic initiatives and explores new business opportunities for the company.
Under Micky Jagtiani’s leadership, Landmark Group has grown into one of the Middle East’s largest retail enterprises, shaping Dubai’s vibrant retail environment with a diverse array of brands catering to a wide range of consumer needs.
Joy Alukkas (Net worth: $4.4 billion)
Joy Alukkas, originally the son of a jewelry store owner and a school dropout, ventured to the Middle East in 1987 to establish the family’s inaugural overseas store in Abu Dhabi. Subsequently, he branched out to establish his own brand, Joyalukkas, which has expanded to encompass 100 outlets throughout India and 60 internationally.
Alongside his jewelry business, Alukkas has diversified into sectors including a currency exchange enterprise, malls, and real estate ventures. His son, John Paul, serves as the managing director of the global jewelry operations. Despite initial plans, Alukkas decided to delay the public listing of his jewelry business, attributing this decision to subdued conditions in the IPO market.
Abdulla Bin Ahmad Ghurair (Net Worth $3.9 Billion)
Abdulla Al Ghurair established Mashreqbank, a prominent UAE financial institution, in 1967. He retired as chairman in October 2019 but continues to serve on the board. Beyond banking, his namesake holding company maintains interests in sectors such as food, construction, and real estate, with non-family members playing key roles in its leadership.
His construction company played a pivotal role in the exterior cladding of the Burj Khalifa, the world’s tallest building, and contributed to the construction of the Dubai Metro. His late brother, Saif Al Ghurair, was also a billionaire until his passing in August 2019.
Abdulla Al Futtaim & Family (Net Worth: $3.3 billion)
Abdulla Al Futtaim is the owner of Al Futtaim Group, a conglomerate now led by his son Omar, who serves as vice chairman and CEO. Since 1955, the group has held the exclusive distributorship rights for Toyota in the U.A.E., a partnership that continues to this day. Al Futtaim Group also manages licenses for Hertz, Ikea, Toys (R) Us, and Marks and Spencer in the U.A.E., anchoring these retailers in its malls such as Dubai Festival City, Dubai Festival Plaza, Doha Festival City, and Cairo Festival City.
In addition, Majid Al Futtaim, his cousin, known as the “retail king” of Dubai, founded and chaired the Majid Al Futtaim Group. This pioneering venture has reshaped the retail landscape across the Middle East and North Africa, introducing renowned international brands and creating vibrant shopping experiences. Majid Al Futtaim Group’s extensive portfolio encompasses shopping malls, hypermarkets, fashion outlets, and entertainment venues, underscoring its pivotal role in Dubai’s economic landscape.
Sunny Varkey (Net Worth: $3.3 billion)
Sunny Varkey, the founder of GEMS Education, the world’s largest private education provider, is a significant figure in Dubai’s educational landscape. His dedication to delivering high-quality education has profoundly influenced the city’s knowledge-based economy.
Born to Indian expatriate teachers who settled in Dubai in 1959, Sunny Varkey leads GEMS Education, renowned as the largest operator of K-12 schools globally. In 2019, the private education firm welcomed CVC Capital Partners as a key investor. Managing the company’s operations are his sons, Dino and Jay, serving as CEO and group executive director, respectively. Additionally, Sunil Munjal, a member of the Indian Munjal family known for their involvement in the two-wheeler industry, holds a minority stake in GEMS.
P.N.C. Menon (Net Worth $2.8 Billion)
Property developer P.N.C. Menon embarked on his journey from Kerala, South India, to Oman in 1976, where he launched an interior decorating business in partnership. Recognizing the potential in real estate, Menon established Sobha Developers in Bangalore in 1995, naming it after his wife. Today, Sobha Developers is overseen by his son Ravi, an engineer educated at Purdue University, while Menon resides in Dubai.
In the Middle East, Menon’s Sobha Realty operates across the UAE, Qatar, Oman, and other Gulf countries. Menon has expressed plans for his wife to assume the role of chairman at Sobha after his passing, with his son Ravi serving as co-chair.
Kabir Mulchandani (Net Worth $2 Billion)
Kabir Mulchandani is the proprietor of FIVE Holdings, a Dubai-based real estate company that operates luxury party hotels and resorts in the Middle East, Spain, and Switzerland. He established the company in 2011 and intends to list it on the Dubai Stock Exchange in 2025.
Originally from Mumbai, India, Mulchandani initially worked in his family’s consumer electronics business before relocating to Dubai in the early 2000s to venture into real estate. In November 2023, FIVE Holdings purchased Pacha Group, which owns hotels and nightclubs in Ibiza, Spain, for $330 million.
Wrapping Up
Dubai’s wealthiest residents are living embodiments of the city’s audacious ambition and boundless prosperity. Their opulent lifestyles and business empires not only fuel Dubai’s reputation as a global luxury capital but also inspire a new generation of entrepreneurs to dream big.
As Dubai continues its relentless ascent, its billionaire class is poised to expand and redefine the city’s skyline, both literally and figuratively.