Affluent Indians find UAE the second most attractive destination

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DUBAI, UAE, Oct 14, (Agencies): The UAE has emerged as the second-largest hub for affluent Indians globally, with 20 Indian-origin entrepreneurs choosing the country as their place of residence. In contrast, the United States has become the favored destination for wealthy non-resident Indians (NRIs), with 47 NRIs now residing there, according to the 360 One Wealth Hurun India Rich List 2023.

The report, unveiled on October 10, disclosed that 18 out of the world’s 20 wealthiest Indians have made Dubai their home. This prestigious ‘rich list’ features 96 non-resident Indians, and a remarkable 84 percent of them are self-made entrepreneurs. The report also reveals that the United States ranks as the most preferred country for NRIs, followed by the UAE and the UK. In total, the Hurun 2023 list includes 1,319 individuals hailing from 138 cities, using August 30 as the reference date for assessing their fortunes.

Vinod Shantilal Adani, the elder brother of Indian billionaire Gautam Adani, clinched the title of the wealthiest Indian in the UAE for 2023, accumulating a wealth of $12.9 billion. Nevertheless, his global ranking dipped from 6th to 12th this year, partially attributed to the stock market downturn in Adani Group firms following the Hindenburg Research report.

Securing the second position is Yusuff Ali MA, Chairman and Managing Director of LuLu Group International, with a fortune of $6.65 billion. Following closely is Shamsheer Vayalil, the CEO of Burjeel Holdings, with a wealth of $4 billion. Sunny Varkey of GEMS Group ranks fourth, possessing a wealth of $3.16 billion. Notably, Vayalil made waves in the UAE stock market with a $2.83 billion IPO for his healthcare group, Burjeel Holdings, in 2022. He is among the 283 new wealthy Indians entering the Hurun India Rich List this year.

Additionally, another report by residency and investment specialists, Henley and Partners, highlights Dubai as the residence of 15 billionaires and over 200 centi-millionaires. The city is also expected to become one of the fastest-growing locations for the ultra-rich over the next decade. Centi-millionaires are individuals with assets valued at $100 million or more.

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