Move over, Mumbai, Delhi and Bangalore. Dubai has emerged as a favourite residential destination of India’s super rich. Nine per cent of the 141 persons, each with over $300 million (Rs 1,890 crore) in assets, now reside in the Gulf emirate, up from just one person last year, according to the China-based Hurun India Rich List 2013.
The Dubai-based Indian millionaires include Micky Jagtiani of the Landmark Group, Ravi Pillai of the Ravi Pillai Group, the Chhabria family of the Jumbo Group, Sunny Varkey of Gems Education, Tony Jashanmal of the Jashanmal Group and Joy Alukas of Joyalukas Jewellery.
Yogesh Mehta of Petrochem ME, Rizan Sajan of Danube Group, Deepak Babani of Eros, Azad Moopen of DM Healthcare, Ramesh S Ramakrishnan of the Transworld Group, Santosh Joseph of Dubai Pearl and Lachmandas Pagarani of the Al Maya Group are also on the list of Indian millionaires living in Dubai.
On the other side, the share of India's super rich living in Delhi, Mumbai and Bangalore has dwindled by 3 to 7 per cent, according to the list.
While Mumbai continues to be the capital for India’s richie rich with 33 per cent hailing from the city, its dominance has dwindled by 3 percentage points from last year’s 36 per cent share.
Similarly, Delhi and Bangalore also saw its proportion reduces to 16 per cent and 11 per cent, from 22 per cent and 15 per cent, respectively.
Mukesh Ambani of Reliance Industries Ltd topped the list with a net worth of $18.9 billion, followed by Laxmi N. Mittal of Arcelor Mittal with $15.9 billion. Interestingly, Sun Pharmaceutical Industries Ltd’s Dilip Shanghvi broke into the top three for the first time with a 66 per cent annualised increase in his net worth, thanks to a rise in the company stock price along with expected sales of the cancer drug, Doxil. This year also saw 91 self-made millionaires among the 141 persons. “This shows the rise of young, first generation entrepreneurs riding the wave of the India growth story to get rich rather than simply inherit wealth from their families. This is an inspiring trend for aspiring entrepreneurs who can learn from their successes and failures,” said Anas Rahman Junaid, Publisher at large, Hurun India Rich List 2013.
According to the Hurun India Philanthropy List, which ranks 31 Indians who donated more than Rs 10 crore in cash or cash equivalent during last fiscal, Wipro chief Aziz Premji emerged as the most generous Indian with a donation of Rs 8,000 crore.
He was followed by HCL Chairman Shiv Nadar, who contributed Rs 3,000 crore.
As a group, the millionaires donated Rs 15,250 crore to charity and various causes. Out of this contribution, nearly 80 per cent was for furthering the cause of education with a total contribution of Rs 12,200 crore.