Prominent Malayali Entrepreneurs Among India’s Richest
Mumbai/Kochi: In the recently released Forbes India rich list for 2023, several successful businessmen from Kerala have secured their position among the country’s wealthiest individuals. Topping the list of richest Malayalis is MA Yousafali, the chairman and managing director of Lulu Group, with a net worth of $7.1 billion. Notably, Yousafali climbed up the ranks from being the 35th richest person in India last year, with a net worth of $5.4 billion, to securing the 27th position this year. This surge in wealth comes as Lulu Group expands its global network.
Following closely behind Yousafali is Joy Alukas, the chairman and managing director of Joy Alukas Group. With a net worth of $4.4 billion, Alukas now holds the 50th spot in the Forbes rankings. Last year, he was positioned at number 69 with a net worth of $3.1 billion.
Dr. Shamsheer Vyalil, founder and chairman of Burjeel Holdings in the United Arab Emirates, is the third richest Malayali on the list, with a net worth of $3.7 billion. Dr. Vyalil is not only the wealthiest young Malayali entrepreneur but also the richest doctor in the country.
In addition to these individual business tycoons, the Muthoot family has secured the top spot among Malayali billionaires with a net worth of $4.9 billion (ranked 43). Other notable Malayalis on the Forbes India Rich List include Infosys co-founder Chris Gopalakrishnan, with a net worth of $3.25 billion (ranked 67), RP Group chairman Ravi Pillai, worth $3.2 billion (ranked 69), and Gems Group chief Sunny Varki, worth $2.93 billion (ranked 78).
However, Baiju Ravindran and Divya Gokul Nath of Baijus, who featured on the list in previous years, have been omitted this time due to the decline in the value of their company.
India’s Rich List Sees Limited Growth
According to Forbes, India’s total wealth of $799 billion has not seen significant growth. Despite a 14% rise in the stock market, the depreciation of the rupee has hindered the increase in wealth. Additionally, eight billionaires dropped off the list while seven new names made their way onto it.
Mumbai/Kochi: Prominent businessmen MA Yousafali, Joy Alukas, Dr. and Shamsheer Vyalil in the top three positions among the richest Malayalis.
Six individual entrepreneurs and an entrepreneurial family from Kerala have been included in the billionaires list of India rich list 2023 released by Forbes.
Adani Group chairman Gautam Adani, who topped the list the previous year, slipped to second place with a net worth of $68 billion, while Reliance Industries chairman Mukesh Ambani topped the list with a net worth of $92 billion. Shiv Nadar with $29.3 billion, Savitri Jindal with $24 billion and Radhakrishnan Damani with $23 billion are the top five.
According to the list, Lulu Group chairman and managing director MA Yousafali is the richest Malayali with a net worth of $7.1 billion. He was the 35th richest person in India last year with a net worth of $5.4 billion. Its move to 27th place comes as the Lulu Group expands its network globally.
Joy Alukas, chairman and managing director of Joy Alukas Group, behind Yousafali is among the richest Malayalis. 50th in the ranking with a net worth of $4.4 billion. Last year, he was ranked 69 with a net worth of $3.1 billion.
Founder and Chairman of Burjeel Holdings of United Arab Emirates, Dr. Shamsheer Vyal came third and the richest young Malayali among the Malayalis on the list with a net worth of $3.7 billion. Dr. is also the richest doctor in the country. Shamsheer.
Along with individual rich people, the Muthoot family tops the list with a net worth of $4.9 billion (rank 43). Infosys co-founder Chris Gopalakrishnan worth $3.25 billion (rank 67), RP Group chairman Ravi Pillai worth $3.2 billion (rank 69), Gems Group chief Sunny Varki worth $2.93 billion (rank 78) are other Malayalis who have made it to Forbes India . Rich List.
Baiju Ravindran and Divya Gokul Nath of Baijus, who were on the list in previous years, are out of the list this time. Due to the fall in value of Byjus due to the crisis, it was removed from the list.
According to Forbes, there has not been a big jump in the total wealth of India’s rich, which is 799 billion. Forbes also estimates that although the stock market rose by 14%, this was not reflected in wealth due to the depreciation of the rupee. 8 billionaires dropped from the list while 7 returned to the list.
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