Mumbai: In a remarkable achievement, Malayali entrepreneurs have made significant strides in the Forbes India Rich List. Notably, M.A. Yusuff Ali, Dr. Shamsheer Vayalil, and Joy Alukkas have secured the top three positions among the richest Malayalis. Additionally, the list includes prominent figures such as the Muthoot Group, Chris Gopalakrishnan, Ravi Pillai, and Sunny Varkey.
Adani Group chairman Gautam Adani, who topped the previous year’s list, 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.
M.A. Yusuff Ali stands as the wealthiest Malayali with a net worth of $7.1 billion, moving up to the 27th position from 35th the previous year. This rise corresponds with the global expansion of the Lulu Group, of which he is the Chairman and Managing Director. Joy Alukkas, Chairman and Managing Director of Joy Alukkas Group, holds the 50th place on the list with a net worth of $4.4 billion, a significant climb from his 69th position with $3.1 billion the year before.
Dr. Shamsheer Vayalil, the founder and chairman of UAE-based Burjeel Holdings, is the third richest Malayali on the list and the wealthiest young Malayali, with a net worth of $3.7 billion. Dr. Shamsheer is also recognized as the richest doctor in India, reaching the 57th position on the list. He holds the distinction of being the world’s richest radiologist and was ranked 83rd among Indian businessmen in a global list published earlier this year.
The Muthoot family, ranked 43rd, leads the list of individual wealth with a net worth of $4.9 billion. Infosys co-founder Chris Gopalakrishnan holds $3.25 billion, securing the 67th rank, while RP Group chairman Ravi Pillai is at $3.2 billion, ranking 69th. Sunny Varki, chief of the Gems Group, has a net worth of $2.93 billion and ranks 78th among the richest Malayalis featured on the Forbes India Rich List.
Notably, Baiju Ravindran and Divya Gokul Nath of Byjus, who were on the list in previous years, have been omitted this time due to a decrease in the value of Byjus caused by the ongoing crisis.
Forbes reports that despite a 14 percent increase in the stock market, this growth has not been fully reflected in the wealth of India’s richest due to the depreciation of the rupee. The total assets of India’s rich remain at $799 billion. While eight billionaires dropped from the list, seven others returned to it.