7 UAE billionaires among world’s richest in 2018, according to Forbes

At least seven of the UAE’s businessmen, which own massive assets ranging from mega shopping malls to high rises, banks and hospitals, are among the richest people on the planet this year, according to the latest data out on Wednesday.
Forbes’ latest annual list of wealthiest individuals and families showed that out of the more than 2,200 billionaires around the world, seven are from the UAE who hold a combined net worth of  $24 billion (Dh88 billion) as of March 2018.

The number of UAE-based billionaires increased from five last year, although their latest aggregate net worth dropped from $27.3 billion in 2017, as some wealthy entrepreneurs have seen their assets fall over the course of one year.
Businessmen raking in more fortunes in 12 months are those with interests in healthcare, money exchange and property, while those with investments in banking, automobiles and other industries have experienced a decline.
Now at number one is Abdulla bin Ahmad Al Ghurair and family, with an estimated $5.9 billion in assets, while previous year’s richest Majid Al Futtaim moved down to number two, with $4.6 billion.

Abdulla Al Ghurair is the founder of Mashreq and his holding company has interests in food, construction and real estate, while Majid Al Futtaim owns and runs 12 hotels and 21 malls, including Mall of the Emirates in Dubai.
One of this year’s gainers is the chairman of Dubai-based luxury real estate developer Damac Properties, Hussain Sajwani, who climbed one spot to be the third richest billionaire in the country. Sajwani made nearly $1 billion in 12 months, with his net worth jumping from $3.7 billion to $4.1 billion.
The owner of conglomerate Al Futtaim Group and exclusive distributor of Toyota cars, Abdulla Al Futtaim, is this year’s fourth richest in the UAE, with a net worth of  $3.3 billion.
A newcomer, Saeed Bin Butti Al Qebaisi, with $2.7 billion in net worth and investments in healthcare, money exchange and retail, took the fifth spot that was previously held by Saif Al Ghurair, now in the sixth position with $1.9 billion.
Finishing the top seven list of wealthiest UAE residents and joining the club for the first time is Khalifa Bin Butti Al Muhairi, with $1.5 billion.  Like Al Qebaisi, the chairman of Abu Dhabi-based KBBO Group also has investments in healthcare, money exchange and retail.
The 7 richest billionaires in UAE

1.Abdulla bin Ahmad Al Ghurair & family

Net worth in 2018: $5.9 billion
Net worth in 2017: $6.8 billion
Source: Diversified
Last year’s rank in UAE: #2
Current global rank: #296
 
2.Majid Al Futtaim & family

Net worth in 2018: $4.6 billion
Net worth in 2017: $10.6 billion
Source: Real estate, retail
Last year’s rank in UAE: #1
Current global rank: #456

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