Forbes 2025: UAE Billionaires Join Global Wealth Rankings
The UAE leads the Middle East’s billionaire rankings with a remarkable combined wealth of $55.1 billion. Five Emirati nationals have earned spots on the Forbes World Billionaires List 2024. These local billionaires command a combined fortune of $24.3 billion.
The UAE’s wealth story goes beyond its citizens. Seven Indian nationals have built their fortunes in this prosperous nation. Dubai’s position as a global wealth destination continues to strengthen. The city ranks as the Middle East’s second most expensive and stands at 20th position worldwide. The UAE plays a vital role in the Middle East’s total billionaire wealth of $100.9 billion. This impressive figure establishes the region as a key player in the global wealth landscape.
UAE Billionaires Secure Historic Placement on Forbes List
Image Source: Khaleej Times
UAE has reached a milestone as five Emirati nationals have earned spots on the prestigious Forbes World’s Billionaires List 2025. Their total fortune stands at AED 89.23 billion ($24.3 billion), which showcases the UAE’s rising economic power globally.
Five Emirati Nationals Make Their Mark
The latest Forbes billionaires list features an elite group of Emirati billionaires who have built wealth through various business ventures. Retail giant Majid Al Futtaim leads the pack with a fortune of AED 13.23 billion ($3.6 billion). His strategic investments in shopping malls and retail partnerships have made him the UAE’s retail king.
Mashreqbank founder Abdulla bin Ahmad Al Ghurair comes next with AED 10.29 billion ($2.8 billion). His Al Ghurair Group’s diverse investments continue to bring strong returns, securing his spot on the forbes billionaire list.
Property mogul Hussain Sajwani, known as the “Donald Trump of the UAE,” has built a fortune of AED 8.82 billion ($2.4 billion) through his company DAMAC Properties. His luxury developments have reshaped Dubai’s skyline while building his wealth.
Abdulla Al Futtaim holds a net worth of AED 8.08 billion ($2.2 billion). He built his financial empire through automobile dealerships, retail partnerships with Carrefour, and various investments, earning his place among global elites on the forbes billionaires list 2024.
Mohammed Al Habtoor completes this historic group as the fifth Emirati billionaire, though specific details about his wealth remain unclear in the available data.
Combined Wealth Reaches $24.3 Billion Milestone
These five Emirati billionaires’ collective fortune of AED 89.23 billion ($24.3 billion) marks a crucial economic milestone for UAE. Their success proves the country’s economic strength and effective diversification beyond oil.
Regional comparisons highlight this achievement further. Saudi Arabia tops Arab nations with 15 billionaires worth AED 204.89 billion combined, while Egypt has five billionaires with AED 75.64 billion. UAE’s five nationals have accumulated wealth comparable to Egypt’s billionaires, despite having fewer than Saudi Arabia.
UAE’s broader billionaire landscape shows remarkable growth. All UAE-based billionaires’ wealth (including non-nationals) grew by 39.5% from 2023 to 2024, reaching AED 509.30 billion from AED 364.99 billion. This growth proves UAE’s strength as a wealth hub.
UBS reports that UAE now has 18 billionaires, showing its success in attracting wealth from abroad. Since 2020, 176 billionaires have moved internationally, with UAE becoming a preferred destination for this mobile capital.
Middle East now houses 78 billionaires with a total worth of AED 767.44 billion, and UAE leads Arab nations in billionaire count. Israel has more billionaires at 26, but UAE’s 18 billionaires (nationals and residents) represent significant economic power.
This placement on the forbes real time billionaires list confirms UAE’s position as a global wealth center. The country attracts both local and international billionaires through its location, business-friendly policies, and tax benefits, supporting economic growth beyond traditional oil revenues.
Majid Al Futtaim Leads Emirati Wealth Revolution
Image Source: Arabian Business
Majid Al Futtaim stands at the top of UAE’s business elite with his retail empire that has built him a fortune of AED 22.77 billion ($6.2 billion). The founder’s legacy lives on after his passing in December 2021. His commercial footprint still rules the regional retail scene and keeps his name among the forbes billionaires.
How Retail Empire Generated $6.2 Billion Fortune
Majid Al Futtaim’s wealth story began in 1992 after he split business interests with his cousin and started his namesake company. This move sparked what would grow into one of the Middle East’s strongest commercial empires. The conglomerate now runs with assets worth AED 66.09 billion ($18 billion) as of January 2024. These numbers cement Al Futtaim’s spot on the forbes billionaire list.
The company keeps getting stronger with revenues hitting AED 18.73 billion in just the first half of 2023. These amazing results show the group’s strong hold on retail, entertainment, and property development. The Al Futtaim family’s place on the forbes billionaires list 2024 stays secure through their business empire of malls, communities, and fun spots.
The Majid Al Futtaim Group now gives jobs to about 46,000 people. This workforce creates huge economic effects across all areas where they operate. Smart investments have helped double the company’s size every five years through careful money management.
Strategic Expansion Across Middle East and Africa
The empire now reaches 16 countries throughout the Middle East, Africa, and Asia. This growth beyond its Dubai roots has helped build a fortune that shines on the latest forbes billionaires list.
Egypt plays a big part in the company’s growth plans with AED 2.39 billion ($650 million) lined up for investment by 2030. This money will fund new projects and upgrade existing properties. The group has also moved into new markets like Kenya (2017), Uganda (2019), and Uzbekistan (2020). Each new market was chosen at the right time to tap into growing consumer bases.
The company raised AED 1.84 billion through a Green Sukuk in May 2023. Their total green bonds and sustainability-linked loans now add up to AED 18.18 billion. This money helps fuel their growth plans and supports their goal to become net positive in water and carbon by 2040.
The group follows a tested formula. They enter new markets with retail first, then add entertainment and property development. This smart approach lets them copy their success in different countries. Former CEO Iyad Malas puts it well: “We see a tremendous opportunity to replicate what we have seen in the UAE market”.
Carrefour Partnership Transforms Regional Retail Landscape
Getting Carrefour franchise rights in 1995 changed everything for Majid Al Futtaim. This alliance reshaped Middle Eastern retail and became the life-blood of Al Futtaim’s wealth creation plan.
The Carrefour connection has grown huge over the last several years. Majid Al Futtaim now runs Carrefour in more than 30 countries across the Middle East, Africa, and Asia. They operate over 465 stores in 13 countries and serve around 770,000 customers each day.
This partnership worked because they adapted to local markets smartly. They put Carrefour stores in malls instead of standalone spots. The food offerings matched local tastes, and they focused on non-food items that made more money. These changes helped Carrefour feel like a local brand to regional shoppers.
Quick expansion gave them a head start, which worked even better since Al Futtaim owned the busy malls where Carrefour stores operated. This setup kept competitors away and created benefits across Al Futtaim’s business portfolio. These moves helped secure his spot among the forbes real time billionaires.
Abdullah Al Futtaim Builds Multi-Billion Dollar Automotive Dynasty
Image Source: mid-east.info
The automotive sector is the life-blood of Abdullah Al Futtaim’s financial empire. His net worth of AED 8.08 billion ($2.2 billion) has earned him a spot on the forbes billionaires list. His son Omar now leads the Al-Futtaim Group as vice chairman and CEO. Under their leadership, the company has grown into one of UAE’s most diverse business groups through mutually beneficial alliances and market leadership.
Toyota and Lexus Dealerships Fuel Wealth Creation
Al Futtaim’s automotive success story began in 1955 when his company became Toyota’s exclusive distributor in the UAE. This partnership has lasted almost seven decades and remains the main driver of his wealth today. Al-Futtaim Motors runs 14 Toyota showrooms in prime locations across the United Arab Emirates.
The group later added Lexus to its portfolio and became the luxury brand’s exclusive UAE distributor. Lexus has expanded its lineup to include:
- Four models with Lexus Hybrid Drive technology
- Performance vehicles under the F marque like the RC F and GS F
- Sedans and SUVs that cater to different market segments
The company’s automotive reach goes beyond the UAE. Toyota Egypt has represented the brand since 1979. Toyota Business Centers now operate in Abu Dhabi, Dubai, and Sharjah showrooms to serve small and medium enterprises.
Diversification into Real Estate Doubles Revenue Streams
Al Futtaim doubled his income through smart real estate investments. The family split their business interests in 2000, with Abdullah taking control of automotive and retail operations while his cousin Majid focused on property development.
Al-Futtaim Group Real Estate (AFGRE), the group’s property arm, owns a multi-billion-dollar portfolio across the Middle East and North Africa. The company has spent over 40 years building integrated urban communities under the “Festival City” brand.
Their flagship projects include Dubai Festival City, Cairo Festival City, and Doha Festival City. Each development follows a detailed master plan that combines residential, commercial, educational, and retail spaces. Cairo Festival City will house more than 13,000 residents and provide workspace for about 50,000 office staff once completed.
Abdullah Al Futtaim knows how to spot profitable opportunities in a variety of industries. This skill has secured his place among the forbes real time billionaires.
Hussain Sajwani Transforms Dubai Skyline and Personal Fortune
Image Source: Wall Street Journal
Hussain Sajwani, a self-made billionaire, has altered Dubai’s skyline with his visionary real estate developments. He holds a spot on the forbes billionaires list 2024 with AED 9.18 billion ($2.5 billion) to his name. The founder and chairman of DAMAC Properties started his 22-year-old company in 2002. He led the luxury property development sector after Dubai opened real estate ownership to foreigners.
DAMAC Properties’ Global Luxury Developments
Sajwani built his global portfolio step by step. His company delivered about 47,000 homes and 33,000 more are under construction. DAMAC’s reach spans across:
- Dubai, Jeddah, Riyadh, and Baghdad
- Western markets including Toronto, Miami, and London
- Luxury destinations such as the Maldives
DAMAC stands out by working with famous fashion houses to create branded living spaces. The company builds luxury apartments with interiors by Italian fashion-houses Versace Home, Fendi Casa, and Just Cavalli. DAMAC bought the Italian fashion group Roberto Cavalli in December 2019 to boost its luxury brand position.
Trump Partnership Lifts International Profile
A game-changing partnership with The Trump Organization in 2013 put DAMAC on the global map. This alliance created two Trump-branded golf courses in Dubai developments. These remain the only Trump-branded properties you’ll find in the Middle East.
Donald Trump’s sons opened the Trump golf club in February 2017 during his presidency. Sajwani keeps strong business ties with the Trump family. He announced plans to invest AED 73.44 billion ($20 billion) in U.S. data centers, showing his growth beyond just real estate.
Real Estate Breakthroughs Create $2.5 Billion Empire
Sajwani’s marketing genius shines through his bold moves. He once offered free Lamborghinis to apartment buyers, creating massive buzz around his projects. Such creative thinking helped him debut on the latest forbes billionaires list as UAE’s richest Arab.
His business success goes beyond homes. DAMAC Mall opened in September 2023 and draws about 1.3 million visitors each year. Sajwani expanded to London with the £600 million Versace-branded DAMAC Tower.
Sajwani’s real estate breakthroughs changed Dubai forever and secured his spot on the forbes real time billionaires ranking. His path from catering entrepreneur to property mogul shows the entrepreneurial drive behind UAE’s growth beyond oil wealth.
Mohammed Al Habtoor Diversifies Family Legacy Beyond Construction
Image Source: Wikipedia
Mohammed Al Habtoor leads Al Habtoor Group LLC as CEO and vice chairman. He has transformed his family’s business from a small engineering firm started in 1970 into a diverse enterprise. The company now ranks among the region’s most respected business empires and features on the forbes billionaires rankings.
Hospitality Investments Create New Wealth Channels
The group’s hospitality portfolio has grown significantly under Mohammed Al Habtoor’s direction. It now boasts 14 world-class hotels – seven in the UAE and seven around the world. These international properties shine in prime locations across Vienna, Budapest, Beirut, London, and the United States. The Al Habtoor Group has strengthened its ties with Hilton through a franchise agreement for three hotels at Al Habtoor City. This deal expands their partnership from five to eight hotels worldwide. The hospitality sector drives wealth creation along with major real estate projects like Al Habtoor City, Al Habtoor Polo Resort & Club, and Waldorf Astoria Dubai Palm Jumeirah.
Polo and Sports Ventures Expand Brand Recognition
Mohammed Al Habtoor’s Dubai Polo Gold Cup, founded in 2009, stands as the highest handicap polo tournament in the Middle East, Africa, and Asia. By 2015, it became the region’s biggest tournament. The Al Habtoor Polo Resort & Club continues its 2024-2025 season through April 2025. This premier venue attracts top international players with its state-of-the-art facilities. The group’s sports portfolio also features the Al Habtoor Sports Hub with indoor padel courts, outdoor tennis courts, and premium fitness facilities. These ventures strengthen Al Habtoor’s position on the forbes billionaire list.
Education and Publishing Divisions Secure Future Growth
The Al Habtoor Group made history in UAE’s education sector by launching Emirates International Schools in 1991. This institution became Dubai’s first authorized provider of the International Baccalaureate Diploma Program. The educational venture now runs two schools – Jumeirah (opened 1991) and Meadows (opened 2005). The group’s publishing arm produces Al Shindagah magazine, one of the Middle East’s most respected corporate publications. This bilingual magazine has featured conversations with notable figures like former US President Jimmy Carter, cementing Al Habtoor’s place on the latest forbes billionaires list.
The addition of five Emirati billionaires to Forbes’ prestigious list shows a key milestone in UAE’s economic development. Their total wealth of $24.3 billion proves the nation’s success in moving beyond oil revenues. These business leaders have created wealth through different paths. Majid Al Futtaim built a retail empire, while Hussain Sajwani focused on luxury real estate. Abdulla bin Ahmad Al Ghurair made his mark in banking, Abdulla Al Futtaim created an automotive dynasty, and Mohammed Al Habtoor leads a diverse business group.
UAE’s strength as a wealth hub grows stronger each year. The total wealth of UAE-based billionaires jumped by 39.5% from 2023 to 2024, which shows the emirates’ appeal to global investors. Business-friendly policies, strategic location, and tax advantages make UAE attractive to local and international entrepreneurs.
These five Emirati billionaires represent more than personal success stories. They showcase UAE’s rise as a global economic force. Their achievements prove that vision, breakthroughs, and smart diversification create lasting wealth in multiple sectors. UAE’s growing presence in global billionaire rankings makes it the Middle East’s top wealth destination, and this trend points to more growth and chances ahead.
