Team shortlist15 Feb 2016 AT 10:53 AM

UAE man who sells fruit has $99m worth of cars, planes and jewellery

Boss of Lulu Hypermarkets says he is worth $4.47 billion
Team shortlist15 Feb 2016 AT 10:53 AM
UAE, Rich List, Around town, Lulu Hypermarkets, Yusuffali MA
© ITP Images
UAE, Rich List, Around town, Lulu Hypermarkets, Yusuffali MA

Next time you pop into a Lulu store to pick up some apples and oranges, don’t feel too sorry for the owners if you see some great discounts. They are not exactly short. The man who now owns the company, Yusuffali MA, has revealed this week that he is worth an incredible $4.47 billion.

Ranked 4th in this week’s Arabian Business Indian Rich List, the Kerala born billionaire famously came to Abu Dhabi on a boat in 1973, virtually penniless, to work for his uncle. But after opening the first Lulu supermarket in 1995, things have gone rather well for him.

According to the magazine, his wealth includes $24 million worth of jewellery and watches, while his fleet of cars and a private jet are worth $75 million. He also has around $310 million in stocks and bonds.

In total, his supermarkets in 2014 raked in a staggering $15 million each day. Not surprising, seing as there are now 115 Lulu Hypermarkets in the GCC, including seven in the UAE. The company has over 35,000 staff on the books.

The Arabian Business Rich List shows that the best way to become seriously rich these days is either to have a chain of shops or schools. Next time you think you are paying too much for school fees… according to Arabian Business, the man at the top of the chain is doing rather well for himself. Sunny Varkey, the founder of GEMS Education, is worth a cool $2.5 billion.

Incidentally, the richest man on the list is Sunil Vaswani. Living in a grand palace in Emirates Hills, the founder of the Stallion Group is said to have $7.1 billion.

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