India’s richest expat lives in Dubai, earning $12.45m a day

Dubai-based Vinod Shantilal Adani, elder brother of Indian billionaire Gautam Adani, is the world’s richest non-resident Indian, earning $12.45 million (Rs 102 crore) daily, according to the latest figures from the IIFL Wealth Hurun India Rich List 2022.

Vinod Adani manages trading businesses in Dubai, Singapore and Jakarta and saw his wealth increase by 28 percent or Rs 37,400 last year.

He soared from 49th spot last year to be ranked sixth on this year’s list of the richest Indians.

In the last five years his wealth has grown by 850 percent, or Rs 151,200 crore, to Rs 169,000 crore.

Adani started his career in 1976 in Bhiwandi, a logistics and textile industry hub in Maharashtra, in western India. He expanded his commodities business portfolio in the international market by opening an office in Singapore.

He stayed there to expand his business but is now based in Dubai, where he is involved in the sugar, oil, aluminium, copper and iron scrap businesses.

His brother, Gautam Adani, rose from eighth position in 2018 to the top spot in 2022, with his wealth increasing 15.4 times to Rs 10,94,400 crore.

In second place on the list is Mukesh Ambani with Rs 7,94,700 crore.

Dubai has seen a sharp rise in its community of wealthy residents.

The Wealthiest Cities in the World for 2022 report, compiled with data from global wealth intelligence firm New World Wealth, found that Dubai currently ranks 23rd globally and is home to 67,900 millionaires, 202 centi-millionaires (those with net assets of $100 million or more), and 13 billionaires.

The UAE city is predicted to be in the top 20 wealthiest cities in a few years, with the number of residents having wealth of seven figures rising by 18 percent this year.