Global 1% wealth up $42 trillion: Here's a look at UAE's top billionaires

The wealth of the world's top 1% has surged by $42 trillion over the past decade, according to a new analysis by Oxfam International. The report, released ahead of the G20 finance ministers and central bank governors’ meeting in Brazil, highlights the growing disparity in global wealth distribution.

Oxfam's analysis shows that the average net worth of the wealthiest individuals increased by nearly $400,000 per person, after adjusting for inflation, over the past 10 years. In stark contrast, the other half of the world's population saw their average net worth rise by just $335 over the same period.

How many billionaires live in the UAE?

The UAE is home to 24 billionaires, ranking it 22nd among countries hosting global ultra-high-net-worth individuals. Of these, 21 reside in Dubai.

The billionaire community in the UAE consists of both Emirati nationals and expatriates from various countries. Emirati billionaires have established significant businesses in sectors such as real estate, retail, and finance. Meanwhile, expatriate billionaires contribute to the UAE's economy through investments in diverse industries, including hospitality and healthcare.

Here's are the five wealthiest UAE residents:

1. Pavel Durov

Net worth: $17.2 billion

Pavel Durov

Pavel is the founder and owner of messaging app Telegram, which has more than 500 million users worldwide.

2. M.A. Yusuff Ali

Net worth: $4.8 billion

M.A. Yusuff Ali.com

Yusuff presides over LuLu Group International, which has a revenue of $7.4 billion and operates 193 stores in the Gulf and beyond.

3. Majid Al Futtaim & family

Net worth: $3.6 billion

MAF

Majid Al Futtaim founded retail and entertainment giant Majid Al Futtaim Holding, known as MAF, in 1992.

4. Abdulla bin Ahmad Al Ghurair & family

Net worth: $2.8 billion

Forbes

Abdulla Al Ghurair founded Mashreq Bank, a leading UAE bank, in 1967. He stepped down as chairman in October 2019, but remains a board member.

5. Micky Jagtiani

Net worth: $2.8 billion

Forbes

Middle East retail magnate Micky Jagtiani drove a taxi in London before moving to Bahrain and starting a baby products shop in 1973.