Archive · 23 Sep 2026
Dubai Draws India’s New Wealth Creators, Hurun List Shows
A new rich-people list shows that more wealthy Indian business owners are living outside India.
Three important new names on the list live in Dubai.
They are Renuka Jagtiani, Darshan Hiranandani and Ravi Pillai.
Their businesses involve retail, data centers, construction, hospitality and healthcare.
Together, they have almost INR 1.46 lakh crore in wealth.
The list says 156 members now live outside India, compared with 101 the year before.
The UAE has 31 residents on the list, up from 22.
Dubai is attractive because businesses can reach many regions from there and the UAE has no personal income tax.
This suggests Dubai is becoming a place where Indian-origin entrepreneurs live, operate companies and build wealth, not merely visit.
Renuka Jagtiani, Darshan Hiranandani and Ravi Pillai are among the top 10 new entrants on the M3M Hurun India Rich List 2026 and are based in Dubai.
Jagtiani ranks 36th overall with wealth of INR 70,500 crore, while Hiranandani and Pillai have wealth of INR 37,900 crore and INR 37,300 crore.
The number of rich-list members living outside India rose from 101 to 156, while UAE residents increased from 22 to 31.
Dubai-based Indian-origin fortunes span retail, data infrastructure, construction, hospitality, healthcare, real estate and metals.
The article identifies tax conditions, company formation, currency stability and access to Gulf, African, European and Asian markets as attractions for entrepreneurs.
- Who
- Renuka Jagtiani, Darshan Hiranandani and Ravi Pillai are the three Dubai-based new entrants highlighted, alongside other wealthy Indian-origin entrepreneurs.
- What
- The M3M Hurun India Rich List 2026 shows a growing presence of Indian-origin wealth creators living and operating businesses in Dubai and elsewhere outside India.
- When
- The trend is documented in the M3M Hurun India Rich List 2026, compared with figures from the previous year.
- Where
- Dubai and the wider United Arab Emirates, with comparisons to other overseas locations including the United States.
- Why
- Dubai offers no personal income tax, a currency linked to the US dollar, relatively easy company formation and access to markets across several regions.
- Highest-ranked new entrant
- Renuka Jagtiani ranks 36th with wealth of INR 70,500 crore.
- Other Dubai-based entrants
- Darshan Hiranandani has INR 37,900 crore and Ravi Pillai has INR 37,300 crore.
- Combined wealth
- The three Dubai-based new entrants have nearly INR 1.46 lakh crore combined.
- Overseas residents
- The number of list members living outside India rose from 101 to 156.
- UAE residents
- The number of UAE-based residents rose from 22 to 31.
- Largest overseas base
- The United States remains the largest overseas base, with 90 residents on the list, up from 48.
- Business sectors
- Highlighted businesses include retail, real estate, construction, infrastructure, healthcare and metals.