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Dubai is the preferred location for the Gulf’s super-rich with 12 billionaires located in the UAE emirate, according to the first ever list of self-made high net worth individuals from the China-based Hurun Report.
Saudi city Jeddah is ranked second, with four billionaires, while Abu Dhabi, Riyadh and Muscat tie for third with three apiece.
Majid Al Futtaim is the richest self-made person in the Gulf with an estimated $13bn, according to the report.
Dubai-based Mr Al Futtaim made his fortune in real estate and retail, with properties across the Gulf, including the Mall of the Emirates, renowned for its indoor ski slope.
Saudi-based Mohammed Al Amoudi, who was born in Ethiopia, is ranked second with $8.1bn, followed by Mohamed Bin Issa Al Jaber, founder and chairman of MBI International, which has interests in leisure, real estate and oil field services, with $6.2bn.
Hurun, which monitors the wealth of the super-rich, announced its first ever Gulf Self-Made Billionaires list today at the FT Family Business conference in Dubai.
Rupert Hoogewerf, chairman and chief researcher of the report, said:
Hurun Report is all about promoting entrepreneurship and I am proud to release the first ever list of self-made billionaires from the Gulf. Almost half the self-made billionaires residing in the Gulf, are immigrants, especially from India, who have settled here.