Revealed: UAE expats, Emiratis on Forbes 2020 billionaires list

  • Date: 09-Apr-2020
  • Source: Khaleej Times
  • Sector:Economy
  • Country:UAE
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Revealed: UAE expats, Emiratis on Forbes 2020 billionaires list

Total wealth of the UAE billionaires plummeted in the past one year due to fall in property prices, impact of coronavirus and due to financial scandal at the troubled NMC Healthcare.. Out of the UAE's 13 richest people, wealth of the eight billionaires fell nearly 30 per cent to $18.9 billion in 2020 as compared to $27.1 billion in the previous year while the remaining five dropped out of the billionaires' list.. Their wealth plummeted by over a quarter - 28 per cent - from $14.6 billion when compared to 2019, according to Forbes data.. Four expat billionaires - MA Yusuff Ali, Micky Jagtiani, Sunny Varkey, Dr. Shamsheer Vayalil - managed to stay in the billionaires list but their wealth dropped by one-third from $12.5 billion to $8.4 billion.. Saif Al Ghurair, Khalifa bin Butti Al Muhairi, Saeed bin Butti Al Qebaisi, PNC Menon and BR Shetty dropped out of the 2020 billionaires list.. Earlier this year, investigators found $2.7 billion of undisclosed debt, more than double of what NMC had announced earlier.. , the outbreak of coronavirus has severally impacted businesses worldwide, including the UAE.. , property tycoons' wealth also shrank due to continued price drop in 2019.. According