Lulu Group chairman M. A. Yusuff Ali has once again emerged as the wealthiest Malayali in the Forbes Real-Time Billionaires List. His net worth now stands at $7 billion (₹58,100 crore), placing him in the 547th position globally.
Just last week, on 10 September, Joy Alukkas Group chairman Joy Alukkas had overtaken Yusuff Ali, briefly becoming the richest Malayali with a valuation of $6.4 billion, while Yusuff Ali stood at $5.3 billion. The tables have since turned, with Joy Alukkas’ wealth now marked at $5.3 billion, restoring Yusuff Ali to the top slot.
The turnaround is linked to Forbes’ ongoing preparations for its October Indian Billionaires List. In this process, the magazine updated Yusuff Ali’s wealth by factoring in Lulu Group’s extensive global assets beyond its 2024-listed retail operations. This recalibration pushed his valuation up to the $7 billion mark, and similar revisions are expected for other business leaders in the coming weeks.
Forbes publishes its World Billionaires List in February–March and an India-specific version in October. In addition, it runs a Real-Time Billionaires List that is updated every 15 minutes. The list uses AI-driven monitoring, online financial sources and direct corporate disclosures. In certain cases, Forbes also verifies the information by reaching out to companies. This constant updating means the rankings can shift dramatically within days, as seen in the case of Yusuff Ali and Joy Alukkas.
The latest figures highlight the growing presence of Malayali entrepreneurs on the global wealth stage. Alongside Yusuff Ali and Joy Alukkas, the list features Sunny Varkey of Gems Education with $4 billion, RP Group chairman Ravi Pillai with $3.9 billion, Kalyan Jewellers managing director T. S. Kalyanaraman with $3.8 billion, and Shobha Group founder P. N. C. Menon with $3.6 billion. Infosys co-founder Kris Gopalakrishnan also appears with $3.6 billion, while Cairns Group founder Ramesh Kunjikannan is valued at $3.1 billion.
Other Malayalis in the rankings include the promoters of Muthoot Finance — George Jacob Muthoot, Sarah George Muthoot, George Thomas Muthoot and George Alexander Muthoot — at $2.5 billion. Burjeel Holdings chairman Dr Shamsheer Vayalil and Infosys co-founder S. D. Shibulal are both listed at $1.9 billion, while V-Guard Group founder Kochouseph Chittilappilly holds $1.4 billion.
