Seven Malayalis have featured in Forbes India’s 2026 list of the country’s richest individuals and families, underlining Kerala’s strong presence across retail, jewellery, construction, education and real estate.
Lulu Group Chairman M.A. Yusuff Ali emerged as the richest individual Malayali on the list, with an estimated net worth of $5.75 billion, or around ₹55,400 crore. He is ranked 47th among India’s richest. The Muthoot family, however, ranks higher overall at 24th, with a combined wealth of about $9.2 billion, or ₹88,600 crore.
The Forbes ranking places Gautam Adani and family at the top nationally with a wealth of $112.7 billion, followed by Reliance Industries Chairman Mukesh Ambani at $86.3 billion. Savitri Jindal and family, Lakshmi Mittal and Sunil Mittal and family occupy the next three positions with fortunes of $39.8 billion, $34.7 billion and $32.9 billion respectively.
Among the Malayali business leaders, Joyalukkas Chairman Joy Alukkas is next after Yusuff Ali, with an estimated fortune of $5.4 billion, equivalent to around ₹52,000 crore. He is ranked 52nd nationally. Forbes describes his jewellery business as having expanded across India and international markets, with interests also extending into areas such as real estate and money exchange.
Ravi Pillai, chairman of RP Group, features with an estimated wealth of $4.1 billion, or approximately ₹39,500 crore. His business interests have grown from construction into sectors including hospitality, real estate and other investments. Forbes notes that Pillai began his business journey in Kerala before building a major business presence in the Gulf.
GEMS Education founder Sunny Varkey is also among the Malayali billionaires, with a reported fortune of around $4 billion. His wealth is closely associated with GEMS Education, one of the world’s major operators of K-12 schools.
Sobha Group founder P.N.C. Menon is listed with wealth of around $3.9 billion, while Kalyan Jewellers Managing Director T.S. Kalyanaraman features with an estimated $3.55 billion, or about ₹34,200 crore. Their presence reflects the continuing prominence of Kerala-linked businesses in the real estate and jewellery sectors.
The 2026 list highlights how business groups founded or led by entrepreneurs from Kerala have built substantial wealth through domestic expansion and strong international operations. From Lulu’s retail network and Joyalukkas’ jewellery business to RP Group’s Gulf operations, GEMS Education and major real estate ventures, the Malayali names on the Forbes list represent a diverse spread of industries.
For Kerala, the ranking is significant not only for the wealth figures involved but also for the global scale reached by businesses with roots in the state. The latest Forbes list once again puts the spotlight on entrepreneurs whose business journeys have extended far beyond Kerala and into major international markets.
