Thiruvananthapuram, October 9, 2025 – Kerala's business tycoons are making waves on the global stage, with eight prominent Malayalis featuring in Forbes' prestigious India's 100 Richest 2025 list. At the forefront is the Muthoot family, known for their gold financing empire, and retail giant M.A. Yusuff Ali of LuLu Group, underscoring the state's growing influence in finance, retail, jewelry, and technology sectors.
The annual Forbes list, released amid a backdrop of economic headwinds including U.S. tariffs and a depreciating rupee, reveals a 9% dip in the collective wealth of India's top 100 richest to $1 trillion. Despite the challenges, Malayali entrepreneurs demonstrated resilience, with their combined fortunes highlighting diversification beyond traditional industries.
Spotlight on the Malayali Powerhouses
The Muthoot family, promoters of Muthoot Finance – India's largest gold loan company – tops the Malayali contingent at No. 23 on the list with a staggering net worth of $10.4 billion. The family's wealth stems from finance and investments, bolstered by a network of over 4,500 branches serving millions in rural and urban India. Sara George Muthoot, George Jacob Muthoot, George Thomas Muthoot, and George Alexander Muthoot each hold stakes valued at around $2.5 billion individually, but are collectively ranked as a family unit.
Close behind is M.A. Yusuff Ali, the 69-year-old Abu Dhabi-based chairman of LuLu Group, securing the 49th spot with $5.85 billion. His retail empire, featuring 240 hypermarkets across the Gulf and beyond, generated $7.3 billion in revenue last year. Yusuff Ali, a self-made billionaire from Thrissur, has seen his fortune fluctuate but remains a symbol of Malayali success in international trade.
Rounding out the eight are:
Venu Srinivasan (No. 50, $5.8 billion): Chairman of TVS Motor Company, the Chennai-headquartered two-wheeler giant with Kerala roots. His wealth surged on robust sales of electric scooters and motorcycles.
Joy Alukkas (estimated $6.7 billion, global rank 566): Thrissur-born jewelry magnate behind Joyalukkas Group, overtaking Yusuff Ali as the richest Malayali in real-time rankings earlier this year.
T.S. Kalyanaraman ($3.6 billion): Managing director of Kalyan Jewellers, expanding rapidly with over 150 showrooms across India.
B. Ravi Pillai ($3.9 billion): Founder of RP Group, a construction and hospitality powerhouse based in the UAE.
Sunny Varkey ($4.0 billion): Dubai-based educationist and chairman of GEMS Education, the world's largest K-12 school operator.
S. Gopalakrishnan ($3.5 billion): Co-founder of IT bellwether Infosys, with Kerala ties through philanthropy and investments.
These figures are drawn from Forbes' valuations as of September 19, 2025, incorporating stock prices, regulatory filings, and exchange rates.
Broader Context and Reactions
While Mukesh Ambani of Reliance Industries retains the top spot with $105 billion down 12% from last year – the list reflects broader market volatility. Gautam Adani follows at No. 2 with $92 billion, buoyed by regulatory clearance on past allegations. Sunil Mittal of Bharti Airtel is the biggest gainer, up to No. 4 with $34.2 billion.
Kerala Chief Minister Pinarayi Vijayan hailed the achievements as "a proud moment for God's Own Country," crediting the state's high literacy and diaspora networks for fostering such global leaders. "From gold loans to hypermarkets, our entrepreneurs are scripting India's economic story," he said in a statement.
Industry observers note that Malayalis' dominance in the Middle East – home to Yusuff Ali, Ravi Pillai, and Varkey – has been key to their wealth accumulation. "The Gulf's stability and India's remittances create a virtuous cycle," said economist Dr. K.P. Kannan.
As India navigates Trump-era tariffs and domestic GST reforms, these billionaires' stories offer optimism. With eight Malayalis in the top 100, Kerala punches above its weight, contributing to India's third-place global ranking with 205 billionaires worth $941 billion collectively.
Forbes India's full list underscores a shift toward tech and renewables, but traditional sectors like finance and retail continue to thrive. This story is developing as more details emerge from the annual rankings.
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