UAE billionaire questions 'world's richest' lists, honours Emirati business pioneers

What does being the richest person in the world really mean? Is it simply about making it onto a list? For Emirati billionaire Khalaf Al Habtoor, true success goes far beyond a ranking.

In a statement, Khalaf Al Habtoor paid tribute to the pioneering business families who helped shape Dubai and the UAE’s private sector, saying their contribution cannot be measured by estimated wealth alone.

He highlighted names including Al Ghurair, Al Futtaim, Al Mulla, Juma Al Majid, Al Gurg, Al Rostamani, Al Masaood, Al Fahim, and Khalifa and Omeir bin Yusuf, describing them as among the pioneers who were building businesses long before Dubai and the UAE became a global economic centre.

"They built real businesses, accumulated expertise and knowledge across generations, and played a fundamental role in building the private sector we see today," he said.

For Al Habtoor, their legacy offers a different way of looking at business success, one that goes beyond who ranks first on a wealth list.

Al Habtoor also questioned rankings that classify businessmen by their estimated wealth, saying the true value of an entrepreneur cannot be reduced to a number on a list.

"From time to time, lists circulate classifying businessmen in the UAE and Dubai — sometimes by "wealth," sometimes by "value," and sometimes by the size of their businesses," Al Habtoor said. "I occasionally find my name on these lists, but many of these rankings, I have no idea what precise scientific or financial basis they are built on."

He questioned the basis on which the estimates are made, especially when it comes to owners of private companies whose financial records are not publicly available.

“How can one determine the wealth of a businessman who owns private companies, with their books and accounts not available to the public?” he said, arguing that estimates of assets, liabilities, and personal investments cannot be accurately determined from outside an institution.

He added that while the market value of publicly listed companies can be calculated, that should not automatically be equated with the personal wealth of their chairmen or CEOs.

Al Habtoor said the value of a businessman should be measured by what they have built, the longevity of their businesses, the jobs they have created and their contribution to the economy and society.

“Estimated numbers change, lists come and go, but history knows who built,” Al Habtoor said, adding that true achievement does not need a ranking.

Elizabeth Gonzales is a Digital Journalist who loves writing about the expat life — and ways to make the most of it. When she's not looking for new hacks to share with readers, you may find her giving them a real laugh at one of her stand-up comic events.