KOCHI: The Muthoot Family has emerged as the wealthiest Malayali family, while Lulu Group Chairman, Yusuff Ali M A, retains his position as the richest Malayali, according to the Forbes India Rich List 2025.
The Muthoot brothers, who run the Kerala-headquartered gold loan NBFC Muthoot Finance, saw their combined wealth soar to $10.4 billion, climbing from the 37th position last year to 23rd this year — a leap driven by surging global gold prices. Last year, the family’s wealth stood at $7.8 billion.
Close behind, Yusuff Ali ranks 49th overall in India, with a net worth of $5.85 billion, cementing his position as the richest individual Malayali entrepreneur.
His UAE-based retail empire, Lulu Group International, continues to expand across the Gulf and Southeast Asia despite a challenging global retail environment.
Jewellery magnate Joy Alukkas has also made a glittering climb — his wealth jumped from $3.37 billion to $5.3 billion, propelling him from 98th rank last year to 54th this year. Ravi Pillai, Chairman of RP Group, saw his fortune rise to $4.1 billion (rank 73, up from 97), while Sunny Varkey of GEMS Education climbed to 78th with $4 billion.
Among the tech stalwarts, Infosys co-founder Kris Gopalakrishnan slipped to 84th from 73rd, as his wealth dipped to $3.7 billion. Sobha Group’s P.N.C. Menon followed at 87th with $3.6 billion, and Kalyan Jewellers’ T.S. Kalyanaraman rounded off the Malayali representation at 98th, with $3.25 billion.
Despite global economic tremors and India’s stock market correction, Malayali entrepreneurs and families have shown remarkable resilience, particularly in gold, retail, and education sectors — underscoring the diaspora’s enduring entrepreneurial edge, according to industry officials.