Kerala is often lauded for its rich cultural heritage and scenic landscapes. The state also boasts some of the best SEO services in Kerala ranging from top-notch healthcare facilities to efficient transportation networks. At the same time, the state is also the birthplace of many billionaires. Kerala businessmen who have contributed significantly to the global economy. A Kerala businessman is often recognized for their entrepreneurial spirit, innovation, and resilience, dominating sectors such as retail, technology, education, and healthcare. This article offers an in-depth look at ten of the most prominent billionaires from Kerala having prominence in the world, tracing their journey and achievements.
1. M.A. Yusuff Ali
M.A. Yusuff Ali is the amongst the first in the list to be in the global list of most famous businessman and is also Chairman and Managing Director of LuLu Group International, known for the LuLu Hypermarket chain. Born in Nattika, Thrissur, Kerala, he moved to Abu Dhabi in 1973 to join his uncle’s distribution business. He led the LuLu Group into becoming a global retailing empire with operations in various countries. As of October 2023, his net worth was estimated at $6.9 billion, making him the 27th richest Indian.
2. T.S. Kalyanaraman
T.S. Kalyanaraman founded Kalyan Jewellers, India’s biggest jewellery retail chain. He founded the first Kalyan Jewellers showroom in Thrissur, Kerala in 1993. It has grown into over 150 showrooms in India and the Middle East. In 2024, Forbes listed him with a net worth of $5.4 billion and ranked at the 622nd position worldwide.
3. Kris Gopalakrishnan
Senapathy “Kris” Gopalakrishnan co-founded Infosys, the leading global consulting and IT services company. Born in Thiruvananthapuram, Kerala, he was instrumental in the formation of Infosys in 1981. After serving as the CEO and MD, he rose to the position of Vice-Chairman before his retirement in 2014. As of 2023, his net worth stood at about $4.3 billion.
4. Sunny Varkey
Sunny Varkey founded GEMS Education, the world’s largest operator of private K-12 schools. He is born in Kerala and developed his parents’ school based in Dubai into a global network. GEMS Education has more than 60 schools in the Middle East and North Africa, teaching more than 130,000 students. His net worth is $2.93 billion.
5. Joy Alukkas
Joy Alukkas is the Group Chairman and Managing Director of Joyalukkas Group, the largest jewellery retailer in the world. He set up his first showroom in Abu Dhabi in 1987, and the brand now stands at over 85 showrooms across the globe. As of 2023, his net worth was pegged at $4.4 billion, which places him at 50th on India’s richest people’s list.
6. B. Ravi Pillai
B. Ravi Pillai is the founder and Chairman of RP Group, a conglomerate with interests in construction, hospitality, and healthcare. Hailing from Chavara, Kerala, he moved to Saudi Arabia in 1978 and established Nasser S. Al Hajri Corporation, which became the flagship company of RP Group. As of May 2023, his net worth was estimated at $3.1 billion.
7. Shamsheer Vayalil
Dr Shamsheer Vayalil is the founder and Chairman of Burjeel Holdings, one of the largest healthcare service providers in the UAE. Born in Kerala, he started as a radiologist before entering healthcare entrepreneurship. In 2023, his net worth was $3.7 billion, placing him among the richest young Malayalis.
8. P.N.C. Menon
Puthan Neduvakkatt Chenthamaraksha Menon is the founder of Sobha Ltd., a real estate development company. He is known as P.N.C. Menon. He is an Indian from Kerala, having started his career in Oman. He founded Sobha Ltd. in Bangalore in 1995. The company deals with luxury villas and apartments. His net worth was around $3.1 billion as of 2024.
9. S.D. Shibulal
S.D. Shibulal is the co-founder of Infosys and was the company’s CEO and Managing Director from 2011 to 2014. He was born in Alappuzha, Kerala, and played a major role in the company’s growth and expansion into international markets. His net worth, as of 2024, was estimated at $2.2 billion.
10. George Alexander Muthoot
George Alexander Muthoot is the Managing Director of Muthoot Finance, the largest gold financing company in India. He has been responsible for the company’s expanding network to more than 4,500 branches all over India. His net worth was around $1.9 billion in 2024.
Kerala, a southern Indian state, has witnessed the emergence of many entrepreneurs whose success stories from small beginnings to worldwide recognition can be learned about resilience and innovation. The two personalities among them are M.A. Yusuff Ali, founder of LuLu Group International, and T.S. Kalyanaraman, founder of Kalyan Jewellers. Their stories and introspection reveal deeper insights into the challenges that they faced and the strategies employed to create their business empires.
M.A. Yusuff Ali was born on November 15, 1955, in Nattika, Thrissur, Kerala. He started his entrepreneurial career when he went to Abu Dhabi in 1973 to join his uncle’s small distribution business. Having identified the growth potential of the retail sector, he entered the supermarket business in the early 1990s and opened the first LuLu Hypermarket in Abu Dhabi. This was around the time when the retail scene in the UAE witnessed a transition from small neighbourhood groceries to bigger neighbourhood formats and hypermarkets. He recollected, “The 1990s was a critical period, especially as we led the supermarket business into the market that was adapting to UAE’s changing retail scenario.(2)
Under his leadership, LuLu Group International diversified its operations and went into manufacturing, import and export, and hospitality. The group’s footprint expanded beyond the Middle East to Asia, Africa, and Europe, operating over 200 hypermarkets, supermarkets, and shopping malls. Strategic thinking was evident in 2020 when a member of the Abu Dhabi royal family acquired a 20% stake in LuLu Group for $1 billion, thereby underpinning the group’s market position and preparing the stage for future growth.(3)
T.S. Kalyanaraman: Founding Kalyan Jewellers
T.S. Kalyanaraman entered the world of business at the tender age of 12 years, working with his father in the family’s textile shop in Thrissur, Kerala. In the year 1993, he opened the first store of Kalyan Jewellers in Thrissur. He invested ₹50 lakh raised from a bank loan and ₹25 lakh from the savings from his family.(4)
A turning point in Kalyanaraman’s life came in 1998 after a spate of bomb blasts in Coimbatore, Tamil Nadu.
These incidents made the people of Palakkad, a town on the Kerala-Tamil Nadu border, refrain from travelling to Coimbatore for their shopping. Sensing this change in consumer behaviour, Kalyanaraman set up a shop in Palakkad, thus grabbing a new market. Looking back on this strategic decision, he recalls, “The blasts in Coimbatore meant that people from Palakkad soon stopped going there for their purchases. They kept inviting us to set up a store in Palakkad.” During his tenure, Kalyan Jewellers grew drastically to reach 32 stores across South India within several years. The brand marked customer satisfaction and transparency and won the hearts of many with such an approach and behaviour. Kalyanaraman stressed this when he said, “I have always believed that our customers envisioned and built Kalyan Jewellers.(5)
The journeys of M.A. Yusuff Ali and T.S. Kalyanaraman are great examples of the impact of strategic vision, adaptability, and deep understanding of consumer behaviour in building successful enterprises. These stories serve as inspirations for aspiring entrepreneurs, with resilience and a customer-centric approach as vital factors in overcoming challenges and attaining sustainable growth.(6)
(2) https://www.businessoutreach.in/success-story-of-lulu-hypermarket/
(6) https://yourstory.com/2023/10/kalyan-jewellers-trust-legacy-journey
Some of the notable entrepreneurs that Kerala has produced have made significant impacts on the global business landscape. These include Senapathy “Kris” Gopalakrishnan, co-founder of Infosys, and Dr. Shamsheer Vayalil, founder and chairman of Burjeel Holdings. Their professional backgrounds and industry contributions exemplify their expertise and leadership.
Professional Background
Kris Gopalakrishnan was born on April 5, 1955, in Thiruvananthapuram, Kerala. Kris pursued a master’s degree in physics and another in computer science from the Indian Institute of Technology (IIT) Madras. In 1981, Gopalakrishnan, along with six other engineers, co-founded Infosys, an IT services company, with a modest capital of $250. He served as CEO and Managing Director from 2007 to 2011 and as Vice Chairman from 2011 to 2014.
Industry Contributions
Under Gopalakrishnan’s leadership, Infosys became a global IT services powerhouse, pioneering the Global Delivery Model, which revolutionized outsourcing by delivering services from multiple locations worldwide. This model set new standards in the IT industry. After retiring from Infosys, Gopalakrishnan co-founded Axilor Ventures in 2014, a venture capital platform that supports startups during their early stages, fostering innovation and entrepreneurship in India.
He also made his mark for his philanthropic activities, especially in scientific research. Gopalakrishnan announced a grant of ₹225 crore for 10 years for setting up the Centre for Brain Research in Bengaluru’s Indian Institute of Science to combat neurodegenerative diseases in 2014. Later, he pledged an additional amount of ₹450 crores over the next 10 years, one of the largest private donations in the country to scientific research in India.
Professional Background
Born on January 11, 1977, to this world in Kozhikode, Kerala, Shamsheer Vayalil achieved his degree from Kasturba Medical College at Manipal to become an MD in the Radiology department by Sri Ramachandra Medical College and Research Institute, Chennai. He got started by becoming a radiologist at Sheikh Khalifa Medical City Abu Dhabi to open LLH in Abu Dhabi in the year 2007 after his journey created the backbone Burjeel Holdings became live.
Industry Contributions
Under Dr. Vayalil’s management, Burjeel Holdings expanded to emerge as one of the greatest healthcare groups in the region, running several hospitals and medical centers and pharmacies scattered across the region. What is the most striking thing here is its patient-centric approach. The company, in October 2022, became a public entity; this only increased its market share in health care.
Dr. Vayalil is also a dedicated philanthropist. He has been involved in various initiatives aimed at improving public health and supporting underserved communities. Notably, he contributed AED 5 million to the Emirates Red Crescent to support those affected by the 2023 earthquakes in Turkey and Syria.
Kris Gopalakrishnan and Dr. Shamsheer Vayalil are perfect examples of Kerala’s entrepreneurial spirit. They make remarkable contributions to their respective fields as well as society.
Strategic thinking and adaptability have been crucial for their success. For insights on actionable strategies, check out 10 Proven Strategies to Attract Clients from Home in Kerala.
The billionaires of Kerala are the epitome of what transformed power can do through determinism, innovation, and strategically foresighted steps. In revolutionizing the global market for retail and jewelry industries to pioneering technology and medicine, these people have redefined success through resilience and flexibility. Their success stories present the importance of embracing the challenges and seizing opportunities on how small beginnings can lead to extraordinary global impact.
Beyond their business empires, these leaders have contributed a lot to society through philanthropy, creating a legacy of giving back and uplifting communities. Their stories inspire generations to come, proving that success has no bounds with vision and hard work.
They, in turn, are testimonies to the entrepreneurial zeal and creativity of the region, as they continue to innovate and expand their horizons. In doing so, they reinforce Kerala’s presence in the global economic map. Their journeys are a pride and a motivation, reminding us that true success is in creating value and making a difference.