Most billionaires in the UAE are getting richer every year, with their private wealth growing by $1 billion to $5.6 billion over the course of 12 months.

In this year's rankings released by Forbes, at least five UAE residents made it to the top five list and their combined fortunes ballooned to $27.3 billion as of March, up from $18.4 billion in 2016. Aggregate wealth surged further to $29.16 billion as of October 3, according to Forbes' real time data.

Here’s a closer look at how much the five richest people in the UAE are actually worth as of 2017, and what they do.

1. Majid Al Futtaim

Net worth: $10.6 billion (up from $5 billion in 2016)

Real time net worth: $11.4 billion (as of October 3)

Source of wealth: Real estate, retail

Global rank: 125th richest billionaireWho is he: Majid Al Futtaim owns the Dubai-based holding company that operates shopping malls, as well as retail and leisure establishments. Some of his popular businesses include mall of the

Emirates, which has an indoor ski slope and Carrefour hypermarkets

2. Abdulla Bin Ahmad Al Ghurair

Net worth: $6.8 billion (up from $4.9 billion in 2016)
Real time net worth: $7 billion (as of October 3)
Source of wealth: Diversified
Global rank: 202

Who is he:  The father of another Emirati billionaire,  Abdul Aziz Al Ghurair who runs Mashreq bank, Abdulla Al Ghurair has recently pledged to set aside a third of his assets to a foundation that focuses on education programmes.

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