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Grizzly Bulls’ Billionaires Index

⬅ # 741 Michal Strnad|# 743 Michael Pieper ➡

# 742 Joy Alukkas 

$4.32B

Real Time Net Worth
as of 7/2/2024
-$370 (-0.00%)

# 742 Joy Alukkas 

$4.32B

Real Time Net Worth
as of 7/2/2024
-$370 (-0.00%)
OccupationChair and Managing Director, Joyalukkas Group
Source of WealthJewelry
Age67
ResidenceCochin, India
Marital StatusMarried
Children3
Age-Adjusted Net Worth$2.69B
Joy Alukkas
Joy Alukkas
India
Net worth: $4.32B

Self-Made Score 

Wealth History

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Biography

Overview

Joy Alukkas, an Indian businessman from Kerala, is the chairman and managing director of Joyalukkas Group, known for its jewelry business.
Son of a jewelry store owner, Alukkas ventured into the family business by opening their first overseas store in Abu Dhabi in 1987.
He later established his own brand, Joyalukkas, which now boasts 100 outlets in India and 60 overseas, along with diverse interests in money exchange, malls, and real estate.
Alukkas' son, John Paul, oversees the international jewelry business.
Despite plans for an IPO, Alukkas postponed the public listing of his jewelry business due to market conditions.

Early Life

Born into the Alukkas family in Kerala, Joy's father, Varghese Alukkas, initiated the family's jewelry business with a small store in Thrissur.
Joy Alukkas, originally named A. V. Joy, was one of the sons entrusted with expanding the family business, which began trading in the Gulf countries.

Career

In 2001, Alukkas founded Joy Alukkas Jewellery, headquartered in Thrissur, Kerala, and Dubai.
Over the years, he expanded his business, opening a Gold & Diamond showroom and a 'Diamond Cave' in Chennai, India.
In 2012, Joyalukkas became an authorized retailer for Forevermark branded diamonds from De Beers.
Beyond jewelry, Alukkas heads various ventures, including Mall of Joy, Jolly Silks, Joyalukkas Exchange, and Joyalukkas Lifestyle Developers.
The name 'Jolly Silks' was inspired by his wife, Jolly Joy.

Philanthropy

Alukkas has been actively involved in philanthropy, donating generously to disaster relief efforts such as Cyclone Ockhi and Kerala Floods.
The Joyalukkas Foundation, under his leadership, pledged to build 250 houses for flood victims and awarded scholarships to 350 orphaned students.
Plans for an old age home and palliative care center were also announced, backed by significant financial contributions from Alukkas.

Controversy

In 2018, the Income Tax Department raided over 130 showrooms and premises linked to the Joy Alukkas Group, uncovering tax evasion and unaccounted gold jewelry sales.
Subsequently, in February 2023, the Income Tax Department seized assets worth ₹305 crore from the group, alleging involvement in black money transfers via Hawala channels.

Company Stats

Under Joy Alukkas' leadership, Joyalukkas Group has grown to over 160 showrooms across 11 countries, serving more than 11 million customers.
The company, boasting a workforce of over 9000 employees, enjoys patronage from over 100 nationalities worldwide.

How long would it take you to become as rich as Joy Alukkas?

If you started with $10,000 and invested an additional $500 each month at a 44.06% CAGR, it would take you 5 years to reach Joy Alukkas's net worth of $4.32B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 48.24% compared to 16.19% for the S&P 500 benchmark.

Enter data in all but one field below, then calculate the missing value

Joy Alukkas is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Joy Alukkas, Jewelry is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey