Before B.R. Shetty went broke, the Indian billionaire lived the high life, splurging on entire floors of the Burj Khalifa and lavish ‘Bollywood parties’
In 2019, Forbes ranked Bavaguthu Raghuram Shetty’s net worth at an estimated US$3.15 billion. The Karnataka native had helped found UAE hospital operator NMC Health and financial services firm Finablr, and had become famous for flashing his cash, throwing parties, talking about his love of fast cars and bragging about his Burj Khalifa purchases.
However, it all came crashing down earlier this year, when research firm Muddy Waters released a report revealing NMC’s complex share arrangements, sparking allegations of fraud and the disclosure of more than US$4 billion in hidden debts.
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Since then the situation has snowballed, and Shetty has lost most of his wealth. He has insisted that he wants to clear his name, reported The National, claiming his signature was forged on documents and that business dealings went ahead without his approval or knowledge.
So it looks like he won’t be making any significant purchases for a while, but when he did have money, here’s how he liked to spend it …
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Two floors of the Burj Khalifa
He told the news channel that he had waited for five hours to make the purchase and only the 100th floor was available, so he bought the entire floor instead of individual flats because he knew it was a “prestigious address”.
So why did the man need so many flats? Well, to throw parties, he also told the show. He said he had no intention of selling, even for a huge profit.
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Lavish parties
Famous for his extravagance, according to several publications, the tycoon was best known for throwing expensive “Bollywood parties”.
Shetty told Arabian Business in an exclusive interview that when he first arrived in Abu Dhabi in the 70s, he used to sell Nivea cream, and had just US$7 to his name. Years later, in 2011, as Nivea marked its centenary with parties around the world, Shetty hosted a private party of his own at the Burj to celebrate – his extraordinary turnaround in fortune clear for all to see.
“Can you believe it? An ordinary salesman of Nivea, who celebrated the centenary in the tallest building in the world with 100 distinguished guests including board members. It’s a good story and it will go down in the history books,” he told the magazine.
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Fast cars
He had the home, the parties and, of course, several luxury cars to whisk him around town. Shetty used to be the proud owner of a Rolls-Royce Phantom – a car which starts at US$450,000. According to CarToq he also had a Mercedes-Maybach S600 limousine. The publication reports he was one of the first owners of the limo in the world. Clearly a lover of expensive cars, he once told reporters, “The thrill of speed and freedom makes me love cars.”
It’s also been reported that Shetty had an impressive collection of vintage cars, including a 1961 Morris Minor 1000. He apparently kept the car in India and was regularly spotted driving it around.
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That private jet life
- Indian entrepreneur B.R. Shetty was once worth more than US$3 billion, but an investigation into his company revealed US$4 billion of hidden debts
- He went from a Nivea cream salesman in Abu Dhabi to the ultra-rich owner of a Rolls-Royce Phantom, a Mercedes Maybach S600 and (half) a private jet