NRI shares journey from Rs 10 LPA to Rs 7.5 crore net worth and 3 Mumbai homes after moving to Middle East

An Indian NRI working in management consulting in the Middle East has shared on social media how his net worth grew from around Rs 1 crore at the age of 34 to approximately Rs 7.5 crore at 37. He said he accumulated close to Rs 6.5 crore in savings over the past 2.5 years while earning tax-free income in the Middle East.

The 37-year-old, who said he has a Tier-1 engineering college and MBA background in India and currently works for a top management consulting company, outlined his career and wealth-building journey in a social media post.

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From Rs 10 lakh salary to Middle East consulting

According to his account, he began his career at 22 as a graduate trainee with a salary of Rs 10 lakh per annum. After completing his MBA, he moved into management consulting at 26 with a salary of Rs 25 lakh.

At 29, he switched to the industry, where his compensation increased from Rs 40 lakh to Rs 65 lakh over the following five years. During this period, he said he built a net worth of around Rs 1 crore through EPF, gold, equity and real estate.

At 34, he returned to mainstream consulting in the Middle East with compensation of Rs 3.5 crore, which he described as equivalent to USD 400,000 and tax-free.

Rs 7.5 crore net worth at 37

The man said he has now saved close to Rs 6.5 crore over the past 2.5 years, taking his overall net worth to around Rs 7.5 crore.

His assets include three fully paid-up properties in Mumbai, around 700 grams of gold through physical holdings and Sovereign Gold Bonds, and approximately Rs 30 lakh in equity. He said building his equity investments is now a focus.

In response to a user asking about his current annual income, he said he earns $26,000 per month, excluding the annual bonus.

Investments and property purchases

Responding to questions about how he deployed his Middle East savings, the man said he remitted money to India to clear an existing Rs 1 crore home loan. He then purchased two additional properties worth Rs 2.1 crore and Rs 2.5 crore respectively over two years.

He said the two additional properties generate rental income of Rs 1.2 lakh per month. When another user asked how he would live in two houses, he explained that one property was for his family, while rental income from the other two properties could fund their rent and basic expenses.

How he remits money to India

When asked how tax-free income earned in Dubai could be transferred to India, the man said he uses an NRE account and claimed there is no limit to inward remittances.

He described the route as foreign account to NRE account to NRO account, adding that transfers from a foreign account to an NRE account can be made through bank wire transfers or apps such as Careem.

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Advice on entering the Middle East market

Another user asked how he had entered the Saudi market and sought advice on pursuing a similar path in niche security consulting.

The man said the Middle East market largely operates through referrals and that being connected to the right person at the right time is important. He added that success requires some luck along with considerable patience.

Disclaimer: This article is based on information shared by an individual through social media posts and comments. ET.com has not independently verified the claims, figures, financial details or other information mentioned in the social media content. This article is intended for informational purposes only and should not be considered financial, investment or wealth-management advice from ET.com. Readers should independently verify the information and consult a qualified financial adviser or wealth manager before making any investment, financial or tax-related decisions.