From Kalkothari To Luxury Flights: Meet Mumbai-Born Tycoon Who Spent 140 Days In Jail And Now Offers Fancy Parties On Jets; Check Net Worth

Kabir Mulchandani is the owner of FIVE Holdings, a Dubai-based luxury real estate company with a net worth of $2 billion. The firm is renowned for its high-end party hotels and resorts located in the Middle East, Spain, and Switzerland, offering premium experiences to travelers and party enthusiasts. He is orginally from Mumbai.  

The company is Founded in 2011 in Dubai. FIVE Holdings has grown into a leading luxury real estate firm. The company is planning to go public on the Dubai stock exchange in 2025, marking a significant milestone in its journey. 

He was born and raised in Mumbai, India, Kabir Mulchandani started his career working in his family’s consumer electronics business. In the early 2000s, he moved to Dubai, where he began investing in real estate, laying the foundation for his future success. 

During Dubai's 2008 property market crash, Kabir Mulchandani faced fraud and embezzlement charges. He spent 140 days in jail but was cleared of all charges in 2010, overcoming a major setback in his career.  

In November 2023, FIVE Holdings acquired Pacha Group, owners of hotels and nightclubs in Ibiza, Spain, for $330 million. 

FIVE Holdings has launched a new 16-passenger party jet, designed with luxury in mind. The jet features a unique "gust belt" for added safety, LED lighting throughout for a vibrant atmosphere, and a spacious bedroom with a king-size bed for ultimate comfort during flights.  

The party jet is operated by Zurich-based Comlux, with the registration code 9H-FIVE. It is the first of Airbus SAS's new ACJ TwoTwenty model. Flights on the jet cost between $13,000 and $14,000 per hour, excluding relocation costs.  

The first hotel, Five Palm Jumeirah, has become a hotspot for party lovers. It features a supercar drive-in nightclub, where guests can drive their luxury cars right into the club for a fee of 10,000 dirhams. The hotel also hosts star DJs for exciting beach parties, adding to its vibrant atmosphere. 

Kabir Mulchandani came up with the idea for the party jet during the COVID-19 pandemic. Recognizing the growing demand for private jets, he leveraged this trend to elevate his brand and create a unique luxury offering.  

You can book a trip of up to 12 hours on this luxury party plane. For example, a round trip between London and Dubai costs approximately $195,000. (Image Credit: kabirmulchandaniofficial/Instagram)