A new report highlights that the UAE is home to the most number of high net worth individuals (HNWIs) in the GCC.
A report titled, ‘Beyond Convention‘ suggests that the Gulf region has over 100,000 millionaires, with 3,000+ holding more than USD 30 million in investable assets. It has been published in association with the Qatar Financial Centre (QFC) and is based on interviews of 47 private wealth owners, located in the UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain.
In the GCC, the UAE topped the list for high net worth individuals (HNWI’s). Saudi Arabia is home to 23,200 HNWI’s, and 1225 ultra-rich residents — while the UAE had 53,800 rich and 775 ultra rich individuals.
Qatar had 4,160 HNWIs, while Kuwait accounted for 13,600 HNWIs. Qatar and Kuwait also had 290 and 720 super rich individuals, respectively.
Andrei Postelnicu; “The very rich in the Middle East tend to be more entrepreneurial and active than the ones in the rest of the world. When they have reached that level of ultra high wealth, their appetite for business activity remains as high as the high net worth individuals.” — Andrei Postelnicu, director of research at consultancy firm Campden Wealth, speaking to Arabian Business
Buoyed by high oil prices and optimism in the economy, the number of wealthy individuals in the region has grown by around five to six percent per year since 2011. In comparison, North America recorded an annual growth rate of about 2 percent in the number of HNWI with a net worth between USD 1 million and USD 100 million. The number of super rich, with a net worth of over USD 100 million, grew by about three percent in North America.