The number of billionaires living in the UAE is forecast to increase significantly by 2027, according to a new report.
New World Wealth's AfrAsia Bank Global Wealth Migration Review, which named the countries expected to produce the most billionaires over the next 10 years, revealed the UAE will be home to 20 billionaires in 2027.
This compared to 13 currently, placing the UAE 22nd on a global list of billionaire growth rates.
The list is headed by China where the number of billionaires is forecast to jump from 249 today to 697 in 2027, followed by India and the US.
The UAE is the highest ranked Gulf nation, with both Qatar and Saudi Arabia seen adding one more billionaire over the same time period.
Earlier this year, the Wealth Report from Knight Frank said the number of ultra-high net worth individuals (UHNWIs) in Dubai will grow 60 percent by 2026.
According to the report, Dubai experienced a 12 percent increase in UHNWIs between 2015 and 2016, outpacing other financial hubs such as New York, London, Hong Kong, Singapore and Tokyo.
The report credited the expected increase in UNHWIs to a rapid population increase of 76 percent in the decade to 2016, as well as an additional 15 percent increase expected by 2026.
Additionally, significant infrastructure projects and new neighborhoods associated with Expo 2020 Dubai have made the emirate an increasingly attractive destination for investors.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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