Around 175 super-rich residents living in the UK were originally born in one of the six Gulf states, representing around 1.5 percent of those with a fortune of over $30 million, new data has shown.
To qualify to be one of the 11,600 wealthiest individuals in the UK – or Ultra High Net Worth Individuals (UHNWIs) – a fortune of more than $30 million is required, according to the ‘United Kingdom 2014 Wealth Report’ by wealth intelligence provider New World Wealth.
Around 2,500 were born overseas, with 7 percent coming from one of the six Gulf states and 20 percent originally from India, the report added.
HNWIs are classed as those with net assets of $1 million or more, excluding their primary residences, and the report found the UK is now the third largest HNWI market in the world, behind the US and Japan. It is now ranked ahead of Germany and France.
At the end of 2013, there were approximately 840,000 HNWIs living in the UK, with a combined wealth of $3.5 trillion, a year-on-year decrease of 1.2 percent.
The UK luxury market generated approximately $15 billion in revenue in 2013, including luxury cars, luxury clothing, accessories, watches and hotels. Last year, the UK luxury market grew by 30 percent, despite a fall in local HNWI numbers.
This was mainly fuelled by foreigners spending, particularly on personal luxury goods, the report found.
The largest asset class for HNWIs in the UK was cash and bonds (held by 30 percent), followed by real estate (22 percent), equities (19 percent) and alternatives (6 percent).
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