Saudi Arabia has emerged as the leading country in the Middle East in terms of the number of ultra-high-net-worth individuals (UHNWIs), according to the annual report by global real estate giant Knight Frank.
The report reveals that the ranks of Saudi UHNWIs, individuals with a net worth of $30 million or more, increased by 17 percent in 2022 and are projected to rise by 10.4 percent in 2024.
The Middle East region topped the global rankings for the growth of ultra-wealthy individuals, with their numbers increasing by 16.9 percent last year. These individuals possess net assets exceeding $30 million per capita. The report also predicts that Saudi Arabia will continue to experience an annual growth rate of 10.4 percent in the creation of wealthy individuals.
India’s ultra-wealthy surges
Meanwhile, India is witnessing a remarkable surge in the number of ultra-wealthy individuals.
Knight Frank’s report forecasts a staggering 58.4 percent increase in the next five years. By 2027, it is expected that India will have 19,119 wealthy individuals, compared to 12,069 in 2022. Furthermore, the number of billionaires in India is anticipated to reach 195 in 2027, up from 161 in 2022.
Knight Frank’s annual report also highlights a nearly 4 percent decline in the global population of ultra-wealthy individuals in 2022.
The number of people with such wealth decreased by approximately 23,000, totalling 579,625, including 2,629 billionaires. Despite the decline, it is worth noting that the ultra-wealthy population had experienced a significant nine percent increase in 2021.
The report attributes the decrease in the global population of the super-rich to various factors, including the impact of the global economic slowdown, rising prices, and growing insecurity. These challenges affected the wealth and investment portfolios of wealthy individuals worldwide.
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