By Rhys Jones
The number of millionaires in the Middle East grows by just under 10% - well beyond the previous year's figure.
The UAE has 52,800 millionaires, or 0.63% of the total number of millionaires in the world, according to a recently released report by Merrill Lynch and Capgemini.
The number of high net worth individuals (HNWIs) individuals with a net worth of at least US$1 million in the Middle East grew by 9.5% last year, well beyond the 2003 figure.
The world’s high net worth wealth grew strongly in 2004 for a second consecutive year, increasing 8.2% to US$30.8 trillion, according to the 2005 World Wealth Report.
The HNWIs grew by 7.3% to 8.3 million, a net increase of 600,000 worldwide. North America led with a nearly 10% growth rate to 2.7 million HNWIs, surpassing the 2.6 million in Europe. Asia-Pacific’s growth rate of over 8% to 2.3 million HNWIs was twice that of Europe.
“The two main drivers of personal wealth creation economic growth and market capitalisation worked together to generate the strongest growth in high net worth wealth that we have seen in more than three years,” said Mones Bazzy, executive director at Merrill Lynch, Middle East. “Looking regionally, Singapore, Hong Kong, Australia and India saw the highest rates of HNWI population growth, while wealthy people in South Africa and the Middle East benefited from the rise in commodity and oil prices,” he added.