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Thu 6 Jun 2019 10:36 AM

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UAE home to 55 billionaires worth $165bn - report

A report from Wealth X found that billionaire populations around the world saw declines in 2018

UAE home to 55 billionaires worth $165bn - report

The UAE is home to 55 billionaires who control $165 billion, according to a survey from Wealth X. 

According to the Wealth X Billionaire Census 2019, the UAE was the 10th largest market for billionaires around the world, falling one place from the previous year. 

The UAE’s billionaire population was found to have declined 11.3 percent in 2018, while the wealth they control fell 1.6 percent. 

Saudi Arabia - ranked ninth - saw its population of billionaires fall 8.1 percent, while their wealth went down by 13.2 percent. 

“Despite moderately positive equity markets and a growing economy, billionaires’ fortunes worsened in these two countries in 2018,” Wealth X research and data analytics Maeen Shaban said in the report. “The richest continue to be affected by Saudi Arabia’s anti-corruption purge, which began in 2017.” 

Among the top 15 markets globally, four countries - the United States, Russia, the UK and France - registered an increase while 11 markets saw a decline in billionaires' population.

The report noted that North America was the only region in the world to see an increase in billionaire population in 2018. The Asia-Pacific region, which led billionaire growth in 2017, posted a 13.4 percent decline. 

At a city level, San Francisco topped every other city in the world, with one billionaire for every 11,600 residents. San Francisco was followed by New York, Dubai and Hong Kong. 

With the exception of the US, UK, Russia and France, the top 15 countries in the rankings all saw their billionaire populations decline.