By Lubna Hamdan
Around 460,000 High Net-Worth Individuals have a combined wealth amounting to $2.2 trillion
Around 460,000 High Net-Worth Individuals (HNWI), with a combined wealth amounting to $2.2 trillion, are living in the Middle East, according to a report by New World Wealth (NWW) Research Company.
Since 2000, the number of Middle East HNWIs has increased by 136 percent, while the worldwide HNWI growth rate over the same period is 73 percent, the report revealed.
NWW analyst Andrew Amoils said that while Dubai and Doha have been booming, Istanbul remains the main business hub of the Middle East, mainly due to the face Dubai and Doha rely only on specific divisions, like financial services, trade and oil & gas, while Istanbul relies on a large number of key sectors.
“Istanbul also remains the main gateway of investment into the rest of the Middle East,” Amoils said, “as a large number of Istanbul based businesses have big investments and projects in other Middle Eastern countries”
Below is a run down of the Middle East’s top cities for millionaires:
1. Istanbul: 48,000 HNWIs and 4,720 multi-millionaires
2. Dubai: 42,000 HNWIs and 2,070 multi-millionaires
3. Doha: 27,000 HNWIs and 1,590 multi-millionaires
4. Kuwait City: 25,000 HNWIs and 1,550 multi-millionaires
5. Riyadh: 24,000 HNWIs and 1,520 multi-millionaires
6. Abu Dhabi: 15,000 HNWIs and 680 multi-millionaires
7. Tehran: 14,000 HNWIs and 720 multi-millionaires
8. Beirut: 9,000 HNWIs and 780 multi-millionaires
9. Jerusalem: 8,000 HNWIs and 480 multi-millionaires
Your figures, at least for Tehran is not correct, as most people prefer to keep their investment in form of real-estate and not liquidity. In Tehran, over 50,000 families have properties (fully paid for) which are worth over USD 3 million; and the number of multi-millionaires (according to data of private businesses) which are over USD 30mil each; is well over 2,000. This does not take into consideration other cities like Mashad, Tabriz, Yazd, Kerman, ... Moreover, most persons living in Iran (i.e. Tehran) keep a substantial amount of their liquid assets outside of Iran.