By Staff writer
New report says 3.160 people with fortunes of over $10m live in Gulf kingdom, 100 more than in the UAE
Saudi Arabia is home to the most multi-millionaires in the Gulf region, with a total of 3,160 living in the Gulf kingdom at the end of 2014, according to a new report.
There were 100 more multi-millionaires, those with net assets of $10 million or more, living in Saudi Arabia than in the UAE, the report by New World Wealth showed.
Qatar had the third most (2,340) followed by Kuwait (2,130), Oman (580) and Bahrain (570), the research said.
It showed that Dubai is the region's top city for multi-millionaires (2,070), representing 68 percent of the UAE's total. There are also a sizable populations living in Abu Dhabi (680), Doha (590), Kuwait City (550) and Riyadh (520).
Financial services was named as the main industry from which UAE multi-millionaires have acquired their wealth – it is the primary source of wealth for 30 percent of local multi-millionaires. Other important industries for them include oil & gas (21 percent), diversified (14 percent) and transport (12 percent).
The New World Wealth report also revealed that Qataris are the wealthiest individuals in Middle East with $108,000 in wealth per person, whilst Iranians are the poorest with $5,500 per person.
The UAE's wealth per capita was calculated at $76,220, followed by Kuwait at $73,840, Bahrain ($27,960), Oman ($26,240) and Saudi Arabia ($23,030)
Top ranked worldwide countries such as Switzerland and Australia have wealth per capita’s of over $200,000 while the worldwide average is $27,600.
According to the report, which included Iran, Turkey, Iraq, Saudi Arabia, Yemen, Syria, UAE, Israel, Jordan, West Bank & Gaza, Lebanon, Oman, Kuwait, Qatar and Bahrain in the Middle East region, the average Middle East individual had net assets of $14,400.
It said there were approximately 460,000 high net worth individuals (HNWIs) living in the Middle East at the end of 2014, with combined wealth holdings of $2.2 trillion. This equates to approximately 48 percent of total wealth held in the region.
The report showed that Middle East HNWI numbers have increased by 136 percent since 2000 compared to the worldwide HNWI growth rate of 73 percent over the same period.
In the UAE, there were 72,100 HNWIs holding a total fortune of $305 billion compared to 59,000 and $295 billion in Saudi Arabia, 39,000 and $195 billion in Qatar, 38,900 and $195 billion in Kuwait, 12,900 and $64 billion in Oman, and 9,500 and $47 billion in Bahrain.
Qatar saw the fastest growth in HNWIs since the turn of the century, with growth of over 300 percent.Over the next 10 years, Jordan is expected to be the fastest growing Middle Eastern market for HNWIs, followed by Turkey and the UAE.
The report said several country projections are constrained by ongoing political and religious tensions in the region. Declining oil prices are also a factor - crude oil prices declined by over 50 percent during the past year, which could detrimentally effect economic growth numbers over the next few years.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
In the contest of the report- the figures reported for Bahrain while maybe accurate do not provide for accurate comparison. Bahrain is in effect is a city state and the comparison should be made on the city level in comparison to other countries not on a whole country level. What would make for a more accurate comparison on a country level would be the figure as a percentage of the total population.
The numbers for Dubai and Abu Dhabi, I believe do not reflect the truth. Many Emiratis from the capital live at weekends in Dubai and most have farms and family homes in Al Ain, so for me this not a true reflection where the total amount of multi-millionaires are from. For me they are not from Dubai.