By Staff writer
Qatar and Saudi Arabia also set to see HNWI growth of 45% and 40% respectively, says report
The UAE is forecast to see a 50 percent jump in the number of millionaires living in the country by 2025, according to the Middle East 2016 Wealth Report published by New World Wealth.
The report said the UAE hosted a total of 72,000 high net worth individuals (HNWIs) in 2015, each with assets worth more than $1 million.
While that number is set to increase by 50 percent, strong growth is also predicted in Qatar (45 percent from 28,000 in 2015) and Saudi Arabia (40 percent from 54,000).
The report said growth in the Middle East to 2025 will be strongest in Jordan (75 percent) and Iran (70 percent).
"Iran’s strong forecast is related to the lifting of sanctions and the expected business opportunities that should be created from that," the report noted.
It added: "Several country projections (especially Turkey, Saudi Arabia and Lebanon) are constrained by ongoing political and religious tensions in the region. Declining oil prices are also a factor - crude oil prices declined heavily in 2014 and 2015, which will deter further business formation and construction in these countries going forward."
The report said that Qatar led the Middle East for growth in millionaires from 2007 to 2015, with an 80 percent expansion compared to 60 percent in the UAE and 25 percent in Saudi Arabia.
"HNWIs numbers in Qatar were boosted by strong growth in the local financial services, media, telecoms, construction and real estate sectors. A large number of HNWIs also moved to Qatar," the report added.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.