By Staff writer
New report predicts 54,600 millionaires by the end of 2013; erasing declines of previous years
The number of millionaires in the UAE is predicted to grow by 13.5 percent by the end of 2013, according to a new report.
The study by WealthInsight forecasts that the country will boast a total of 54,600 millionaires by year-end, erasing the declines of the past five years.
The report, cited in a report by the UK's Financial Times, says that by 2017 the number of millionaires will increase 34 percent to 69,000, with their wealth rising 48 percent to $269bn.
The number of multi-millionaires, those holding assets worth more than $30 million, is set to grow 43 percent to 893, the FT added.
In 2012, the UAE had 48,300 millionaires, excluding their primary residence, WealthInsight said, as well as 625 multi-millionaires.
That is still eight per cent below the pre-crisis peak of 2008, when the UAE boasted 690 multi-millionaires, the report said.
The research showed that 59 percent of the country’s multi-millionaires live in Dubai, the UAE’s business hub. Abu Dhabi, the capital, is home to 26 percent.
In September, a report by Wealth-X and UBS said the Middle East’s rich are becoming richer at a faster pace than any other region.
The number of ultra high net worth individuals (UHNW) in the Middle East grew by 15 percent, while their collective wealth grew by 23.9 percent in the past year, the report found.
There are now 5,300 super wealthy people in the region, worth a total of $880bn, it added.
This raises concerns about income inequality.