The Gulf is home to over 100,000 millionaires, with over 3,000 holding more than $30m in investable assets, according to a new report published in association with the Qatar Financial Centre (QFC).
According to the study, the UAE topped the list for high net worth individuals (HNWIs) in the GCC with 53,800 dollar millionaires. In terms of the super rich, Saudi Arabia was the best performer and was home to nearly half (1,225) of the HNWIs holding more than $30m in investable assets.
The number of wealthy individuals in the region is estimated to have grown by between five and six percent per year since 2011, according to the research.
Saudi Arabia counts 23,200 HNWIs and 1,225 super rich, the UAE had 53,800 rich and 775 ultra rich individuals, Qatar was home to 4,160 HNWIs and 290 super rich and Kuwait accounted for 13,600 HNWIs and 720 super rich.
"The very rich in the Middle East tend to be more entrepreneurial and active than the ones in the rest of the world. When they have reached that level of ultra high wealth, their appetite for business activity remains as high as the high net worth individuals" Andrei Postelnicu, director of research at consultancy firm Campden Wealth, who compiled the findings, told Arabian Business.
In North America the annual growth rate of HNWI with a net worth between $1m and $100m is at two percent and super rich with a net worth of over $100m was three percent.
A total of 47 private wealth owners took part in the survey, with interviews taking place in the UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain.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.
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