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Wed 4 Nov 2009 06:55 AM

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UBS sees UAE's rich list growing by 11% in 2010

International bank says number of people with assets of more than AED7.2m will increase.

The UAE is expected to see its population of high net worth individuals grow by 11 percent next year, it was reported on Wednesday.

International bank UBS said it saw stronger growth for the UAE compared to the rest of the countries in the region, with the number of high net worth individuals (HNWIs) rising by almost 11 per cent in 2010.

UBS predicted HNWIs in the Middle East region as a whole to increase by about nine percent next year, Emirates Business reported.

It said the factors behind this rise included recovery in global asset prices and strong savings rates across the region.

The bank defines HNWIs as households with liquid assets exceeding AED7.2m.

Scorpio Partnership, a wealth management consultancy in the UK, told the paper it also expected the number of HNWIs in the UAE to rise in 2010.

"Our long-term HNWI growth rate forecast for the UAE is nine percent. While we would not have expected growth to have reached this figure through 2008 and 2009, there are good indicators that the UAE will continue to reach this potential in five years," said Catherine Tillotson, Partner, head of research told the paper.

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