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Saudi Arabia and UAE lead total wealth in the region

Total global wealth grew 6.4 per cent in 2017

Gulf News

Dubai

Saudi Arabia and the UAE have been ranked first and second respectively in total household wealth in the Middle East region, according to Credit Suisse Research Institute’s 2017 Global Wealth Report.

Saudi Arabia topped with an estimated total wealth (net house hold wealth) of $772 billion, closely followed by the UAE with an estimated wealth of $603 billion. Kuwait and Qatar’s total wealth is estimated to be $292 billion and $218 billion respectively. Bahrain’s net household wealth is estimated at $34 billion. Egypt’s total wealth declined to $178 billion this year, having peaked at $D 511 billion in 2010.

Data for the Middle East and North Africa (Mena) region for 12 months to mid-2017 showed Total wealth in the Mena grew by $2.22 trillion or 156 per cent since 2000, above the global average of 140 per cent.

In the Mena region, wealth per adult net of debt increased by 1.9 per cent compared to the global average 6.4 per cent. Qatar recorded the highest wealth per adult of $102,517 in mid-2017, while Kuwait followed closely with $97, 300. However, while Kuwait saw its wealth per adult increase marginally by 1.4 per cent, Qatar witnessed a marginal drop of 0.2 per cent from mid last year.

UAE was placed third in the region, with wealth per adult of $78,800, grew by 1.2 per cent since last year. Wealth per adult in Bahrain saw a steady increase of 2.7 per cent from mid last year to $30, 800. Wealth per adult in Saudi Arabia, the largest economy in the region, grew by 2.8 per cent touching $35, 000 while Egypt’s wealth per adult saw a massive drop of 50.2 per cent touching $3,200 pulled down by a drop in value of the Egyptian pound against the dollar.

In the next five years household net wealth in the Mena region is expected to increase by a further 52 per cent, or nearly 8.8 per cent annually.

According to the eighth edition of the Global Wealth Report, total global wealth rose at a rate of 6.4 per cent, the fastest pace since 2012 and reached $280 trillion, a gain of $16.7 trillion. This reflected widespread gains in equity markets matched by similar rises in non-financial assets, which moved above the pre-crisis year 2007’s level for the first time this year. Wealth growth also outpaced population growth, so that global mean wealth per adult grew by 4.9 per cent and reached a new record high of $ 56,540 per adult.

A decade since the start of the global financial crisis, we see a significant increase in wealth across all regions of the world. In our home market, Switzerland, wealth per adult has increased by more than 40 per cent during this period and continues to lead the global rankings. In this year’s edition of the Credit Suisse Research Institute’s annual Global Wealth Report, we explore the wealth prospects of the Millennial generation, which emerges from a more challenging period than its predecessors,” said Urs Rohner, Chairman of the Credit Suisse Research Institute and Chairman of the Board of Directors of Credit Suisse Group.

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