Business | General
UAE's millionaire population surges 15.3 per cent
The UAE's millionaire population surged 15.3 per cent from 68,000 in 2006 to 79,000 last year, making it one of the countries that has highest growth personal wealth.
- By Babu Das Augustine, Banking Editor
- Published: 18:28 June 24, 2008
- There are 79,000 millionaires in the UAE, according to a 2007 report.
- Image Credit: Gulf News Archive
Dubai: The UAE's millionaire population surged 15.3 per cent from 68,000 in 2006 to 79,000 last year, making it one of the countries that has highest growth personal wealth, according to the latest World Wealth Report by Merrill Lynch and Capgemini.
Driven by market capitalization growth in emerging economies, the wealth of the world's High Net Worth Individuals (HNWIs) increased 9.4 per cent to $40.7 trillion in 2007, according to the 12th annual World Wealth Report.
The number of HNWIs in the world increased 6 per cent in 2007 to 10.1 million, while the number of ultra high net worth individuals (Ultra-HNWIs) increased by 8.8 per cent.
For the first time in the history of the Report, the average assets held by HNWIs exceeded $4 million.
In the Middle East, the HNWI population had the highest gains, expanding by 15.6 per cent with a 17.5 per cent gain in wealth.
The number of HNWI's in Saudi Arabia now stands at 101,000, up from 90,000 in 2006, with a combined total wealth of $182 billion. The number of HNWI's in the UAE now stands at 79,000 with a combined total wealth of $91 billion.
India led the world in HNWI population growth at 22.7 per cent, driven by market capitalization growth of 118 percent and real GDP growth of 7.9 percent.
China experienced the second largest expansion of their HNWI population, advancing 20.3 per cent – an increase fuelled by market capitalization growth of 291 per cent and real GDP growth of 11.4 per cent.
While Brazil and Russia reported 19.1 per cent and 15.5 per cent respectively, the US growth rate declined from 9.2 per cent in 2006 to 4.2 per cent last year.
"While the rising oil prices helped the growth rates in the oil exporting countries, the real estate meltdown and the financial crisis affected the wealth levels of American and European high networth individuals," said Amir Sadr, director, head of wealth management of Merrill Lynch.
What do you think of the report? Are there more opportunities for people to become millionaries in the UAE compared to other countries? Why? Tell us at letter2editor@gulfnews.com or fill in the form bellow to send your comments.
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