Dubai: The UAE currently has 59,000 dollar millionaires and is expected see a 62 per cent jump in that number to 96,000 by 2020, according to sixth annual Global Wealth Report from The Credit Suisse Research Institute.
Saudi Arabia’s millionaire numbers are projected to surge from 50,000 in 2015 to 86,000 up 72 per cent by 2020.
The report shows that global wealth fell by $13 trillion (Dh47.7 trillion) from mid-2014 to mid-2015, due to dollar appreciation. The USA once again led the world with a substantial rise in household wealth of $4.6 trillion. China also posted a large annual rise of $1.5 trillion.
The number of dollar millionaires worldwide is projected to increase by 46 per cent in the next five years, reaching 49.3 million by mid-2020.
In terms of total wealth, Saudi Arabia is ranked first among GCC economies, with an estimated total wealth of $0.7 trillion, closely followed by the UAE with an estimated wealth of $0.6 trillion.
In the GCC Qatar recorded the highest average wealth per adult of $157,000 in mid 2015, growing 0.8 per cent from the same period last year, while UAE followed closely with $144,400, but declined 0.3 per cent rom last year.
Average wealth per adult in Saudi Arabia, the largest economy in the GCC, rose 0.9 per cent from mid-2014 to reach $39,500. Kuwait’s wealth per adult amounted to $113,400 — a decline of 7.6 per cent from last year.
The study showed that household wealth in the Middle East and North Africa (Mena) region totalled $4.4 trillion in mid-2015, down 2.2 per cent since mid-2014. The report showed that since 2000, Mena countries have increased their combined wealth by 147 per cent, outpacing other regions such Africa and Asia Pacific.
