Nearly 53,000 millionaires in UAE

About 1.22 per cent of the UAE's population are millionaires, according to a recent report.

World Wealth Report 2005, released on Thursday by Merrill Lynch and Capgemini, shows that 52,800 of UAE's 4.32 million residents have a net worth of at least $1 million (Dh3.67 million), based on last year's projections.

The report said the growth in the number of millionaires in the UAE was 12.3 per cent last year, higher than that of the United States, which recorded only 9.9 per cent and the United Kingdom, which witnessed a 8.9 per cent growth. Singapore tops the growth rate with 22.4 per cent.

The number of millionaires are expected to grow further due to the ongoing development, wealth creation opportunities and expansion of the economy.

The UAE's per capita GDP is poised to have reached Dh72,651 ($19,795) last year, from Dh59,844 in 2003. The UAE ranks second among Arab countries after Qatar in terms of per capita GDP.

About 800,000 UAE nationals make up only 18.5 per cent of the UAE's total population of 4.32 million. However, they possibly lead in the list.

Dubai's Dh97.98 billion GDP recorded a 16 per cent growth last year, indicating the rapid expansion in economic activities.

Investment in property and stocks are some of the areas to make "quick bucks," according to analysts.

The number of high net worth individuals with a net worth of at least $1 million, excluding their primary residence grew by 7.3 per cent to 8.3 million, a net increase of 600,000 worldwide, the report said.

The world's high net worth wealth also grew strongly in 2004 for a second consecutive year.

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