Saudi Arabia has largest number of millionaires in Middle East

Dubai: Saudi Arabia has the largest number of millionaires in the Middle East with more 224,000 millionaires living in the Kingdom.

According to the World Wealth Report 2022 issued by the Capgemini Research Institute for Financial Services, Saudi Arabia is ranked 17th globally in the number of millionaires. There has been a 6.7 per cent increase in millionaires in Saudi Arabia in 2021 when compared to 2020 - from 210,000 to 224,000. 

The Kingdom was followed Kuwait, which witnessed an increase of 6.1 per cent in the number of millionaires from 205,000 to 217,000. Kuwait is 18th globally after Saudi Arabia.

The report further stated there was growth of 5.5 per cent in millionaires in the Middle East while their wealth increased by 6.3 per cent mainly due to technology and recovery in oil prices. The incomes of the richest people grew from 7.8 per cent to 8 per cent due to growth in the stock market.

In 2021, the top-four positions were retained by the US, Japan, Germany, and China respectively, comprising 63.6 per cent of the global high net worth individual (HNWI) population, an increase of 0.7 per cent from 2020.

Ultra-HNWIs ($30m>) led global wealth and population growth, at the rates of 9.6 per cent and 8.1 per cent. The Millionaires Next Door ($1-5m) population (7.7 per cent) and wealth (7.8 per cent) grew the slowest.

Conversely, the Mid-Tier Millionaire ($5-30m) population and wealth increased to 8.5 per cent and 8.4 per cent.