Dubai: The ranks of the Middle East’s super-wealthy are showing no signs of flagging.
In fact, the number of individuals with a net worth of between $500 million (Dh1.83 billion) and $999 million — or “demi-billionaires” — could grow by a further 28 per cent in the years up to 2022.
Saudi Arabia alone will see an increase of 17 per cent, according to the latest Wealth Report from Knight Frank.
All this should bode well for the global capital markets, with real estate continuing to figure prominently in the way the wealthy want to park their excess money.
Knight Frank reckons there will be 9,570 demi-billionaires by 2022, including 500 from the Middle East.
In 2012, there were an estimated 400 of these individuals. Of course, there are those who have net worth well in excess of $1 billion and those numbers too are gaining.
“It is too early to say how UHNWIs [ultra high net worth individuals] will react to the political events of 2018 so far — but our data show that they tend to take a longer view,” Winston Chesterfield, Director of Custom Research at Wealth-X, was quoted as saying by the Wealth Report.
“The vast majority of UHNWIs are entrepreneurs and, as such, have dealt with adverse business conditions before. As a result, they are prepared to take a more balanced view in periods of uncertainty or ambiguity.”