Nearly 8 in 10 billionaires in UAE, rest of Mena are self-made

Dubai: The Middle East and North Africa (Mena) region, which includes the UAE, is one of the major producers or havens of self-made billionaires in the world, new data suggest.

As of 2017, the number of people in the region who have at least $1 billion worth of assets went up to 52, and three quarters of them are self-made, according to the latest UBS/PwC Billionaires Report 2018.

That’s higher than the proportion of self-made billionaires to the billionaire population in the United States, which stood at 68 per cent in 2017. The US has been topping various rankings for the richest people on earth.

The report also stated that the wealthy population in the region, many of which have been producing jobs and raising living standards, have seen their fortunes grow considerably in the past year, hitting $165 billion (over Dh600 billion). The overall size of the billionaire population in Mena also expanded by 15 per cent.

The latest data seem to coincide with other research studies that highlight the region as one of the attractive destinations for the world’s wealthiest.

According to Hurun Research Institute, there are at least 22 self-made billionaires in UAE alone as of March this year, the highest in the Gulf Cooperation Council (GCC) region. And their number is growing quickly.

Meet the 5 richest people in UAE
Richest 1% own over half of UAE’s wealth

“Self-made entrepreneurs in the Gulf are growing fast. Almost half of the self-made billionaires residing in the Gulf are immigrants, especially from India, who have settled here,” Rupert Hoogewerf, chairman and chief researcher of Hurun Report, had said.

And while the region is home to a growing number of people who built their fortunes through hard work, other markets are minting new billionaires faster than ever.

In China, two new billionaires are produced every week, and as of 2017, it is now home to 373 billionaires, up from 318 in 2016.

Their combined wealth also jumped by 39 per cent to $1.12 trillion, higher than the growth rate posted across the Asia Pacific region at 32 per cent.

Across the globe, there are now a total of 2,158 billionaires.

“We are experiencing a new wave of entrepreneurship worldwide, with billionaires at the vanguard of innovation. They are creating jobs and prosperity, but their impact goes beyond economics,” noted Josef Stadler, head of Ultra High Net Worth at UBS Global Wealth Management.

“A new generation is emerging, and they see an opportunity to tackle some of the greatest environmental and societal challenges facing humankind.”