Dubai: The UAE will see more billionaires than many other wealthy countries in the Gulf, while China and India will continue to lead the world in producing the richest citizens over the next ten years.
A new analysis by AfrAsia Bank showed that the UAE will add seven new billionaires in 2027, up by 42 per cent from 2018, making it the 12th biggest producer of super-rich individuals.
That also means nearly one billionaire will pop up about every year in the country over a ten-year period. The UAE currently has 13 billionaire residents, the 21st largest in the world. Some of these billionaires are self-made and are originally from Asian countries.
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Estimates also showed that during the same period, the UAE will witness more billionaires than countries such as Monaco and Luxembourg, known to be hotspots for the ultra-rich, as well as France, Italy, Qatar, Saudi Arabia and Oman.
Overall, China will continue to hold onto the crown as the biggest producer of super wealthy residents, churning out approximately three billionaires every year. The populous country with approximately 1.4 billion inhabitants will add 448 new billionaires over the next ten years.
Number of billionaires now:
1. China - 249
2. United States - 737
3. India - 119
4. United Kingdom- 103
5. Germany - 82
6. Hong Kong SAR, China - 56
7. Canada - 44
8. France - 41
9.Brazil - 36
10. Japan - 35
11. Korea, Rep., Taiwan - 32
12. Italy, Switzerland - 31
13. Singapore - 25
14. Sweden - 22
15.Spain: 20
16. Mexico - 19
17. Caribbean - 19
18. Netherlands- 18
19. Indonesia: 17
20. Turkey- 16
21. UAE, Malaysia -13
India, another populous state, will account for 238 new billionaires, while the United States, Russia and Australia will each add 147, 63 and 35 individuals with at least $1 billion in fortune, respectively.
5 biggest producers of billionaires in 10 years:
1.China: 448 billionaires
2. India: 238
3. United States: 147
4. Russia: 63
5. Australia: 25
The UAE’s wealthy population has been expanding every year, thanks to a favourable business environment, low taxation and crime rate and continued influx of rich people into the country.
Last year alone, the UAE had the third highest number of millionaire migrants, with an estimated 5,000 individuals holding assets worth at least $1 million moving into the UAE in 2017.
While the UAE is drawing rich foreigners by the thousands, the wealth of the nation’s inhabitants is likewise growing and this is partly due to the monthly lotteries that hand out more than Dh3.6 million in prizes to lucky participants, turning one or two residents into millionaires overnight.
“[The UAE] also boasts several fast growing sectors including financial services, technology, healthcare and media,” said Andrew Amoils earlier, analyst of New Worth Wealth, which produced the report.
Full list: Number of billionaires that will be created over next 10 years:
1. China: 448
2. India: 238
3. United States: 147
4. Russian Federation: 63
5. Australia: 25
6. Hong Kong SAR, China: 22
7. Canada, Korea Rep: 13
8. Switzerland: 12
9. Japan, Caribbean: 11
10. United Kingdom, Taiwan, Singapore: 10
11. Germany: 8
12. UAE, Malaysia, Brazil: 7
13. Mexico, Thailand, Philippines: 6
14. Indonesia:5
15. France: 4
16. Italy, Monaco, Chile, Poland, New Zealand: 3
17. Sweden, Spain, Netherlands, Argentina, Ireland, Czech Republic, Luxembourg, South Africa, Peru, Kazakhstan, Vietnam, Turkey, Kenya: 2
19. Norway, Austria, Egypt, Denmark, Finland, Iran, Colombia, Pakistan, Qatar, Liechtenstein, Romania, Cyprus, Tanzania, Malta, Jordan, Saudi Arabia: 1
