UAE ranks ninth in world for millionaires

The equivalent of four out of every 100 households in the UAE have private wealth of at least $1 million, according to a new report on the world’s millionaires.
That’s enough for the country to boast the world’s ninth highest desity of millionaires, according to the The Boston Consulting Group’s 13th annual wealth management report, which classed 40 out of every 1000 households as having $1 million or more.

And the nation has its fare share of the world’s super-rich too, according to the report, which said the UAE ranks 15th in the world when it comes to ultra-high-net-worth (UHNW) households – or those households with more than $100 million in private wealth.

Three out of 100,000 households in the country can boast such wealth, the report’s authors conclude. Private financial wealth in the Middle East and Africa grew to $4.8 trillion in 2012, an increase of 9.1 per cent from 2011.

“Qatar ranks first in the world with the highest density of millionaires, with 14.3 per cent holding private wealth of at least $1 million,” BCG said.

© 7Days 2013, Jun 05 2013