UAE’s dollar millionaire population to swell 35%

DUBAI — The UAE’s dollar-millionaire population will swell 35 per cent in five years to reach 54,000 after shrinking to a low of 41,324 in 2011 as the growing rich in emerging nations propelled global wealth to $231 trillion in 2011 from $195 trillion in 2010, Swiss banking giant Credit Suisse said on Wednesday.

In the Arab world, Egypt will see the biggest spurt in millionaire population, up 197 per cent to reach 92,000 from the current 31,000 while Saudi Arabia and Kuwait will each record 45 per cent growth in high net worth population to 64,000 and 45,000 respectively, according to the latest Global Wealth Report released by Credit Suisse.

In five years, the biggest surge in dollar millionaires will be in South Africa, up 242 per cent to reach 243,000, followed by Egypt at 197 per cent to 92,000.

Brazil, India, China and Singapore will also witness fast growth rates in millionaire population over the next five years.

The population of UAE millionaires reached a peak of 66,000 in 2008 and fell drastically amid the global meltdown due to a decline in the market capitalisation of firms listed on the stock markets, coupled with the falling values of property in the country, according to Merrill Lynch Global Wealth Management and Capgemini.

In five years’ time, as the total global wealth is expected to soar further, by 50 per cent to $345 trillion, China will surpass Japan to become the second richest nation as the country’s total household wealth rises to $39 trillion.

However, despite the financial and economic crises, the US remains the world’s richest nation by far and is projected to report total wealth of $81 trillion by 2016, added the report.

In the Middle East and North Africa, or Mena region, Qatar recorded the highest average wealth per adult of $146,623 in 2011, a rise of 456 per cent from 2000 while Kuwait followed closely with $134,592, rising 156 per cent from 2000. The UAE was placed third in the region with $115,774, up 104 per cent since 2000.

Among the largest economies in the region, Saudi Arabia’s average wealth per adult rose 56 per cent from 2000 to reach $35,959 while Egypt’s wealth per adult climbed 47 per cent to touch $10,421.

issacjohn@khaleejtimes.com