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October 31, 2015 | 11: 30 | Dubai
Turkey is the top country for HNWIs in the Middle East, followed by the UAE, Israel and then Saudi Arabia, respectively, according to latest ‘The Middle East Wealth Report’ brought by New World Wealth. The total number of HNWIs in Turkey in 2014 was 100, 200, followed by UAE with 72, 100 HNWIs. HNWIs refer to individuals with net assets of $1 million or more.
However, in terms of the growth of HNWIs in selected Middle Eastern countries between 2000 and the end of 2014, Qatar was the top performing Middle Eastern country for HNWIs during this period, with growth of over 300%, with the number of HNWIs growing from 9,500 in 2000 to 39, 000 at the end of last year. UAE HNWIs recorded a growth of 175% during the same period.
Also, over the next 10 years, Jordan is expected to be the fastest growing Middle Eastern market for HNWIs over this period, followed by Turkey and the UAE, recording a growth rate of 62%, 46% and 44% respectively.
In terms of wealth per capita, Qataris are the wealthiest individuals in Middle East with $108,000 in wealth per person, followed by UAE with $76,220.
Within UAE, Dubai is home to the largest portion of the UAE’s multi-millionaires (68%). There are also a sizable populations living in Abu Dhabi (22%) and Sharjah (5%). At the end of 2014, the average Middle East individual had net assets of $14,400 (wealth per capita), compared to the worldwide average of $27,600. Middle East HNWI numbers have increased by 136% during the 14 year review period (2000-2014) compared to the worldwide HNWI growth rate of 73% over the same period.
On the global scale, at the end of 2014, wealth held by individuals amounted to approximately $195 trillion. This equates to $27,600 per person. There were 13 million HNWIs in the world and worldwide HNWI wealth stood at $66 trillion. Also, assets managed by worldwide wealth managers, family offices and private banks totalled $19.3 trillion, $8.3 trillion of this was held in offshore centres.