Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE ranks 12th in millionaire density in the world  Join our daily free Newsletter

MENAFN - Khaleej Times - 18/06/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) According to the report global private financial wealth grew by 14.

the uae has the world’s 12th highest density of millionaires with 33 out of every 1000 households holding private wealth of at least 1 million according to the boston consulting group’s (bcg) 14th annual global wealth management report.

qatar ranks first in the world with the highest density of millionaires with 175 households out of every 1000 boast millionaires. and general levels of wealth in the country are also impressive — robust wealth creation over the past years has led to a quantitative rise in millionaire households from 14.3 per cent in 2012 to 17.5 per cent in 2013. this rapid increase places qatar first in the world in terms of millionaire households per 1000.

kuwait is fifth with nine per cent or 90 households out of every 1000 millionaires. bahrain with 5.9 per cent millionaire density secured the sixth place. oman and saudi arabia rank 10th and 13th respectively.

qatar also ranks sixth globally by ultra-high-net-worth (uhnw) households defined as households with more than 100 million in private wealth. kuwait in turn is in seventh place while bahrain holds the 16th spot.

according to a report commissioned by the bcg global levels of private financial wealth grew 14.6 per cent from 132.7 trillion in 2012 to 152 trillion in 2013. the report observes that the outlook for private wealth is extremely positive and that those who already possess high levels of wealth will continue to get wealthier.

the study shows that switzerland comes second with 12.7 per cent of households having millionaires and singapore third with 10 per cent. the usa comes seventh with a proportional rating of 5.7 per cent millionaire households — though it ranks top in terms of the overall number of millionaire households with 7.1 million.

on a regional level the report ‘riding a wave of growth: global wealth 2014’ reveals that private financial wealth grew by 11.6 per cent to reach 5.2 trillion in 2013. key drivers were generally high savingrates and continued strong nominal gdp growth in oil-rich countries such as saudi arabia (13.4 per cent) kuwait (13.6 per cent) and the uae (12.8 per cent).

“as in all other regions equities were the strongest contributor” said markus massi partner and managing director the boston consulting group.

&dquo;the amount of wealth held in equities rose by 30.5 per cent across major mea markets compared with 6.4 per cent for bonds and 5.7 percent for cash and deposits. with a projected cagr of 6.5 per cent private wealth in the region will reach an estimated 7.2 trillion by the end of 2018 approximately a 3.6 per cent share of total global wealth.”

according to the reportglobal private financial wealth grew by 14.6 per cent in 2013 to reach a total of 152 trillion.

the rise was stronger than in 2012 when global wealth grew by 8.7 per cent. the key drivers for the second consecutive year were the performance of equity markets and the creation of new wealth in rapidly developing economies (rdes).

the total number of millionaire householdsreached 16.3 million in 2013 up strongly from 13.7 million in 2012 and representing 1.1 per cent of all households globally. the us had the highest number of millionaire households (7.1 million) as well as the highest number of new millionaires (1.1 million). robust wealth creation in china was reflected by its rise in millionaire households from 1.5 million in 2012 to 2.4 million in 2013. the number of millionaire households in japan fell from 1.5 million to 1.2 million driven by the 15 per cent fall in the yen against the dollar.

“the growth of private wealth accelerated across most regions in 2013 although it varied widely by market” said massi. “as in 2012 the asia-pacific region — excluding japan — represented the fastest-growing region worldwide continuing the trend of high growth in the ‘new world’. but substantial double-digit growth increases in private wealth were also witnessed in the traditional mature economies of the ‘old world’ particularly north america.”

private wealth booked across borders reached 8.9 trillion in 2013 an increase of 10.4 per cent over 2012 but below the increase in total global private wealth of 14.6 percent. as a result the share of offshore wealth declined slightly from 6.1 per cent to 5.9 per cent. offshore wealth is projected to grow at a solid cagr of 6.8 per cent to reach 12.4 trillion by the end of 2018 driven especially by investors in developing economies seeking higher levels of political and financial stability greater depth in wealth management products and expertise and geographic diversification.

— issacjohnkhaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Mar 27 2017 - du celebrates the month of reading with first internal ‘duReads’ forum held exclusively for employeesMENAFN Press
(MENAFN Editorial)In celebration of March as the month of reading, du held the first ever reading forum – ‘duReads’ – in the history of the company at Al Salam Tower in Dubai. Spanning two exciting ...

 Mar 27 2017 - Sharjah Police Launches Third Online Auction for Vanity Number PlatesMENAFN Press
(MENAFN Editorial)Sharjah Police announced launching its third online auction for distinguished number plates, in collaboration with Emirates Auction, the leading auction house in the Middle East, ...

 Mar 27 2017 - Almosafer launches flight booking serviceMENAFN Press
(MENAFN Editorial)After successfully running its hotel reservations platform for several years, Almosafer has now released its new flight reservation feature for both their web and mobile app ...

 Mar 27 2017 - USA in top 10 at Rankdit countries Rank for the Third day In rowMENAFN Press
(MENAFN Editorial) While United Arab emirates stayed at the top of the list followed by Jordan , USA reached the top 10 from day one The exciting challenge to share 10 sec. disappearing videos ...

 Mar 27 2017 - Zebra Technologies’ Next-Generation Solutions Recognized with Four iF Design Awards 2017MENAFN Press
(MENAFN Editorial)Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in providing solutions and services that give enterprises real-time visibility into their operations, announced that ...

 Mar 27 2017 - Global expands and diversifies its real estate holdings in the UK with two new acquisitions in the greater Manchester areaMENAFN Press
(MENAFN Editorial)Acting on behalf of its clients, Global Investment House (Global), a regional Asset Management and Investment Banking firm headquartered in Kuwait with offices in major capital ...

 Mar 27 2017 - 80% of Professionals in the Middle East Find It Easier to Communicate with Employers via Online Job SitesMENAFN Press
(MENAFN Editorial): A new poll by Bayt.com, the Middle East’s #1 job site, entitled ‘Communication at Work in the Middle East,’ revealed that almost all respondents (91.4%) from the Middle East ...

 Mar 27 2017 - Johannesburg to host the 10th Edition Hotelier Summit AfricaMENAFN Press
(MENAFN Editorial)Africa is steadily developing into one of the world’s greatest tourist destinations, and there is a need for increased demand for Hotels across the continent. In South Africa, ...

 Mar 27 2017 - H.E Dr. Aisha Bin Bishr Represents Smart Dubai at The World Happiness SummitMENAFN Press
(MENAFN Editorial) UAE, March 26, 2017- H.E Dr. Aisha bin Bishr, Director General, Smart Dubai Office, showcased the successes of Smart Dubai over the past three years in an international ...

 Mar 27 2017 - Software AG & RIT University Dubai enter into a partnershipMENAFN Press
(MENAFN Editorial) March 26, 2017- Software AG, a global leader in enterprise architecture, IT planning, business process management, integration and big data, recently joined forces with ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help