(MENAFN - Arab Times) KUWAIT CITY, July 11: The year 2018 recorded an increase in the number of millionaires or HNWI (high net worth individuals) population in Kuwait by 8 percent compared to 2017. In 2017, the number of millionaires in Kuwait was 174,000 and this number increased to 188,000 in 2018, reports Al-Rai daily.
According to the World Wealth Report 2018 issued by French multinational corporation Capgemini, Kuwait has been ranked 17th globally and second among Gulf countries in the index for the wealthiest countries. There is also an increase in the Kuwait's HNWI wealth by six percent.
The report clarified that the Middle East recorded new figures in the HNWI population and HNWI wealth, indicating that the improvement in oil prices and great structural and financial reforms by these countries resulted in the stability of their economies.
It explained that both Kuwait and Saudi Arabia, which are among the most important economies in the region, recorded great growth in terms of the Gross Domestic Production (GDP) and achieved strong performance in the financial market. Saudi Arabia recorded an increase of four-seven percent in the HNWI population and HNWI wealth figures, causing it to take 16th place globally.
However, the situation is different for the United Arab Emirates, which witnessed a decline in the HNWI population by six percent, and decline in HNWI wealth by nine percent. On the other hand, USA tops the global list with HNWI population of more than five million and an increase in the rate by one percent, followed by Japan in the second place with HNWI population of 3.1 million but with a decline in the rate by 0.4 percent.