Saudi Arabia to see 105-percent increase in average wealth per person in next decade
(MENAFN) A recent study has revealed that Saudi Arabia is on the brink of experiencing a remarkable 105 percent surge in average wealth per person over the next decade, poised to rise from the current USD54,000. The study, conducted by Henley & Partners and detailed in their BRICS Wealth Report, places the Kingdom at the sixth position within the bloc concerning high-net-worth individuals.
The consulting agency further disclosed that Saudi Arabia presently hosts 58,300 millionaires, inclusive of 195 centi-millionaires and 22 billionaires, reflecting a substantial 32 percent increase since 2013. Notably, centi-millionaires, characterized by individuals possessing assets surpassing USD100 million, significantly contribute to this affluent demographic.
Highlighting India as the frontrunner in the per capita wealth ranking, the report projects a staggering 110 percent increase in assets over the next decade, elevating from the current USD6,800. Moreover, the study anticipates a noteworthy 95 percent rise in average wealth per capita in the UAE by 2033, followed by China and Ethiopia at 85 percent and 75 percent, respectively.
Similarly, South Africa is forecasted to witness a 60 percent increase in this segment, while Egypt is expected to grow by 55 percent by the year 2033. These projections underscore significant shifts and developments in wealth distribution and accumulation across various regions, reflecting evolving economic landscapes and opportunities.
“These countries exhibit divergent economic conditions: Saudi Arabia and the UAE enjoy robust economies, while Egypt confronts systematic economic challenges,” stated Robert Mogielnicki, who is a high-ranking resident scholar at the Arab Gulf States Institute in Washington.
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