“Highest Growth in Wealth per Adult”, recorded to UAE in MENA Region

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According to a latest report by the Credit Suisse Research Institute, the UAE recorded the“Highest Growth in Wealth per Adult”, recorded to UAE in MENA Region highest growth in wealth per adult in the Middle East and North Africa (Mena) region.
Globally, wealth grew by 4.9% to $241t despite weak economy and it grew by 4.9 per cent to $241 trillion despite the continuing challenges posed by the economic environment. The institute finds that from mid-2012 to mid-2013 aggregate global household wealth of the country increased by four per cent to $126,791.
However, in terms of total wealth, Saudi Arabia ranked first with an estimated $0.6 trillion, closely followed by UAE with an estimated $0.5 trillion. Egypt ranked third, with an estimated $0.4 trillion.
The region’s largest economy Saudi Arabia witnessed 0.7 per cent growth. Qatar recorded the highest average wealth per adult of $153,294, growing two per cent while UAE followed closely with $126,791, Kuwait was placed third in the region with an average wealth per adult of $119,101 but declined 0.3 per cent from last year.
It is expected to increase substantially in the next few, that the number of global millionaires could exceed 47 million in 2018, a rise of nearly 16 million. While the number of millionaires in emerging economies is still far below the levels in the US (18.6 million) or Europe (15 million), estimates by Credit Suisse suggest.
“Our research shows that global wealth has doubled since 2000, quite compelling given some of the economic challenges of the last decade. We expect this trend to continue in the foreseeable future, driven largely by Emerging Markets’ strong economic growth and rising population levels,” Credit Suisse Research Institute’s higher official said.