UAE classified as second richest nation in Middle East

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UAE and Qatar are the two richest countries in the Middle East and North Africa (MENA) region, with the usual adult owning over half a million dirhams.

UAE classified as second richest nation in Middle East

UAE classified as second richest nation in Middle East

Studies divulged that from mid of 2014 to 2015, the total amount of riches generated across the globe plunged by $13 trillion due to the rise of the US dollar. Nonetheless, international wealth would have increased by $13 trillion since last year if quantified at stable rates.

People across the world will carry on to amplify their fortunes in the next few years, with the number of dollar millionaires alone forecast to exceed 49.3 million adults in 2020, registering more than 46 per cent increase.

The MENA region is lodged to 330,000 millionaires, increased by more than 240% since 2000. By 2020, the individual millionaire in the region is estimated to arrive at 500,000, increased by another 52%.

In terms of how much riches MENA residents have obtained, Qatar was places as first, with the average riches for each adult marked at $157,000 in mid 2015, elevating by 0.8% from the similar time in 2014. Qatar also placed on the 21st internationally in terms of per capita wealth, increased from the its 29th place in 2000.

The second-richest country in the region is the UAE, whereas the average wealth per adult is marked at $144,400, which recorded a drop of 0.3% from a year ago.

In 2020, millionaire individuals in UAE which presently sets at 59,000 adults, is approximated to escalate by 62% to 96,000.

Information also revealed that both UAE and Saudi Arabia will see the most important upsurge in the number of well-off residents in the next five years.

Mohamed Dekkak

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