The Middle East and North Africa (Mena) region accounted for about 330,000 millionaires in 2015 and the number is projected to rise by another 52 per cent to 500,000 adults by 2020, according to a report.
Household wealth in the Mena region totalled $4.4 trillion in mid-2015, down 2.2 per cent since mid-2014. In constant currency terms, however, net wealth increased by 1.7 per cent, the Credit Suisse Research Institute’s annual Global Wealth Report (GWR) for 2015 said.
Qatar recorded the highest average wealth per adult of $157,000 in mid-2015, growing 0.8 per cent from the same period last year. Qatar occupied the 21st place globally in terms of average wealth, up from 29th place in the year 2000.
The UAE followed closely with $144,400 wealth per adult, a decline of 0.3 per cent from last year; Kuwait’s wealth per adult amounted to $113,400, a decline of 7.6 per cent from last year; Saudi Arabia recorded a rise of 0.9 per cent from mid 2014 to reach $39,500; and Egypt’s wealth per adult fell 5.3 per cent to $7,000.
Since the turn of the century, average wealth per adult has grown by 62 per cent, just below the global rate of 65 per cent. Average wealth per adult in Mena declined by -6.9 per cent to $15,800 in mid-2015, from $16,900 in mid-2014, although this decline is largely due to exchange rate weakness. Wealth per adult is currently some 22 per cent below its peak in 2007, but in constant currency terms it is down just 5 per cent from its peak.
In terms of total wealth, Saudi Arabia ranked first among GCC economies, with an estimated total wealth of $0.7 trillion, closely followed by the UAE with an estimated wealth of $0.6 trillion. Egypt ranked first among North African nations with an estimated wealth of $0.4 trillion.
Mena countries have an estimated 2,300 ultra high net worth individuals, the report said.
In the Middle East, Saudi Arabia and UAE are expected to see an increase in the number of dollar millionaires by 72 per cent and 62 per cent respectively, in the in the next five years.
Household wealth in the Mena region totalled $4.4 trillion in mid-2015, down 2.2 per cent since mid-2014. In constant currency terms, however, net wealth increased by 1.7 per cent.
Since 2000, the group of countries have increased their combined wealth by 147 per cent, outpacing other regions such as Africa and Asia Pacific. Interestingly, the growth rate in number of adults has outstripped that of all other regions over the same period, but the region did not lag behind in terms of wealth per adult growth. Since the turn of the century, average wealth per adult has grown by 62 per cent, just below the global rate of 65 per cent. – TradeArabia News Service