UAE Among Top 10 Markets for Billionaires Globally
There were 2,604 billionaires in the world at the end of 2018, down 5.4% from the previous year
BE2C2 Report — The UAE has been ranked among the top 10 countries globally in terms of the number of billionaires as the nation is home to 55 of them, controlling $165 billion in wealth, according to Wealth-X Billionaire Census 2019.
The UAE with the largest population of expatriates (nearly 80pct of the population) was the 10th-biggest market for billionaires worldwide, dropping one place from last year, and sharing the 10th position with France as both countries host the same number of billionaires.
According to the New World Wealth Report, the UAE last year saw 2,000 millionaires making the country their home. It found that around 51 per cent of wealth in the UAE is controlled by high net worth individuals.
There were 57 billionaires in Saudi Arabia in 2018. Their total wealth was $147 billion. Prince Alwaleed bin Talal Al Saud, founder of Kingdom Holding, is the richest individual in Saudi Arabia with a net worth of $14.7 billion.Wealth-X
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Taimur Khan, research manager at Knight Frank told Khaleej Times, “High net worth individuals and ultra-high net worth individuals are expected to increase by 18 per cent and 20 per cent respectively over the next five years.”
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Farzad Billimoria, UAE head of HSBC Private Banking – DIFC branch, noted that growth of wealth in the UAE has been positive due to several factors.
“One is the geographical advantage of where the UAE is placed. Secondly, financial infrastructure in the country has been very positive and lastly is the strength of the regulatory framework. Hence, the UAE has been attracting a lot of talent from all over the world and is one of the top choices for ultra-high net worth and high net worth individuals,” he added.
There were 2,604 billionaires in the world at the end of 2018, down 5.4% from the previous year, the Wealth-X census shows.
(BE2C2 Report is a data journalism initiative of Irshad Salim Associates)