Saudi millionaires on the rise

Saudi millionaires on the riseIn a recent study by the Boston Consulting Group, it was revealed that, not unexpectedly, Saudi Arabia has the highest concentration of “ultra-high net worth” individuals.  Per 100,000 Saudi Arabians, 18 are worth over $100 million.  Residents of Kuwait, Qatar, and the UAE – other oil rich countries – also ranked high on the list. Overall wealth in the Middle East also grew to $4.5 trillion.

Since oil prices have skyrocketed, it’s no surprise that Gulf Coast countries find themselves with more millionaires, but global wealth also seems to be increasing.  Singapore reported a 33% increase in millionaires, where China, Japan and the United States lead the pack in total number of millionaires.  But the Middle East clearly dominates in the amount of superrich, due to a history of an oil based economy and cultural practice of low-risk investments.

 



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In a recent study by the Boston Consulting Group, it was revealed that, not unexpectedly, Saudi Arabia has the highest concentration of “ultra-high net worth” individuals.  Per 100,000 Saudi Arabians, 18 are worth over $100 million.  Residents of Kuwait, Qatar, and the UAE – other oil rich countries - also ranked high on the list. Overall wealth in the Middle East also grew to $4.5 trillion. Since oil prices have skyrocketed, it’s no surprise that Gulf Coast countries find themselves with more millionaires, but global wealth also seems to be increasing.  Singapore reported a 33% increase in millionaires, where China,...

Saudi millionaires on the riseIn a recent study by the Boston Consulting Group, it was revealed that, not unexpectedly, Saudi Arabia has the highest concentration of “ultra-high net worth” individuals.  Per 100,000 Saudi Arabians, 18 are worth over $100 million.  Residents of Kuwait, Qatar, and the UAE – other oil rich countries – also ranked high on the list. Overall wealth in the Middle East also grew to $4.5 trillion.

Since oil prices have skyrocketed, it’s no surprise that Gulf Coast countries find themselves with more millionaires, but global wealth also seems to be increasing.  Singapore reported a 33% increase in millionaires, where China, Japan and the United States lead the pack in total number of millionaires.  But the Middle East clearly dominates in the amount of superrich, due to a history of an oil based economy and cultural practice of low-risk investments.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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