Saudi millionaires on the rise
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, 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.
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,...
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, 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.
