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UAE ranks first among the wealthiest Middle Eastern economies with 12 billionaires

According to Knight Frank, the Emirates has 1,681 UHNWIs with a wealth of over $30 mn

The UAE has been ranked first among the wealthiest Middle Eastern nations with Dubai being the richest city, media reports said. The reports are produced by data firm New World Wealth.

It is reported that more than Dh 3 trillion wealth is possessed by the 82,763 high and ultra-high net worth individuals (UHNWIs) in the Emirates. The reports indicate that the country has 12 billionaires along with 79,100 millionaires with over $1 million followed by 3,410 millionaires with over $10 million of assets and 214 millionaires with $100 million-plus wealth.

Furthermore, the reports said that Israel ranked second wealthiest nations followed by the Kingdom of Saudi Arabia, Turkey and Iran.

Andrew Amoils, a wealth analyst at New World Wealth, told the media, “Over the past 20 years, the UAE has been one of the world’s biggest recipients of migrating HNWIs. We estimate that over 25,000 HNWIs have moved to the UAE over the past decade from 2010 to 2020. Many of these individuals have come from India, the Middle East and Africa.”

According to Knight Frank’s latest Wealth Report 2020, the Emirates has 1,681 UHNWIs with a wealth of over $30 million. The country has been ranked among the top 30 nations for having the highest number of UHNWIs. It is expected that the Emirates will have 24 percent more UHNWIs over the next five years than what it has now; surpassing countries such as Japan, Germany, Russia, Turkey, US, France, Italy, Switzerland and Thailand.

The UAE is becoming a hotbed for investors because of its rapid development over the past few years.

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