Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE ranks 12th in millionaire density in the world  Join our daily free Newsletter

MENAFN - Khaleej Times - 18/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) According to the report global private financial wealth grew by 14.

the uae has the world’s 12th highest density of millionaires with 33 out of every 1000 households holding private wealth of at least 1 million according to the boston consulting group’s (bcg) 14th annual global wealth management report.

qatar ranks first in the world with the highest density of millionaires with 175 households out of every 1000 boast millionaires. and general levels of wealth in the country are also impressive — robust wealth creation over the past years has led to a quantitative rise in millionaire households from 14.3 per cent in 2012 to 17.5 per cent in 2013. this rapid increase places qatar first in the world in terms of millionaire households per 1000.

kuwait is fifth with nine per cent or 90 households out of every 1000 millionaires. bahrain with 5.9 per cent millionaire density secured the sixth place. oman and saudi arabia rank 10th and 13th respectively.

qatar also ranks sixth globally by ultra-high-net-worth (uhnw) households defined as households with more than 100 million in private wealth. kuwait in turn is in seventh place while bahrain holds the 16th spot.

according to a report commissioned by the bcg global levels of private financial wealth grew 14.6 per cent from 132.7 trillion in 2012 to 152 trillion in 2013. the report observes that the outlook for private wealth is extremely positive and that those who already possess high levels of wealth will continue to get wealthier.

the study shows that switzerland comes second with 12.7 per cent of households having millionaires and singapore third with 10 per cent. the usa comes seventh with a proportional rating of 5.7 per cent millionaire households — though it ranks top in terms of the overall number of millionaire households with 7.1 million.

on a regional level the report ‘riding a wave of growth: global wealth 2014’ reveals that private financial wealth grew by 11.6 per cent to reach 5.2 trillion in 2013. key drivers were generally high savingrates and continued strong nominal gdp growth in oil-rich countries such as saudi arabia (13.4 per cent) kuwait (13.6 per cent) and the uae (12.8 per cent).

“as in all other regions equities were the strongest contributor” said markus massi partner and managing director the boston consulting group.

“the amount of wealth held in equities rose by 30.5 per cent across major mea markets compared with 6.4 per cent for bonds and 5.7 percent for cash and deposits. with a projected cagr of 6.5 per cent private wealth in the region will reach an estimated 7.2 trillion by the end of 2018 approximately a 3.6 per cent share of total global wealth.”

according to the reportglobal private financial wealth grew by 14.6 per cent in 2013 to reach a total of 152 trillion.

the rise was stronger than in 2012 when global wealth grew by 8.7 per cent. the key drivers for the second consecutive year were the performance of equity markets and the creation of new wealth in rapidly developing economies (rdes).

the total number of millionaire householdsreached 16.3 million in 2013 up strongly from 13.7 million in 2012 and representing 1.1 per cent of all households globally. the us had the highest number of millionaire households (7.1 million) as well as the highest number of new millionaires (1.1 million). robust wealth creation in china was reflected by its rise in millionaire households from 1.5 million in 2012 to 2.4 million in 2013. the number of millionaire households in japan fell from 1.5 million to 1.2 million driven by the 15 per cent fall in the yen against the dollar.

“the growth of private wealth accelerated across most regions in 2013 although it varied widely by market” said massi. “as in 2012 the asia-pacific region — excluding japan — represented the fastest-growing region worldwide continuing the trend of high growth in the ‘new world’. but substantial double-digit growth increases in private wealth were also witnessed in the traditional mature economies of the ‘old world’ particularly north america.”

private wealth booked across borders reached 8.9 trillion in 2013 an increase of 10.4 per cent over 2012 but below the increase in total global private wealth of 14.6 percent. as a result the share of offshore wealth declined slightly from 6.1 per cent to 5.9 per cent. offshore wealth is projected to grow at a solid cagr of 6.8 per cent to reach 12.4 trillion by the end of 2018 driven especially by investors in developing economies seeking higher levels of political and financial stability greater depth in wealth management products and expertise and geographic diversification.

— issacjohnkhaleejtimes.com


 






  MENA News Headlines
 Jul 24 2014 - Flydubai to start Mumbai flights in OctoberspanKhaleej Times
(MENAFN - Khaleej Times) Bai-based flydubai on Wednesday announced the launch of flights to Mumbai bringing the total number of destinations served by the carrier in India to seven with 25 flights a ...

 Jul 24 2014 - Dubai: A vision not an illusionspanKhaleej Times
(MENAFN - Khaleej Times) W laws will reinforce Dubais position as a sought-after global investment and business destination Hisham Abdulla Al Shirawi tells Khaleej Times “Dubai and the UAE as a ...

 Jul 24 2014 - Real estate deals in Dubai hit Dh113 billionspanKhaleej Times
(MENAFN - Khaleej Times) Ga projects and investor confidence behind strong transaction volumes The launch of mega projects and renewed investor confidence have boosted real estate transactions in ...

 Jul 24 2014 - Mashreq bank profit surges 40spanKhaleej Times
(MENAFN - Khaleej Times) Shreq bank announced on Wednesday a 40 per cent increase to Dh1.The bank said it net profit in the second quarter reached Dh585 million an increase of 45 per cent from last ...

 Jul 24 2014 - Marka to list on DFM in SeptemberspanKhaleej Times
(MENAFN - Khaleej Times) Rka a public joint stock company with a capital of Dh500 million on Wednesday announced plan to list its shares on the Dubai Financial Market in the second week of September ...

 Jul 24 2014 - Al Maya opens supermarket in Al Reem IslandspanKhaleej Times
(MENAFN - Khaleej Times) Maya Group has extended its reach in Abu Dhabi by opening its fourth supermarket in the countrys capital and first on Al Reem Island the company said.“The group ...

 Jul 24 2014 - Fees and commission boost FHs H1 earningsspanKhaleej Times
(MENAFN - Khaleej Times) Nance House has posted a robust consolidated net-profit of Dh61.Net fee and commission income grew by a whopping 75 per cent year-on-year to Dh35.8 million. Similarly income ...

 Jul 24 2014 - Majid Al Futtaim revenues jump 14 in first halfspanKhaleej Times
(MENAFN - Khaleej Times) Rong performance across the businesses has boosted Majid Al Futtaims first-half revenues by 14 per cent compared to same period last year the Dubai-based company announced on ...

 Jul 24 2014 - Emirates Reit H1 net profits surges 194spanKhaleej Times
(MENAFN - Khaleej Times) Irates Reit (CEIC) Limited on Wednesday announced that its net profit jumped by 194 per cent to $34.Emirates Reit is the first Shariah-compliant regulated real estate ...

 Jul 24 2014 - NBQ posts Dh186.32m profit in H1spanKhaleej Times
(MENAFN - Khaleej Times) Tional Bank of Umm Al-Qaiwain or NBQ on Wednesday said its 2014 first-half net profit rose to Dh186.In a statement the bank said operating income during January-June 2014 ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help