Middle East rich have $880bn wealth
Manama, September 16, 2013
About 5,300 rich individuals in the Middle East possess a wealth of about $880 billion, according to a report.
Saudi Arabia tops the list of Middle East’s billionaires, with 64 highly wealthy individuals possessing $204 billion in 2013, the Wealth-X and UBS World Ultra Wealth Report was quoted as saying by the Arab News.
There are a total of 1,360 rich people in the Kingdom with a total wealth of $285 billion, the report said.
The UAE came second with 1,050 wealthy people with a total wealth of $190 billion, followed by Kuwait with 845 wealthy persons having $145 billion.
The report said that 37 highly rich Emiratis possessed $45 billion.
“Despite ongoing economic and geopolitical uncertainties, the world’s ultra wealthy population reached an all-time high of 199,235 individuals with a combined fortune of nearly $28 trillion in 2013, growing by more than 6 percent in population size from the previous year,” the report said.
The report also identified more than 2,000 billionaires globally with a total net worth of $6.5 trillion.
More Finance & Capital Market Stories
- Dubai inflation hits 4-year high in Nov
- New guidelines for Islamic banks, Takaful
- ADS to enter UK in 2014, starts pricing yuan
- Citadel cuts net loss as regional unrest eases
- Saudi inflation edges up to 3.1pc y/y in Nov
- Kuwait's Investment Dar reaches key debt agreement
- Banks on alert over ATM fraud
- Bahrain's economy bounces back on positive outlook
- Mena inbound M&A value triples to $3.9bn
- DFM opens educational trading floor at varsity