World Economy

6,000 Ultra Rich in Mideast Control $995b

6,000 Ultra Rich in Mideast Control $995b6,000 Ultra Rich in Mideast Control $995b

There are nearly 6,000 ultra high net worth individuals in the Middle East with a combined net worth of $995 billion, according to a Wealth-X study.

Saudi Arabia has the largest UHNW population (1,495 ultra wealthy individuals) and UHNW wealth ($320 billion) in the region, followed by the UAE, TradeArabia reported.

There are 1,275 ultra wealthy individuals in the UAE, representing 20% of the total ultra wealthy population in the Middle East, the study by Wealth-X, a global authority on wealth intelligence, said.

The combined wealth of the UAE’s ultra high net worth population stands at $255 billion, it said.

Saudi Arabia is ranked 17 in the Wealth-X’s global ranking of UHNW population by country, while the UAE is ranked 22nd and Kuwait 32.

Saudi Arabia and the UAE jointly accounted for over 45% of the UHNW population in the Middle East.

The study also revealed that 57% of the UAE’s UHNW population amassed their fortune through entrepreneurship. Only 8% fully inherited their fortune; and 35% partially inherited and grew their wealth.

Meanwhile, media reports claim that the Middle East presently accounts for 2.6% of the world’s wealthy billionaires.