UAE ranked sixth among millionaire households in the world

The UAE and three other GCC nations are ranked among the top 10 nations in the world by proportion of millionaire households, with the private financial wealth in Middle East and Africa region soared, touching $4.5 trillion in 2011, a new study said.

The UAE has been ranked sixth globally, with five millionaire households per 100, the Boston Consulting Group (BCG) said in its report 'Global Wealth 2012'. UAE was also the sixth in the world in 2009 in the measure of millionaire households. According to the report, these households have over $1million in the form of cash, stock and other assets, excluding businesses, property and luxury goods.

According to the Partner and Managing Director at BCG, Markus Massi, besides the UAE, Kuwait, Qatar and Bahrain are among the top 10 countries by proportion of millionaire households. While Singapore topped the list of top ten millionaire households per 100, Qatar ranked the second, Kuwait came third, and Bahrain stood at the tenth place.

According to Forbes Middle East, the Arab world has 36 billionaires with an accumulated wealth of more than $121bn, marking an increase from $117.6bn in the previous year.

The report also said that with growing wealth in developing countries such as China and India, the number of millionaires across the world would also grow in 2011. By the end of 2011, there was a total of 12.6mn millionaire households worldwide, with 5.1mn of them located in the United States.

Posted on 7/6/2012

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