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Gulf countries high on global rich list

Last Updated: Saturday, June 12, 2010 - 10:00

Dubai: Three of the world`s six nations, with the highest number of millionaires, were in the Gulf region, a new report has revealed.

According to Boston Consulting Group`s Global Wealth report, Kuwait, Qatar and the United Arab Emirates were placed at the fourth, fifth and sixth spots in the list.

Singapore led the league table for the highest proportion of millionaire households at 11.4 percent followed by Hong Kong and Switzerland.

The US had the seventh-highest density of millionaires
at 4.1 percent, the report said.

Global wealth staged a comeback in 2009, increasing by 11.5 percent to USD 111.5 trillion, just short of the year-end peak set in 2007, according to group`s report.

"There`s no doubt that wealth will continue to grow faster in emerging markets, fuelled by strong economic growth," said Tjun Tang, a BCG partner and report co-author.

"We expect Asia-Pacific, excluding Japan, to grow at nearly twice the global rate, raising its share of global wealth from 15 percent in 2009 to almost 20 percent in 2014." The consultancy predicted global wealth would grow at an average annual rate of nearly six percent from year-end 2009 through 2014.

This was slower than the 2009 recovery but still higher than the 4.8 percent annual growth rate from year-end 2004 through 2009.

But the rebound in wealth should not be seen as a return to business as usual, the report said, adding that client trust and wealth manager performance are still lower than they were before the global economic crisis.

The United States had by far the most number of millionaires at 4.7 million, followed by Japan, China, the United Kingdom, and Germany.


First Published: Saturday, June 12, 2010 - 10:00
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