Qatar possess highest density of millionaires
As per the Boston Consulting Group’s (BCG) 13th annual global wealth management report, Qatar has the highest density of millionaires in the world, with 14.3% of the oil-rich Gulf nation’s population holding private wealth of at least $1 million.
As per the report:
- 143 out of every 1,000 households in Qatar possess private wealth of at least USD 1 million which is much higher than the global average.
- Other gulf nations ranked amongst the top 10 in the list including Kuwait which ranked 3rd with 11.5%, while Bahrain (4.9%) and the UAE (4.0%) were ranked 7th and 9th respectively.
- 9.1% growth in the wealth in the Middle East and Africa (MEA) in the year 2012 was registered.
- Private wealth in MEA will grow to an estimated USD 6.5 trillion by the end of 2017, with a projected CAGR (Compounded Annual Growth rate) of 6.2%.
- This increase will largely be driven by new wealth creation linked to strong GDP expansion in oil-rich countries.
- The Middle East also ranks highly by Ultra-High-Net-Worth (UHNW) households, defined as households with more than $100 million in private wealth.
- Qatar with 8 UHNW per 100,000 households has been ranked 4th in the world.
- As compared to the moderate growth (around 6%) of stock exchanges of GCC (Gulf Cooperation Council), the Dubai Financial Market (DFM) Index recorded a growth of 19.9% and the Abu Dhabi Exchange(ADX) improved by 9.5%.
- Private financial wealth in the Middle East and Africa expanded to $4.8 trillion in 2012, an increase of 9.1% from $4.4 trillion in 2011.
- On the global scale, private financial wealth grew by 7.8% in 2012 to a total of $135.5 trillion.
Month: Current Affairs - June, 2013