The number of Ultra High Net Worth Individuals in the Gulf Cooperation Council (GCC) is expected to grow by 26 percent over the next five years to over 9,100, real estate consultancy firm Knight Frank said.

“The rate of wealth creation in the GCC region is expected to remain strong. Over the next five years we expect the number of HNWIs ($1m+) to increase by 12 percent on average and UHNWIs ($30m+) by over 26 percent over the same period,” Taimur Khan, Associate Partner at Knight Frank Middle East said.

Saudi Arabia will host 57 percent of these UHNWI and the UAE will be home to 23 percent over the five year period according to the report. The Middle East is home to 16,581 UHNWIs, up from 10,043 in 2014, a 41 percent increase.

The number of ultra-wealthy people around the world is predicted to grow by 27 percent in the next five years to 2024, taking the population to just under 650,000 according to Knight Frank.

31,000 additional UHNWIs were created globally in 2019, an increase of 6.4 percent. North America, home to an additional 13,911, dominates with more than double the UHNWI population of Europe in 2019 at 4,682.

The number of UHNWIs created in Asia in 2019 significantly outpaced that in Europe with an extra 11,788 UHNWIs created.

“It’s exciting to see how wealth is developing across Asia and, with the number of ultra-wealthy in India, Vietnam, China and Malaysia outpacing many other markets over the next five years, it will be interesting to see how this impacts the global property market,” Liam Bailey, Global Head of Research at Knight Frank said.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#GCC #WEALTH #WEALTHMANAGEMENT #SAUDI #UAE

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