The UAE has the world’s second greatest potential for luxury spending growth after Qatar, according to the Knight Frank Wealth Report, published on March 5.
Updated: March 05, 2014, 12:00 AM
In pictures: Top 10 countries with fastest growing potential for luxury spending
2. United Arab Emirates: A luxury store at The Galleria, one of Abu Dhabi’s new luxury malls. Silvia Razgova / The National
3. Saudi Arabia: Saudi men look at a Bently during a luxury auto show in Riyadh. Fayez Nureldine / AFP
4. Ghana: Africa scores highly in the index, accounting for five of the 10 locations, with Ghana leading the list. Frans Lanting / Corbis
5. United States: The US is the only developed nation to join the list. Above, a Rolls Royce Wraith is showcased on the Concept Lawn during the Concours d’Elegance in Pebble Beach, California. Michael Fiala / Reuters
6. Kenya: Knight Frank forecast that the number of high net worth individuals in Kenya will rise by 75 per cent to 248 by 2022. Above, a 1951 Rolls Royce on display in the East Africa Concours d’Elegance event in Nairobi. ImageForum
7. Nigeria: The number of Nigerian millionaires is set to soar in the next four years. Joe Penney / Reuters
8. South Africa: Knight Frank said that there were 594 ultra high net worth individuals in 2013. Above, the luxury One&Only Hotel in Cape Town. Schalk van Zuydam / AP Photo
9. Zimbabwe: There were 1,868 ultra high net worth individuals Africans in 2013, Knight Frank said in the report. Above, a worker holds a piece of rough diamond from the country’s Marange diamond fields. Philimon Bulawayo / Reuters
10 Mexico: Latin American ultra high net worth individuals, including Mexicans, numbered 9,677 in 2013. Above, people walk the stairs towards the main entrance to the Soumaya Museum in Mexico City. Marco Ugarte / AP Photo