UAE has that million-dollar feeling

DUBAI // The UAE has been ranked 12th in the world according to its proportion of millionaire households, with 33 out of every 1,000 households holding private wealth of at least US$1million (Dh3.6m).

The research was carried out by the Boston Consulting Group’s 2014 Global Wealth Report showing double-digit growth for the Middle East and Africa.

Qatar had the highest density of millionaires – 175 out of every 1,000 households in the country are millionaires.

Switzerland ranked second in millionaire density – 127 per 1,000 households – followed by Singapore with 100 for every 1,000 households.

The report revealed that private financial wealth grew by 11.6 per cent to reach $5.2 trillion in 2013.

This was attributed to the high saving rates and continued strong nominal GDP growth in the oil-rich countries such as Saudi Arabia (13.4 per cent), Kuwait (13.6 per cent) and the UAE (12.8 per cent).