UAE has that million-dollar feeling

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).

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).

newsdesk@thenational.ae

Published: June 17, 2014 04:00 AM

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