Growth in UAE wealth is expected to be strong over the next 10 years, growing at 51 per cent to reach $1.4 trillion (Dh5.14 trillion) by 2027, says a new study.
According to New World Wealth report, the number of high net worth individuals (HNWIs) in UAE is expected to reach just over 140,000 by 2027, whilst the number of billionaires is expected to reach around 30 by 2027.
Factors that should boost UAE wealth over the next one decade include, strong HNWI migration, strong growth in local financial services and professional services.
The study found that the UAE is the largest wealth market in the Middle East with UAE residents holding $925 billion wealth with nearly half – 51 per cent or $470 billion – of the total wealth is held by high net worth individuals with wealth of $1 million or more.
Globally, the UAE is 26th largest wealthy market in terms of total wealth held by the end of 2017, ranking ahead of Poland, Turkey, South Africa, Portugal and New Zealand.
There are around 88,700 HNWIs with assets of $1 million or more and 3,800 people with assets of $10 million and more. While there are 240 UAE residents with $100 million assets or more and 13 billionaires with net assets of $1 billion or more, the report said.
Average person in the UAE has net assets of $99,000, this is well above the world average of $28,400.
Andrew Amoils, head of research, New World Wealth said at the end of 2017, approximately 38 per cent of UAE HNWI wealth was held in foreign assets, well above the worldwide average of around 24 per cent, which indicates that many wealthy individuals use the UAE as base for managing their businesses and investments around the world.
Source Credit: Khaleej Times