Ultra Wealthy In United Arab Emirates Control US$255 Billion Of Private Wealth
There are 1,275 ultra wealthy individuals in the United Arab Emirates (UAE), representing 20% of the total ultra wealthy population in the Middle East, Wealth-X research shows. The combined wealth of the UAE’s ultra high net worth (UHNW*) population stands at US$255 billion.
The study also reveals that 57% of the UAE’s UHNW population amassed their fortune through entrepreneurship. Only 8% fully inherited their fortune; and 35% partially inherited and grew their wealth.
Below are other key findings from the study:
- Nearly 1,000 UHNW individuals are based in the UAE capital Abu Dhabi(450 individuals) and Dubai (495).
- Saudi Arabia and the UAE jointly account for over 45% of the UHNW population in the Middle East.
- Only 3% of the UAE’s UHNW population made its wealth through oil, gas and consumable fuels.
- The most significant source of wealth for the UAE’s UNHW population is industrial conglomerates, at more than 20 percent.
- The UAE is ranked 22nd in Wealth-X’s global ranking of UHNW population by country, behind Saudi Arabia (17) but ahead of Kuwait(32).
There are nearly 6,000 UHNW individuals in the Middle East with a combined net worth of US$995 billion. Saudi Arabia has the largest UHNW population (1,495 ultra wealthy individuals) and UHNW wealth (US$320 billion) in the region, followed by the UAE.
David Awit, Wealth-X Director for the Middle East, commented: “Despite the UAE equity market suffering declines of nearly 20% in the last year, our study shows that UHNW individuals in the country have defied this economic backdrop to record further increases in their fortunes in 2015, highlighting the ability of the world’s wealthiest individuals to continue to create new wealth.”
* Wealth-X defines UHNW individuals as those with US$30 million and above in net assets.
About Wealth-X
Wealth-X is the global authority on wealth intelligence, providing sales, marketing, strategy and compliance solutions to clients in the financial services, luxury, not-for-profit and education sectors. Its award-winning research and thought leadership are regularly cited by the world’s media such as CNBC, Financial Times, Thomson Reuters and BBC. Wealth-X has more than 250 staff in 10 global centers, including Singapore, London and New York(www.wealthx.com)
Ray Hanania is an award winning political and humor columnist who analyzes American and Middle East politics, and life in general. He is an author of several books.
Hanania covered Chicago Politics and Chicago City Hall from 1976 through 1992 at the Daily Southtown and the Chicago Sun-Times. He began writing in 1975 publishing The Middle Eastern Voice newspaper in Chicago (1975-1977). He later published “The National Arab American Times” newspaper (2004-2007).
Hanania writes weekly columns on Middle East and American Arab issues as Special US Correspondent for the Arab News ArabNews.com, at TheArabDailyNews.com, and at SuburbanChicagoland.com. He has published weekly columns in the Jerusalem Post newspaper, YNetNews.com, Newsday, the Orlando Sentinel, Houston Chronical, and Arlington Heights Daily Herald.
Hanania is the recipient of four (4) Chicago Headline Club “Peter Lisagor Awards” for Column writing. In November 2006, he was named “Best Ethnic American Columnist” by the New American Media. In 2009, Hanania received the prestigious Sigma Delta Chi Award for Writing from the Society of Professional Journalists. He is the recipient of the MT Mehdi Courage in Journalism Award. He was honored for his writing skills with two (2) Chicago Stick-o-Type awards from the Chicago Newspaper Guild. In 1990, Hanania was nominated by the Chicago Sun-Times editors for a Pulitzer Prize for his four-part series on the Palestinian Intifada.
His writings have also been honored by two national Awards from ADC for his writing, and from the National Arab American Journalists Association.
Hanania is the US Special Correspondent for the Arab News Newspaper, covering Middle East and Arab American issues. He writes for the Southwest News newspaper group writing on mainstream American issues.
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