As shown by Wealth-X research, the UAE that represents 20 percent of the Middle East’s total ultra wealthy population has 1,275 ultra wealthy individuals.
The collective wealth of the ultra high net worth (UHNW*) population of the United Arab Emirates stands at US$255 billion. The study also discloses that 57 percent of the United Arab Emirates' UHNW population combined their fortune by means of entrepreneurship. Only 8 percent completely inherited their fortune; and 35 percent, partly inherited and developed their wealth.
Below are further primary findings from the study:
• UHNW individuals of around 1,000 are based in Dubai (495) and Abu Dhabi (450 individuals), the United Arab Emirates capital.
• In the Middle East, the UAE and Saudi Arabia together comprise over 45 percent of the UHNW population.
• Only 3 percent of the United Arab Emirates’ UHNW population grew its wealth through gas, oil as well as consumable fuels.
• The most vital source of wealth for the United Arab Emirates’ UNHW population is at over 20 percent industrial conglomerates.
• The United Arab Emirates is ranked 22nd in Wealth-X's international ranking of UHNW population by country, ahead of Kuwait (32) but, behind Saudi Arabia (17).
In the Middle East, there are almost 6,000 UHNW individuals with a joint net worth US$995 billion. The largest UHNW population is in Saudi Arabia (1,495 ultra wealthy individuals) and in the region, there is UHNW wealth (US$320 billion), followed by the United Arab Emirates.
As commented by Wealth-X Director for the Middle East — David Awit, in spite of the UAE equity market suffering refuses of around 20 percent in the previous year, their study reveals that the country’s UHNW individuals have challenged this financial circumstance to record additional increases in their fortunes in the year 2015, emphasizing the potential of the world's most affluent individuals to keep on creating new wealth.
Source: www.onlinedubai.com