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UAE Freezones Biz News Updates
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Qatar and UAE have the highest average wealth rate in Middle East
 Dubai
Mall was filled with shoppers even at 3am, especially from the GCC countries,
with some malls open 24 hours during Eid Al Adha celebrations.
Aggregate global household wealth increased by 4.9 per cent to $241 trillion
Qatar and UAE boast the highest average wealth per adult in the Middle and
North Africa (Mena) region, according to the latest Global Wealth Report
from Credit Suisse.
Qatar recorded the highest average wealth per adult of $153,294 in mid-2013,
growing 2 per cent from the same period last year, while UAE followed
closely with $126,791, rising 4 per cent.
Kuwait was placed third in the region with an average wealth per adult of
$119,101 but declined 0.3 per cent from last year. The average wealth per
adult in Oman and Bahrain grew 2 per cent from mid last year. Average wealth
per adult in Saudi Arabia, the largest economy in the region, rose 0.7 per
cent from mid 2012 to reach $37,346 while Egypt’s wealth per adult fell 12
per cent to $7,285.
However, in terms of total wealth, Saudi Arabia ranked first in the region
with an estimated $0.6 trillion, closely followed by UAE with an estimated
US$0.5 trillion. Egypt ranked third, with an estimated $0.4 trillion.
Globally, Switzerland topped the list in highest average wealth per adult
with $513,000, followed by Australia $403,000, Norway $380,000 and
Luxembourg $315,000.
According to Global Wealth Report 2013, from mid-2012 to mid-2013 aggregate
global household wealth increased by 4.9 per cent in current dollar terms to
$241 trillion, despite the challenges posed by the economic environment.
The report shows a $11 trillion rise in wealth to over $241 trillion, with
the US as the clear winner overtaking Europe and Asia Pacific Countries
falling back due to the sharp depreciation of the yen.
“We look at wealth mobility for the first time and it appears surprisingly
high. For instance, less than two-thirds of the 2000-01 Forbes billionaires
remained on the list by 2005, and barely half were on it by the end of the
decade,” said Giles Keating, Global Head of Research for Private Banking &
Wealth Management.
The report shows North America gained $8.4 trillion, an increase of 11.9 per
cent, fueled by a recovery in house prices and a bull equity market in the
United States. It became the lead region in terms of total net wealth for
the first time since 2005, overtaking European holdings, which added $5.5
trillion, an increase of 7.7 per cent. As a result of a 22 per cent
depreciation of the Japanese yen against the US dollar during the period,
household wealth in Japan dropped 20.5 per cent to $22.6 trillion.
Asia Pacific ex-Japan continued to register stable wealth growth by 6.2 per
cent to $ 51.3 trillion in mid-2013, the report said. “Our research shows
that global wealth has doubled since 2000, quite compelling given some of
the economic challenges of the last decade. We expect this trend to continue
in the foreseeable future, driven largely by Emerging Markets’ strong
economic growth and rising population levels,” said Credit Suisse Research
Institute’s Michael O’Sullivan.
Global wealth is projected to rise by nearly 40 per cent in the next five
years, reaching $334 trillion by 2018 as emerging markets are expected to
increase their share of global wealth to 23 per cent by 2018, with China
alone expected to represent over 10 per cent of global wealth then. However,
the US is to remain the undisputed leader in terms of aggregate wealth, with
total net worth approaching $100 trillion by 2018.
Oct 24, 2013 |
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Courtesy Al Nisr Publishing LLC
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