Qatar has highest density of millionaires in world
Dubai: Qatar has the highest density of millionaires in the world, with 14.3 percent of the oil-rich Gulf nation’s population holding private wealth of at least USD 1 million, according to a report.
The figure shows 143 out of every 1,000 households in Qatar holding private wealth of at least USD 1 million, much higher than the global average. Kuwait ranks third with 11.5 percent, while Bahrain (4.9 percent) and the UAE (4.0 percent) rank seventh and ninth, respectively, the Boston Consulting Group’s (BCG) 13th annual global wealth management report says.
Additionally, the recovery of the local real estate markets has helped to free up additional liquidity for financial investments. Wealth held in equities saw strong growth in 2012, although individual markets in the GCC region posted sharply different results,” said Markus Massi, Partner and Managing Director at BCG Middle East. The Middle East also ranks highly by ultra-high-net-worth (UHNW) households, defined as households with more than USD 100 million in private wealth.
Globally, private financial wealth grew by 7.8 percent in 2012 to a total of USD 135.5 trillion. The rise was stronger than in 2011 and 2010, when global wealth grew by 3.6 percent and 7.3 percent respectively. BCG is a global management consulting firm and a leading advisor on business strategy.