Middle East private wealth rose by 11.6%

The UAE ranks 12th in the world by proportion of millionaire households, with 3.3 per cent - 33 out of every 1000 households holding private wealth of at least $1 million, according to the Boston Consulting Group’s fourteen annual global wealth management report. Private financial wealth in the Middle East region grew by 11.6 per cent to $5.2 trillion in 2013 with GCC countries leading the wealth surge. While private wealth Saudi Arabia grew by 13.4 per cent last year, in the UAE and Kuwait it surged by 12.8 per cent and 13.6 per cent respectively. With a projected compounded annual growth rate of 6.5 per cent, private wealth in the region will reach an estimated 7.2 trillion by the end of 2018.