The GCC has the highest concentration of millionaires in the world

Qatar, Kuwait and the United Arab Emirates (UAE) are among the world’s top five countries that enjoy the densest concentration of millionaires, according to a recent report in Emirates Business 24X7, a business daily published in the UAE.

A published global wealth report by the Boston Consulting Group entitled ‘A Wealth of Opportunities in Turbulent Times’, the wealth management opportunities in the Middle East are mainly centred in the UAE. The report added that the total GCC market had an estimated USD $ 1.5 trillion in assets under management (AuM) and the average AuM of a weekly household was USD $ 1.0 million in the region, well above the global average of USD $ 400,000 for wealthy households.