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The number of millionaires in the Middle East in 2007 has soared to around 400,000 while their collective wealth has increased to USD $ 1.7 trillion, up 17.5 % over 2006. The number of super-rich in the Middle East jumped 15.6 % in 2007 as economies in the region profited from record oil revenues, according to a recent report by investment bankers Merrill Lynch in conjunction with consultancy CapGemini.
The US bank said in its World Wealth Report 2008 that high net worth individuals (HNWIs, defined as those with net assets of at least USD $ 1.0 million) in the Middle East grew faster than anywhere else in the world and the rate at which wealth grew was also one of the fastest. The report said soaring in the Middle East wealth was set to continue in the coming years, increasing at a compound annual growth rate of 15.3 % to USD 3.4 trillion by 2012, much faster than any other region.
Saudi Arabia, the world’s top oil exporter had the highest number of millionaires at 101,000, up from 90,000 in 2006, while the UAE came second with 79,000 millionaires, up from 68,000 in 2006. The Middle East made up around 3.9 % of the world’s super rich and had 4.2 % of total wealth controlled by HNWIs in 2007.