Private wealth in the UAE is expected to grow 8% in next five years

According to a report by Boston Consulting Group (BCG), personal wealth in the UAE has grown at 8 per cent between 2016 and 2017 and is expected to grow at a compounded annual growth rate of 8 per cent over the next five years to reach $590 billion (Dh2.16 trillion) in investable assets by 2022. Data from BCG showed global personal financial wealth grew by 12 per cent in 2017 to $201.9 trillion in US dollar terms. The main drivers included the bull market environment in all major economies with wealth in equities and investment funds showing by far the strongest growth. The Middle East accounted for the highest share of wealth held in investable assets. Personal wealth in the Middle East rose by 11 per cent to $3.8 trillion in 2017, a significant increase compared with the compounded annual growth rate (CAGR) for the previous five years.