Networth of UAE millionaires exceeds that of US
Soaring oil prices and a vibrant UAE economy are expected to further boost the private wealth of UAE citizens in the coming three years, according to recent estimates.
With some 53,000 dollar millionaires, the UAE already has a greater networth of billionaires than does the United States-- the world's richest nation, reported <i>Khaleej Times</i>.
UAE's private wealth sector is expected to grow by a staggering 12.5 percent per year, exceeding the average rate throughout the Gulf.
The country's GDP grew 16 percent to $120 billion in 2005 from $103 billion in 2004, and has a per capita income currently of $28,138, one of the highest in the world.
It also boasts the fourth largest gas reserve and third largest oil reserves in the world, and is the second largest economy in the GCC after Saudi Arabia.
Furthermore, some 67.4 percent of the country's fiscal revenue is derived from non-oil sectors.
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