Private wealth in Gulf states stands at Dh5.5 trillion
Private wealth in the Gulf states reportedly stands at around at Dh5.5 trillion according to a recent statement by a prominent Dubai official. The sum, he said, was being spent on on the development of Gulf states' aviation infrastructure, with the three Gulf carriers, Emirates, Etihad and Qatar Airways, spending up to Dh220 billion; Dh73 billion has been spent to development the UAE's six airports.
Emirates and Etihad's combined orderbook of Dh166.61 billion makes the UAE currently the largest purchaser of passenger jets in the world (Emirates' orderbook stands at Dh137.25 billion while Qatar Airways' stands at Dh55 billion for nearly 100 aircraft).
The remainder of the Dh5.5 trillion is spent mainly on tourism and travel, as a result of which oil production is affected. "UAE travelers spend $4.9 billion on outbound tourism," Colm McLoughlin, managing director of Dubai Duty Free stated, according to Gulf News.
"Oil exports from 10 Middle Eastern countries increased from $200 billion in 2003 to $450 billion this year, which impacts spending on infrastructure projects," Colm added.
A World Wealth Report revealed that "Oil and commodities drove dramatic gains in stocks trading in the UAE and Johannesburg."
The high net worth individual (HNWI) population (people with more than $1 billion), in the Middle East and Africa grew by 9.5 per cent and 13.7 per cent respectively last year.