A proxy for economic performance or stark inequality? ME’s private wealth surpasses $5 trillion
Private wealth in the Middle East and Africa soared 11.6 per cent reaching $5.2 trillion in 2013 according to a new report.
Key drivers for this increase included continued strong nominal GDP growth in oil rich Gulf countries such as the UAE, Saudi Arabia and Kuwait whose private wealth grew 12.8 per cent, 13.4 per cent and 13.6 per cent respectively.
Growth also stemmed from high savings rates, according to the study by Boston Consulting Group (BCG).
Globally stock market gains reached 21 per cent in 2013, becoming the highest driver of wealth in North America, Japan and Europe.
BCG found that the number of millionaire households worldwide increased from 13.7 million in 2012 to 16.3 million in 2013.
Millionaire households also increased in emerging markets, despite a five per cent decline in the MSCI Emerging Markets Index, which likely affected invested assets.
India’s private wealth assets may more than double to $5 trillion by 2018, in addition to Russia whose wealth could increase in excess of 80 per cent to $4 trillion. While China’s $22 trillion is set to increase by more than 80 per cent to $40 trillion by 2018, BCG forecast.
- Giving up on the EU? Greece, Cyprus look to GCC investors
- Turkish whistleblower: government can hand over any bank to state fund
- Why Israelis are rushing to empty out their Swiss bank accounts
- Wealth in the land of Arab Spring: Egypt's top ten richest men in 2014
- Will the US dollar peg protect GCC currencies?
- Middle Easterners wealth up to $6.5 trillion by 2017 -- BCG
- How are the MENA's millions doing? Credit Suisse reveals the trends
- Family financial wealth: Qatar, Kuwait, UAE, Bahrain score top
- When it comes to 'millionaire density', Qatar ranks first in the world
- Which Gulf country has the most billionaires? Take a wild guess