Average individual wealth in UAE, Saudi to expand by over 105% in 10 years

Saudi Arabia’s average wealth per person is expected to expand by over 105% in the next 10 years, followed by the UAE at 95%, investment migration advisory firm Henley & Partners said.

In its inaugural ‘BRICS Wealth Report’, Henley & Partners stated that India will lead the BRICS pack, forecasting a 110% increase in wealth per capita by 2033, followed by China (85%), Ethiopia (75%), South Africa (60%) and Egypt (55%)

The report said that the total investable wealth currently held in the BRICS bloc stands at $45 trillion, adding that the bloc’s millionaire population is anticipated to rise by 85% over the next 10 years.

There are currently 1.6 million individuals with investable assets of over $1 million in the grouping of the world’s leading emerging economies, including 4,716 centi-millionaires (centis) and 549 billionaires.

Centis includes individuals having more than $100 million in investable assets.

The original BRICS cohort comprising Brazil, Russia, India, China, and South Africa added Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE as new members this month.

The BRICS bloc now represents more than 45% of the world’s population and accounts for nearly 36% of global GDP than G7 countries (30%) when adjusting for purchasing power parity (PPP).

Henley & Partners CEO Dr. Juerg Steffen said an expanded BRICS presents attractive new opportunities for investors and entrepreneurs worldwide.

Private wealth grew by 92% in China, now home to 862,400 millionaires, including 2,352 centis and 305 billionaires.

India is second in the BRICS HNWI ranking, with 326,400 millionaires, including over 1,000 centis and 120 billionaires. Wealth growth soared 85% over the past 10 years.

The UAE’s millionaire population has surged since 2013 by 77% and is now home to 116,500 millionaires, including over 300 centis. The past decade has also seen robust private wealth growth in Saudi Arabia and Ethiopia, with their millionaire populations rising by 35% and 30%, respectively.

In addition, China lays claim to five of the top 10 wealthiest cities in BRICS, with the capital Beijing home to 125,600 millionaires, including 347 centis and 42 billionaires.

The UAE and India each have two cities in the top 10. Dubai is in third place with 72,500 resident millionaires (including 212 centis and 15 billionaires), and Abu Dhabi takes 10th place with 22,700 HNWIs (68 centis and five billionaires).

Five BRICS cities – Bengaluru, India; Cape Town, South Africa; Jeddah and Riyadh, Saudi Arabia; and Sharjah, UAE – are expected to see strong (over 80%) wealth growth over the coming decade, said New World Wealth Head of Research Andrew Amoils.

source: zawya