UAE richest country in Middle East; New World Wealth Report

By Rahul Vaimal, Associate Editor
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According to the latest data from New World Wealth, the UAE has emerged as the richest country in the Middle East and Dubai is the richest city.

The newest study from the wealth sector compiler showed that as of June 2020, the country’s 82,763 high and ultra-high net worth individuals (UHNWIs) own over $825 billion (Dh3 trillion) wealth. The UAE is home to 12 billionaires, 214 millionaires with more than $100 million wealth, 3,410 millionaires with assets above $10 million, and 79,100 millionaires with more than $1 million. Their total wealth is $825 billion (Dh3 trillion).

Israel is the second richest country in the world with $744 billion, followed by Saudi Arabia ($482 billion), Turkey ($422 billion) and Iran ($266 billion).

Knight Frank’s latest Wealth Report 2020 has revealed that the UAE is home to 1,681 UHNWIs with over $30 million in wealth and is ranked among the top 30 countries in the world for having the largest number of UHNWIs. According to its report, the UAE is expected to see a 24 percent rise in UHNWIs over the next five years, more than Russia, Turkey, the US, France, Germany, Italy, Switzerland, Japan and Thailand, among others.

The UAE appeared among the top five countries as an investment destination for investors from the Indian Subcontinent, Europe and the Middle East in a survey conducted by Knight Frank.

Nine billionaires, 2,310 UHNWIs with over $10 million in assets and 49,400 UHNWIs holding over $1 million in wealth are home to Dubai, the commercial and tourism center of the region, among the cities. In total, they own assets worth $491 billion (Dh1.8 trillion), New World Wealth reported.

Tel Aviv, where millionaires and billionaires hold $289 billion in properties, is another of the region’s wealthiest cities, followed by Istanbul ($154 billion), Abu Dhabi ($137 billion), Riyadh ($121 billion), Doha ($112 billion), Jerusalem ($110 billion), Tehran ($60 billion), Herzliya ($30 billion), Netanya ($29 billion), Ankara ($24 billion), Eliat ($23 billion) and Sharjah ($20 billion).

Recently, the New World Wealth revealed that the UAE attracts the most ‘high net worth individuals’ (HNWIs) to the country, making the country the richest in the region