The ultra high net worth population and wealth in the Middle East had the fastest growth in the world over the past year, according to a new report. Globally, there are 2,170 billionaires with a combined wealth of more than $6.5 trillion, while 157 Middle Eastern billionaires share total net wealth of $354 billion.
According to the latest report by Singapore-based consultancy Wealth-X and Swiss bank UBS, the world’s wealthiest population reached its all-time high in 2013 with 199,235 individuals and combined wealth of $27.8 trillion. Ultra high net worth (UHNW) people are the owners of at least $30 million. Of them, there are 2,170 billionaires globally with a total wealth of $6.5 trillion, or 23 percent of all global wealth. The only region in the world to experience decline in its UHNW population and wealth is Latin America. North America and Europe are leading in terms of number of ultra rich people and although the Middle East experienced a decline in the average GDP and certain political tensions, its wealth and population grew by double digits. In fact, the region has the fastest growth in the world.
The Middle East is a home to 5,300 super-rich people with total wealth of $880 billion. Of them, 157 are billionaires and have combined wealth worth of $354 billion. Saudi Arabia leads the list of billionaires with 64 individuals and $204 billion, followed by the UAE (37 billionaires with total wealth of $45 billion) and Kuwait with 17 billionaires.
Self-made billionaires
The report also reveals a range of details from the world’s richest lifestyles. For instance, 60 percent of global billionaires have earned their wealth, while only a fifth of them inherited it. In comparison, only one third, or 32 percent of Saudis are self-made billionaires. In the UAE however, 59 percent of billionaires derived their money through finance, banking, investment and real estate. Surprisingly, oil and gas aren’t the major source for their fortunes.
It’s a man’s world
The world of the rich is still a man’s world, with 87 percent of the global billionaires being male. But while the average male billionaire has $3 billion, the average super-rich woman has $3.2 billion. Women also tend to inherit their wealth – 17 percent of women are self-made versus 15 percent of inherited men’s owned treasures. The UAE and Saudi Arabia have no female billionaires; still there are UHNW women, with total wealth of $8 billion and $14 billion, respectively. In fact, around 95 percent of all UHNW in the Middle East is held by men.
Cities of choice
New York remains the top choice for the world’s richest, being residence of 96 billionaires, followed by Hong Kong with 75 and Moscow with 74.
According to the results showed in all metrics, you have the greatest chance to become ultra rich if you are a married man with at least a bachelor’s degree from Harvard University. Instead of waiting for an inheritance, you should also work for your wealth – in the finance, banking and investment industries at the position of Chairman, or at least a CEO. It doesn’t sound so hard, does it?
