Saudi Arabia, UAE, Qatar are home to the most multi-millionaires in the region
Saudi Arabia is home to the most multi-millionaires in the region
Saudi Arabia is home to the most multi-millionaires in the region, with a total of 3,160 living in the kingdom at the end of 2014, according to a new report.
There were 100 more multi-millionaires, those with net assets of $10 million or more, living in Saudi Arabia than in the UAE, the report by New World Wealth showed.
Qatar had the third most (2,340) followed by Kuwait (2,130), Oman (580) and Bahrain (570), the research said.
It showed that Dubai is the region’s top city for multi-millionaires (2,070), representing 68 percent of the UAE’s total. There are also a sizable populations living in Abu Dhabi (680), Doha (590), Kuwait City (550) and Riyadh (520).
Financial services was named as the main industry from which UAE multi-millionaires have acquired their wealth – it is the primary source of wealth for 30 percent of local multi-millionaires, the ArabiabBusiness news website has reported.
Other important industries for them include oil & gas (21 percent), diversified (14 percent) and transport (12 percent).
The New World Wealth report also revealed that Qataris are the wealthiest individuals in Middle East with $108,000 in wealth per person.