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Qatar has the Highest Density of Millionaires:Report

Jun 10, 2013 16:27 IST

According to 13th annual global wealth management report released by the Boston Consulting Group’s, Qatar has the highest density of millionaires in the world, with 14.3 percent of the oil-rich Gulf nation's population holding private wealth of at least 1 million US dollars. The figure shows 143 out of every 1000 households in Qatar holding private wealth of at least USD 1 million which is much higher than the global average. Kuwait ranks third with 11.5 percent, while Bahrain (4.9 percent) and the UAE (4.0 percent) rank seventh and ninth, respectively.

Wealth in the Middle East and Africa (MEA) saw near double-digit growth at 9.1 percent in 2012, the study says. The report asserts that private wealth in MEA will grow to an estimated 6.5 trillion US dollars by the end of 2017, with a projected CAGR (Compounded Annual Growth rate) of 6.2 percent. This increase will largely be driven by new wealth creation linked to strong GDP expansion in oil-rich countries.

On a regional level, the report shows that private financial wealth in the Middle East and Africa grew to 4.8 trillion US dollars in 2012, an increase of 9.1 percent from 4.4 trillion US dollars in 2011. Wealth held in equities in the MEA region grew by 18.3 percent in 2012, as compared to increases of 9.2 percent in bonds and 5.2 percent in cash and deposits.

Globally, private financial wealth grew by 7.8 percent in 2012 to a total of 135.5 trillion US dollars. The rise was stronger than in 2011 and 2010, when global wealth grew by 3.6 percent and 7.3 percent respectively. BCG is a global management consulting firm and a leading advisor on business strategy.

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Read more Current Affairs on: Qatar , Millionaires , Middle east

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