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The British “Knight Frank” Foundation, which specializes in real estate and wealth management, said in its latest report on the wealthy, that the United Arab Emirates is the fastest growing country in the region for the year 2022 in terms of inflows of the ultra-wealthy (those with net assets of more than $30 million), with an increase It increased by 18.1% over the past 5 years, bringing the total number of millionaires in the country to 1,116 individuals. At the same time, the number is expected to increase by 15.5% by 2027 to 1,289 millionaires, with an increase of 173 new rich people in 5 years.
Knight Frank predicted that the percentage of millionaires in the UAE (those with net assets of more than one million dollars) would increase by 48% to 198,960 millionaires within five years. After the rise reached 15% last year at 134,239 millionaires.
1,289 of the population became super rich in 5 years
64,451 new millionaires between 2023 and 2027
According to the report, the Middle East region ranked first in the world in terms of the growth of the number of the ultra-wealthy for the year 2022, with 8,844 millionaires, an increase of 16.9% over the previous five years. In Saudi Arabia, the report expected the number of millionaires to reach 185,325 in 2027, an increase of 79%, compared to 134,539 in 2022. The Kingdom achieved a 9.6% increase in the number of millionaires last year.
In Egypt, the number of millionaires is expected to reach 16,575 in 2027, from 15,123 in 2022.
This comes despite the decline in the global population of the super-rich by 3.8% in 2022, after a record high of 9.3% in 2021, as the investment portfolios of the wealthy in stocks and bonds were affected by the global economic slowdown and repeated price hikes. However, the recent downturn will not last long, as we are adjusting to the environment of the new economy, according to the British Institution.
American hegemony
Knight Frank noted that although there remains a great deal of uncertainty, ultra-high-net-worth individuals remain willing to take advantage of what creates growth opportunities for them. And that the United States is likely to maintain its global dominance with the largest number of ultra-wealthy individuals by 2027, with a growth of 24.6% to 253,354 millionaires.
The report also predicted that India would witness an increase in the number of its wealthy, who own more than $30 million, by 58.4% to reach 19,119 millionaires within five years, compared to 12,069 people in 2022. The Chinese mainland will also witness an increase of 49.8%. to 131,855 millionaires during the same period.
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