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Posted On: 10 June 2013 02:27 pm
Updated On: 12 November 2020 02:13 pm

Qatar has highest density of millionaires: study

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Qatar has the highest density of millionaires in the world, with 14.3 per cent of the oil-rich Gulf nation's population holding private wealth of at least USD 1 million, according to a report. The figure shows 143 out of every 1,000 households in Qatar holding private wealth of at least USD 1 million, much higher than the global average. Kuwait ranks third with 11.5 per cent, while Bahrain (4.9 per cent) and the UAE (4.0 per cent) rank seventh and ninth, respectively, the Boston Consulting Group's (BCG) 13th annual global wealth management report says. Wealth in the Middle East and Africa (MEA) saw near double-digit growth at 9.1 per cent in 2012, the study says. The report asserts that private wealth in MEA will grow to an estimated USD 6.5 trillion by the end of 2017, with a projected CAGR (Compounded Annual Growth rate) of 6.2 per cent. This increase will largely be driven by new wealth creation linked to strong GDP expansion in oil-rich countries. "The growth of private wealth in the region has been largely driven by a buoyant GCC equity market and an improvement in the global equity markets overall. Additionally, the recovery of the local real estate markets has helped to free up additional liquidity for financial investments. Wealth held in equities saw strong growth in 2012, although individual markets in the GCC region posted sharply different results," said Markus Massi, Partner and Managing Director at BCG Middle East. Read more