Report: Number of Middle East’s “Ultra Rich” Soar to 9,780 In 2019

SourceAl Bawaba

This growth was a sharp acceleration from the flat growth seen in 2018. In addition, the combined net worth of the UHNW population mirrored this growth, increasing by 9.7% to $35.4 trillion. The report also reveals a significant decline in wealth from this population in early 2020 due to the impact of the Covid-19 pandemic. However, by the end of August the UHNW population and their collective wealth had shown significant recovery, rebounding toward end-2019 levels, it says. In the Middle East, the number of ultra wealthy individuals grew 0.7% to 9,780 in 2019 with the total wealth of this population increasing by 1.9% to $1.55 trillion, the report said. Key insights from report: Buoyant wealth expansion in North America: In 2019, the strongest regional returns were recorded in North America, the world’s largest more...