UAE’s financial wealth set to grow to $1 trillion by 2026 amid rising millionaire count

UAE’s financial wealth set to grow to $1 trillion by 2026 amid rising millionaire count

Dubai: The UAE’s financial wealth will grow from $700 billion currently to $1 trillion during the 2021-2026 period, according to a new report by Boston Consulting Group (BCG). “The year 2021 has established UAE as a clear winner in the GCC and among one of the fastest growing markets globally,” said Mustafa Bosca, Managing Director and Partner at BCG, during a virtual call on Wednesday. Last year, the UAE’s financial wealth grew by 20 per cent, compared to 11 per cent globally. About 41 per cent of the country’s wealth was derived from ultra-high net worth (HNW) individuals who are worth more than $100 million – this is expected to grow to 43 per cent in 2026. Individuals with wealth ranging above $1 million held 28 per cent of the UAE’s wealth in 2021 and this is expected to remain the same by 2026, said BCG in its report. “We believe that UAE is very well positioned to win in both crypto and climate related opportunities,” said Bosca. “We already see major digital asset companies and exchanges setup in the UAE, thanks to the crypto friendly regulatory environment and an emerging regulatory setup.” COP 28, the global climate change conference