UAE household wealth stood at $1.2 trillion in 2022

UAE household wealth stood at $1.2 trillion in 2022

Wealth per adult in the UAE at the end of 2022 $152,556, global report reveals

Published: Sun 20 Aug 2023, 7:37 PM Last updated: Sun 20 Aug 2023, 7:39 PM

Total household wealth in the UAE stood at an estimated $1.2 trillion at the end of 2022, a recent report has revealed.

According to the Global Wealth Report, issued by Credit Suisse and UBS, wealth per adult in the UAE at the end of 2022 $152,556. The ratio of household debt to gross assets in 2022 was 7.8 per cent in the UAE, with little change since 2021.

Growth rates of wealth per adult in the UAE were similar in 2021 using current or smoothed exchange rates at 18.7 per cent versus 20.6 per cent, respectively. However, in 2022, measured growth differed depending on exchange rates – wealth per adult rose 11.7 per cent in the UAE in 2022 at current exchange rates, but by only 4.1 per cent using smoothed rates, the report said.

The report stressed that the UAE hosts a disproportionate number of wealthy expatriate entrepreneurs, some of whom relocated after the global financial crisis. This tred has accentuated over the past year due to global uncertainties spurred by the Russian attack