UAE records world’s fastest growth rate in ultra-rich residents

UAE records world’s fastest growth rate in ultra-rich residents

Three of the top 10 fastest-growing UHNW markets were in Asia

The UAE has 1,116 people who define the category of ultra-high-net-worth individuals. — KT file

Published: Thu 18 May 2023, 5:08 PM

The UAE recorded the world’s fastest growth rate in the number of ultra-rich individuals with an 18.1 per cent annual increase in 2022 as the Middle East region stood out with an impressive 16.9 growth in their population while across the globe their category has shrunk.

Last year’s phenomenal surge in the number of ultra-high-net-worth individuals (UHNWIs) on the back of an array of path-breaking reforms and innovative measures unleashed by the UAE drove their population to 1,116. Saudi Arabia was not far behind with 10.4 per cent annual growth, according to the latest issue of The Wealth Report by Knight Frank.

UHNWIs are those with $30 million plus in net assets while high net-worth Individuals (HNWIs) are those with $1.0 million or more assets.

In 2022, the global population of UHNWIs declined by 3.8 per cent after a record climb of 9.3 per cent in 2021. “Despite the fall, however, several growth hubs remained both at a regional and country level as well as across wealth bands — billionaires, UHNWIs, and HNWIs.,