Arab businessman with money in funny consept isolated on white


The Gulf’s wealthy have doubled their private wealth between 2010 and 2014, according to a new study by Strategy& (formerly Booz & Company). Private wealth in the region grew from $1.1 trillion to $2.2trn, expanding at a compounded annual growth rate (CAGR) of 17.5 percent. The UAE led this increase in the GCC with 25 percent CAGR, followed by Oman (21 percent) and Bahrain (18 percent), which grew from much smaller bases. Strategy& estimates there are between 1.5 million and 1.6m wealthy households in the GCC. It defines “wealthy” as any household with stable investable assets of more than $200,000 on an annual average basis. According to the study, Saudi Arabia and the UAE control 74 percent of the region’s private wealth, with nearly half (or 44 percent, to be precise) of it residing in the Kingdom. The UAE, however, has made significant gains, with its share of the GCC’s private wealth increasing from 24 percent to 30 percent from 2009 to 2013. The Emirates has also created the most affluence in the GCC, growing its share of affluent households from 16 percent to 26 percent from 2009 to 2013.


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