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MENA’s wealth surge: Saudi & UAE to witness over 105% growth in 10 years

IFM_Saudi Wealth

According to Henley & Partners’ inaugural ‘BRICS Wealth Report’, Saudi Arabia is expected to witness a growth of more than 105% in the average wealth per person in the next 10 years, followed by the UAE at 95%.

India is expected to lead the BRICS group with a predicted increase of 110% in wealth per capita by 2033, followed by China (85%), Ethiopia (75%), South Africa (60%) and Egypt (55%).

The report also states that the investable wealth held by the BRICS bloc currently stands at $45 trillion, and the millionaire population in the bloc is anticipated to increase by 85% over the next decade.

There are currently 1.6 million people in the world’s leading emerging economies who have investable assets of over $1 million. This group includes 4,716 centi-millionaires (individuals with more than $100 million in investable assets) and 549 billionaires.

In January, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE joined the original BRICS cohort, which comprised Brazil, Russia, India, China, and South Africa.

The BRICS bloc now represents more than 45% of the global population and accounts for nearly 36% of the world’s GDP, when adjusted for purchasing power parity (PPP). This is more than the G7 countries, which account for 30% of global GDP when adjusted for PPP.

Henley & Partners CEO, Dr. Juerg Steffen, has stated that an expanded BRICS (Brazil, Russia, India, China, South Africa) presents new and attractive opportunities for investors and entrepreneurs worldwide.

China leads the BRICS HNWI ranking with 862,400 millionaires, including 2,352 centi-millionaires and 305 billionaires. Over the last decade, China’s private wealth has grown by 92%.

India is the second-ranked country in the BRICS HNWI ranking with 326,400 millionaires, including over 1,000 centi-millionaires and 120 billionaires. India’s private wealth has grown by 85% over the past 10 years.

The UAE has seen a surge in its millionaire population since 2013, with a growth rate of 77%. Currently, the UAE is home to 116,500 millionaires, including over 300 centi-millionaires. Saudi Arabia and Ethiopia have also witnessed robust private wealth growth, with their millionaire populations rising by 35% and 30%, respectively, over the past decade.

China claims five out of the top 10 wealthiest cities in BRICS. Beijing, the capital of China, is home to 125,600 millionaires, including 347 centis and 42 billionaires.

The United Arab Emirates (UAE) and India each boast two cities in the top 10. Dubai ranks third with 72,500 resident millionaires, including 212 centis and 15 billionaires. Abu Dhabi takes 10th place with 22,700 HNWIs (68 centis and five billionaires).

According to Andrew Amoils, the Head of Research at New World Wealth, five BRICS cities – Bengaluru, India; Cape Town, South Africa; Jeddah and Riyadh, Saudi Arabia; and Sharjah, UAE – are expected to see strong wealth growth of over 80% in the next decade.

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