International Finance
Wealth Management

Number of billionaires in UAE and Saudi Arabia declines in 2018

Number of billionaires in UAE and Saudi Arabia falls
Wealth X’s report finds that there are 55 dollar billionaires in the UAE worth $165 billion

The number of dollar billionaires in the UAE declined 11.3 percent in 2018, according to a report by Wealth X. The wealth they together control fell marginally by 1.6 percent.

According to Wealth X’s billionaire census 2019, the UAE was tenth among the top 15 destinations by number of billionaires in 2018. The UAE was actually ninth in 2017.

In the region, Saudi Arabia saw its number of billionaires plummet by 8.2 percent while their total wealth fell by 13.2 percent. Among the top 15 markets for billionaires, the US, UK, Russia, and France recorded an increase in the number of billionaires.

“Despite moderately positive equity markets and a growing economy, billionaires’ fortunes worsened in these two countries (UAE and Saudi Arabia) in 2018. The richest continue to be affected by Saudi Arabia’s anti-corruption purge, which began in 2017.” Wealth X researcher Maeen Shaban said in the report titled Wealth X Billionaire Census 2019.

The number of billionaires declined in 11 of the top 15 markets including the UAE in 2018. Region-wise, North America was the only region to see an increase in the number of billionaires in 2018. Although the number of billionaires increased in the Asia Pacific region in 2017, in 2018, their number declined by 13.4 percent.

San Francisco topped the cities in the world in terms of billionaire residents according to Wealth X. The city had one billionaire for every 11,600 residents. New York, Dubai, and Hong Kong followed San Francisco in that order.

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