Wealth of Middle East super-rich touches USD 1.7 trillion- Merrill Lynch Report
The Middle East’s rich became even more wealthy in 2010, with only the UAE registering a decline in its wealthy population, a new report has revealed. Among the Gulf countries, only the UAE saw a slump in its millionaires’ club, a decline attributed to the collapse of Dubai’s real estate market, which eroded house prices by more than 60 per cent.
Across the Middle East, holdings of real estate among high net worth players fell to 18 per cent of all investments from 23 per cent in 2009 as property markets saw a slump in demand.
High levels of disposable cash also meant the region’s rich invested in the global equities markets, which produced strong returns last year.
Private equity investments, which grew by an average of 18 per cent in 2010, comprised 17 per cent of overall investment by Middle East millionaires compared to 10 per cent globally.
Merrill Lynch’s World Wealth Report 2011 said the number of dollar millionaires in the region swelled by 10.4 per cent in 2010, reflecting the fastest growth rate worldwide, to represent 400,000 people sitting on a cumulative cash pile of USD 1.7 trillion.
Globally, the number of dollar millionaires rose 8.3 per cent year-on-year to 10.9 million with a hefty combined wealth of USD 42.7 trillion.
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