Economic growth in UAE set to burgeon

Economic growth in UAE set to burgeon

 

The UAE has consistently proved itself to be a wealthy market in context of the total wealth that is held by high net worth individuals. Moreover, a growth in wealth is expected to unfold over the next decade, projected to grow at an estimated 51 per cent by 2027. The number of high net worth individuals is expected to be over 140,000 by the end of the decade while the total number of billionaires will be around 30 at the same time.

A study also revealed the fact that the UAE has the largest wealth market in the region while globally the country ranks ahead of countries like New Zealand, Portugal and Poland. The various aspects that boost the wealth in the country are a robust growth of local financial services, and strong HNWI migration. Around 88,700 HNWIs account for estimated assets of 10 million dollars. The average UAE resident has a net asset of 99,000 which is in fact, above the world average.

These facts came to light after a study was conducted by the New World Wealth to assess the wealth domain in the country. It also emerged that at the end of last year, about 38 per cent of UAE HNWI wealth was in foreign assets. This essentially means that individuals who have a high net worth use the country as a solid home base from which they can manipulate and influence their financial dealings around the world.