According to data from a 2013 census of billionaires conducted by Wealth-X and UBS, the billionaires in the Middle East hold $354 billion in combined net wealth, which makes the area the top holder of wealth than in any other region worldwide. The census also revealed that 40% of the ultra high net worth (UHNW) wealth are being held by 157 Middle Eastern billionaires, as compared to 18% in Asia, 22% in North American, and 28% in Europe.
Moreover, Saudi Arabian billionaires has control in over 70% of the wealth of the country, while percentages of counterparts in the United Arab Emirates hold only 24%. This makes Saudi Arabia as the top region in terms of the number of billionaires at 64, and that the report said 24 of them are located in the capital of Riyadh.
The first-ever study on the billionaire population worldwide also disclosed that the aggregate worth of Saudi billionaires' wealth, which is at $204 billion, is over half of the combined net worth of certain parts in the Middle East.
The report also showed that among the 5,300 UHNW individuals, which are defined as individuals who have net assets of a minimum of $30 billion in the Middle East, there are 157 billionaires. The data then indicated that Middle East is number four among the regions with the most number of billionaires, following Europe with 766, North America with 552 and Asia with 508 individuals. However, Middle East ranked ahead of Latin America at 111 individuals, Africa at 42 and Oceania, which includes Australia, at 34.
Just last month, a WealthInsight report said the number of millionaires in the United Arab Emirates was projected to increase by 13.5% by the end of this year. The study also provided a forecast that the region will have a total of 54,600 millionaires by the end of this year.
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