Aggregate fortunes of all individuals in the country reach a high of Dh2.6 trillion in June
Dubai: The UAE can still lay claim to being the richest place in the Gulf Cooperation Council (GCC) region, as residents’ combined wealth continued to climb in June despite the economic headwinds.
The latest data released by New World Wealth, a global intelligence and market research company, indicated that the total amount of fortunes held by all individuals in the country — including property, cash, equities and business interests — increased by three per cent over the past six months to reach $710 billion (Dh2.6 trillion), the highest in the region.
The UAE is also one of the only two countries in the Gulf that posted an increase in private wealth. Most of the oil-dependent states, including Kuwait, Bahrain, Oman and Saudi Arabia saw private incomes shrink by as much as 7 per cent in less than a year.
The latest data also showed that UAE residents now earn more than most people in the region, with private wealth per capita estimated to be around $75,800, the second-highest in the GCC.
One of the reasons the UAE continues to defy the odds is that the country remains an attractive destination for millionaires, thanks to its tax-free regime, great infrastructure and low crime rate, among many other factors.
It was earlier forecast that thousands of millionaire residents will move to the UAE this year, as other wealthy havens have been hit by terrorist attacks.
Andrew Prince, financial planner at deVere Acuma in Dubai, had said that the UAE’s international air connectivity, political stability, wide variety of shopping and dining options and year-round sunshine are a big draw to wealthy people.
“Politically, we are blessed with a stable and ‘open for business government’ that recognises the traditional value of ‘marhaba’ which means welcome in Arabic,” Prince told Gulf News earlier.
In terms of total wealth, Saudi Arabia took the second spot in the regional ranking, with $670 billion in individual fortunes, down by 7 per cent from December 2015.
Kuwait claimed the second spot with some $270 billion in total wealth, dropping by 2 per cent over the past six months.
Qatar emerged in the fourth place, with $240 billion worth of total net assets, up by three per cent from the end of 2015, followed by Oman, with $100 billion (down by 6 per cent) and Bahrain, with $50 billion falling by 5 per cent).
In terms of average wealth held by every individual, Qatar claimed the crown as the richest country in the region. Every Qatari now owns about $102,700 in net assets.
The UAE came second on the list, with $75,800, followed by Kuwait ($65,600), Bahrain ($27,600), Oman ($24,300) and Saudi Arabia ($21.400).
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