Report: More multi-millionaires living in Qatar in 2013
The number of super-rich people in Qatar has increased slightly in the past year, but the combined wealth of these individuals has fallen by $1 billion, a new wealth report states.
There are now 300 “ultra-net high worth” people worth $30 million or more living in Qatar, including 12 billionaires, according to the World Ultra Wealth Report 2012-2013, which was released this week. That’s up from 290 people last year.
The nationalities of the ultra-wealthy were not disclosed in the joint UBS/Wealth-X report.
In 2012, one wealth index stated that most of Qatar residents’ wealth was concentrated within family-operated businesses.
This year, the total combined wealth of the Qatar-based UNHW came out to $45 billion, down a $1 billion from 2012, due to a decline in the equity markets, the report states:
The lack of sophisticated investment options, reliance and comfort with equity markets, and heavy dependence on overseas financial managers especially those in Europe are reasons for total net worth not increasing alongside the rise in UHNW population.
Previously, Qatar has been ranked as having the world’s highest percentage of millionaires, with nearly 50,000 households holding private wealth of at least $1 million. It is also second highest in terms of global millionaire density, according to the Boston Consulting Group.
Meanwhile, the number of wealthy people in the MENA region is growing, though still only account for about 2.6 percent of the world’s richest people.
Neighboring Saudi Arabia has most of the region’s rich people, with 1,265 UNHW, who have a combined with of $230 billion. The UAE comes in second, and Qatar is fifth.
According to the report:
The steady pace of increase in the population of UHNW individuals (in MENA) reflects the tremendous potential of the two regions despite the political uncertainty that overshadows them.
Elsewhere, the US continues to be home to most of the world’s wealth, with more than 65,000 UNHW holding $8,880 billion, while Asia is starting to show a decline.
Here’s the full report:
Credit: Photo by Mohammed Nairooz