
Over the past 15 years, Qatar has seen the fastest growth in high net-worth individuals (HNWIs) in the Middle East, according to a recently released report by South Africa-based consultancy group New World Wealth.
The Gulf state is now home to some 39,000 HNWIs, compared to 9,500 in the year 2000. But that number is expected to grow more slowly (at 35 percent) to 52,700 individuals in the next 10 years, the Middle East 2014 Wealth Report found.

The study described a HNWI as an individual with net assets (financial holdings, business interests and tangible assets, excluding primary residence) of at least US$1 million, and includes expats working and living in the country, not just citizens.
In a statement to Doha News, New World Wealth analyst Andrew Amoils explained some of the reasons behind Qatar’s growth in wealth:
“HNWI growth in Qatar (is) fueled by strong economic growth, the migration of a large number HNWIs to the country (mainly from rest of the Middle East and North Africa) and growth in a number of high value sectors including financial services and real estate,” he said.
Notably, while previous reports have shown that there is an established financial elite in the country, there are also many locals who are suffering financially while trying to keep up with their peers, and others who are drowning in debt.
How Qatar shapes up
Relative to the rest of the MENA region, Qatar is also home to the wealthiest individuals per capita, with an average $180,000 in wealth per person.
The UAE came in second place, with over $76,000 in wealth per person, followed by Kuwait with almost $74,000 in wealth per person.

Iran came in last on the regional rankings, with US$5,500 average wealth per person.
However, it ranked second after Qatar in terms of the growth of HNWIs, rising almost 200 percent over the past 14 years.
The UAE came in third place in terms of growth with an increase in HNWIs of 175 percent, followed by Kuwait and Jordan.
Similar to Qatar, the UAE’s growth was supported by migration – over 10,000 HNWIs moved to the Emirates over the last 14 years, and their coffers were bolstered by the strong performance of local equity and local real estate markets, according to the report.
Regionally speaking, there are approximately 460,000 HNWIs living in the Middle East, with combined wealth holdings of $2.2 trillion. This equates to approximately 48 percent of the total wealth held in the region ($4.6 trillion), the report states.
It added that the numbers of HNWIs in the region have increased by 136 percent during the 14-year review period (2000-2014), compared to the worldwide HNWI growth rate of 73 percent over the same period.
Predictions

Although Qatar topped the list in several aspects for the last decade, the report predicted that in the next 10 years Qatar’s HNWI growth will slow to 35 percent, dropping it to fifth place regionally.
Other Arab countries are expected to see a similar drop-off in growth due to the decline in oil prices and ongoing political and religious tensions in the region, the report stated.
It added:
“Crude oil prices declined by over 50% during the past year (2014), which could detrimentally effect economic growth numbers over the next few years… The decline in oil prices may also deter further business formation and construction in these countries going forward.”
By 2024, Jordan is forecast to come in first place in terms of growth with an HNWI prediction of 68 percent, followed by Turkey and the UAE, according to the report.
Other findings
The report also included findings on how HNWI and multi-millionaires store their wealth.
“Lower-tier” millionaires (with net assets of between $1 and $5 million) have a tendency to hold onto cash and put their money in real estate, while billionaires (with net assets of $1 billion or more) tend to invest in collectables, commodities and other alternatives assets such as hedge funds.

“Affluent millionaires” (with net assets between $30 and $100 million) are most likely to invest in fixed income and equities, according to the report.
Meanwhile, art, wine and classic automobiles are becoming “increasingly popular methods to store wealth among HNWIs around the world,” the report added.
It stated that HNWIs in the region held approximately $2.6 billion worth of fine art at the end of 2014.
Thoughts?
🙁 I don’t qualifiy in any of the catgories above.
In the papers today they published the names of the top 100 richest people in the Middle East. Take it with a grain of salt. Though those listed are truly rich, they come no where close to the real billionaires of the Middle East. Those billionaires do not publish their true income or asset holding and are very hard to track. I’m sure if we got the true picture then the top 20 will look completely different. With no tax let alone published tax reports, no requirements to disclose funds and assets and no real governance this list is meaningless.
There are so many established billionaires in Qatar and the UAE it’s scary …
True that. Also we are ROFL-ing in the office over that average $180000 wealth per capita.
Yes, mostly focused in Industrial Area
I can believe that that is the average, what I’d like to see is the median.
Reminds me of when Saudi billionaire Waleed Bin Talal was going to sue Forbes for libel because they said he was “only” worth $20 billion, when he claimed his net worth was closer to $30 billion.
It must get annoying when you have so much money even you can’t keep track of it.
Given that Saudi has been sucking oil out of the ground for over 70 years, I don’t believe for a second that Waleed bin Talal is the richest Arab at $34bn. It would probably be more accurate to say that WbT is the wealthiest Arab who seeks publicity.
Its easier to imagine if you look at the way that money once earned in the region is subsequently spent and not saved. Then its much easier to see how there are actually many people here that make enormous salaries yet still live pay check to pay check just so they can keep up wit the neighbors. Whether its 4 maids and 2 drivers or 6 identical white land cruisers and a boat dry rotting in the dirt lot across the street, there is not a savings and investment mindset with many of the people here, and that is across the spectrum. I would probably say that the poorest here do a better job of saving than the wealthiest.
HNWI’s producing what exactly ?… almost nothing, apart from enriching the economy of Europe, USA, China etc – nothing like building a sustainable future. So enjoy it whilst it is there, as the day gets ever closer to a return to relative obscurity
US$1 million? Peanuts :))
that means more spoiled brats in those newly rich societies
Apart from the growing economy, I think much of the locals’ wealth comes also directly from the government, with the 60% pay rise and other incentives. Also, rules like the 51% Qatari ownership of any business has made many of locals rich.
Not sure if they include a person’s house into wealth calculation. If so then every qatari household is a considered a millionaire .. The 20 year old house I live in which was built for about 600k riyals is worth today well above 10 million riyals… My fathers older house easily hits 20 million because the land is located in a very prime and commercial location.. In that case we are all millionaires .. However no one will sell because 10 million riyals won’t get you much in terms of real estate ..
In terms of this report, home of primary residence was excluded, it said. But wow re property value!
Normally they should, though I am not sure if they can have an accurate evaluation of the value of people’s properties. However, the article says that “primary residences” were excluded.
These reports generally focus on liquidable assets, or those that are easily converted into cash – real estate never falls into that category and therefore is often excluded.
Yea, I meet an older gentleman that was selling his beautiful truck to help his son build his business. Selling his house (worth a good 15 million QR) was not an option because it wouldn’t be fair for the rest of his children. Land here, specifically in and around Doha municipality, has literally gone up in value almost 3-4 folds in just the last few years.
51% ownership doesn’t equal 51% of profits of a business. People confuse this when talking about it here way too much.
It does not ALWAYS equal 51% of profits. But for many it does.
Hey, I store my wealth in wine too! Doesn’t ever last very long though.
Please, include the level of debt that most Qatari’s have to support their humble lifestyle. In my company, Qatari’s can borrow from the company; the amount of debt outstanding each is staggering.
Today’s arabic papers reported that amount of debt owned by Qataris and expats in qatar has reached a record high