News: UAE billionaires own a quarter of country’s wealth

The Middle East’s billionaires hold a combined net worth of Dh1.3 trillion ($354 billion), which in percentage terms is the highest total wealth in any other region in the world, according to findings from the Wealth-X and UBS Billionaire Census 2013 show.

According to the report, 40 per cent of the Middle East’s wealth is held by the region’s 157 wealthiest billionaires, known by the term ultra high net worth (UHNW), compared to 28 per cent in Europe, 22 per cent in North America and 18 per cent in Asia.

While billionaires in the UAE control almost a quarter (24 per cent) of the country’s wealth, their counterparts in Saudi Arabia control more than 70 per cent.

Saudi Arabia leads the region with the most billionaires (64), and 25 of these individuals are based in the country’s capital, Riyadh.

According to the report, UAE billionaires hold a total of $45 billion (Dh165 billion) in combined wealth, with an average net worth of $1.2 billion (Dh4.46 billion) per ultra-wealthy individuals in the country.

The UAE has 4.5 billionaires per million people, and is ranked No. 7 in the world in terms of number of billionaires per capita.

Culled from twentyfourseven