Saudi Arabia sees 7% rise in number of millionaires: Capgemini

The population and wealth of high net worth individuals (HNWIs) in Saudi Arabia rose seven percent and four percent year-on-year last year, according to a Capgemini’s “World Wealth Report 2019”.

The number of HNWIs in the Kingdom increased to 191,000 from 179,000 in 2017, it said.

Kuwait also registered an increase in HNWI population, which rose to 188,000 from 174,000. 

Overall, the Middle East region recorded an impressive HNWI population and wealth growth numbers, thanks to improving oil prices combined with significant fiscal and structural reforms.

While the total population of the millionaires in remained unchanged at 0.7 million, their wealth grew from $2.5 trillion in 2017 to $2.6 trillion last year.

Globally, the number of millionaires declined 0.3 percent to 18 million while their wealth declined three percent or $2.1 trillion year-on-year to $68.1 trillion in 2018 largely due to a drop in wealth in the Asia-Pacific region (specifically China).  On the other hand, Europe accounted for about one-quarter of the overall decline or $500 billion.

The ultra-HNWI population declined by four percent, and their wealth declined by around six percent, the report said.