Saudi Arabia to have most demi-billionaires in MidEast by 2022: Knight Frank

Saudi Arabia is expected to lead the Middle East region in terms of the highest number of demi-billionaires -- individuals with more than $500 million in assets -- from 120 in 2017 to 140 by 2022, Knight Frank’s mid-year update of Wealth Report 2018 forecasts.

Saudi Arabia currently accounts for a remarkable 30 percent of the Middle East’s demi-billionaires, again the highest in the region.

Over the medium-term, however, the report forecasts the demi-billionaires population in Saudi Arabia to increase by 17 percent, versus 28 percent for the Middle East as a whole.

“KSA is currently leading the Middle East in terms of the highest number of demi-billionaires and will maintain this position in the medium term, despite expectations of  slower growth in  demi billionaires (+17 percent) in Saudi Arabia vs. the overall Middle East (+28 percent)," Raya Majdalani, Research Manager, Knight Frank, Dubai, told Argaam.

The report added that buyers from the Middle East in London’s super prime residential market have seen their share rise from 11 percent to 17 percent between August 2017 and August 2018.

Worldwide, strong global economic growth as well as rising asset prices will boost the number of demi-billionaires to 9,570 in 2022, up from 6,900 at the end of 2017, it added.