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29/09/2017 - 16:54hs
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Number of millionaires in Middle East up 5%

There were almost 643,000 people with USD 1 million in assets or more in the region last year, although wealth there grew less than the global average. Brazil saw an 11% increase in number of millionaires.



São Paulo – The number of millionaires in the Middle East increased by 4.8% in 2016 from 2015, Arab News reported this Friday (29), quoting French consulting outfit Capgemini’s World Wealth Report.

The report says there were 642,800 millionaires in Middle East countries last year – i.e. people with assets worth USD 1 million or more, not including primary residence, collectibles and consumables. Middle East millionaires have a combined wealth of USD 2.42 trillion.

Saudi Arabia was home to 176,000 millionaires last year, the biggest number in the region and up from 167,000 in 2015. Kuwait placed second at 159,000, up 13,000 from the year before.

The report says the number of millionaires went up in the Middle East despite the oil price slump due to stock market results, which did well in 2016 after a slow year in 2015, as well as to Gross Domestic Product (GDP) growth.

In Brazil, despite 3.6% recession, millionaire numbers increased by 10.7%, more than twice as much as in the Middle East. There are now 164,000 millionaires in the country. Here, the number was also fueled by stock market performance.

The number of millionaires grew by 7.5% worldwide, with 1.15 million people joining the ranks and a total of 16.5 million, with a combined wealth of USD 63.5 billion.

The United States, Japan, Germany and China led the ranking, whereas numbers increased the most in Russia (by 20%), Netherlands, (14%), Sweden (13%) and Norway (13%). Brazil placed sixth, after Taiwan, with 12% growth.

*Translated by Gabriel Pomerancblum

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