Ultra-wealthy in GCC to rise by 26%

Wealth managers in the Gulf Cooperation Council (GCC) will be buoyed by the news that the region can expect more than 9,000 new ultra-high net worth individuals (UNWHIs) over the next five years, according to a report from real estate consultant Knight Frank.

The forecast represents a 26% increase on the current level. Meanwhile the number of millionaires or HNWIs in the region will grow by 12% over the same period.

The majority of the new UHNWIs, investors with more than $30 million, will come from Saudi Arabia (57%) with 23% expected in the UAE.

“The rate of wealth creation in the GCC region is expected to remain strong,” said Taimur Khan, associate partner at Knight Frank.

The rate is in keeping with the global forecast of 27% growth for UHNWIs taking the overall number to more than 650,000.

The 26% growth for the GCC is also less than the 41% increase seen between 2014 and 2019 during which time the ultra-wealthy in the region increased from 10,043 to 16,581.

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