The number of ultra-high-net-worth individuals (UHNWIs) in Saudi Arabia has surged by 277% over the last five years, the fastest growth rate in the world.
The kingdom has also seen the number of UHNWIs, those with more than US$30 million in wealth, rise by 9.6% during 2020, in contrast to neighbouring states in the region which have seen wealth reduce as a result of the pandemic.
The annual survey of wealth adviser and private bankers from real estate consultancy firm Knight Frank found that the number of UHNWIs in the Middle East fell by 10.1% in 2020.
“The pandemic has impacted the fortunes of many in the Middle East, and the Middle Eastern HNWIs and UHNWIs were not spared,” said Taimur Khan, head of research at Knight Frank Middle East.
Knight Frank is forecasting a growth in Mena-based wealth over the next five years, thanks to the economic diversification programmes of some states and the number of billionaires residing in the region.
The predicted growth rate of 24.6% is slightly less than the global rate of 27% but will be enough to see the region retain its status as the fourth largest hub for the ultra-wealthy.
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