The trekkers formed a connection with the camels, and found the digital detox to be refreshing
uae22 hours ago
The UAE residents have the highest wealth per capita among the BRICS countries, making it the richest nation in the bloc.
The average per capita income in the UAE is $103,500 (Dh380,000), more than double that of the second-ranked neighbouring Gulf country Saudi Arabia with a per capita wealth of $54,000, according to the inaugural BRICS Wealth Report by Henley & Partners published in partnership with wealth intelligence firm New World Wealth.
The Gulf countries were followed by China ($18,800), Russian Federation ($16,500), Brazil ($10,400), India ($6,800), Egypt ($4,200), Iran ($3,800) and Ethiopia ($1,200).
It is projected that the UAE will see a 95 per cent increase in per capita income over the next decade between 2023 and 2033, the third highest after India (110 per cent) and Saudi Arabia (105 per cent).
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Dr Juerg Steffen, CEO of of Henley & Partners, said the UAE “has excelled at transforming its economy over the past decade by pushing a pro-innovation agenda, supporting a fiscally attractive legal framework, and implementing investor-friendly policies.”
He added that one of the key factors that has led to UAE success has been its residence by investment offering or Golden Visa scheme introduced for various categories such as property buyers, entrepreneurs, scientists and researchers among others.
“The UAE has catalysed its economic prosperity, positioning itself as one of the world’s greatest wealth magnets, second only to Australia,” he added.
The UAE along with Saudi Arabia, Egypt, Iran and Ethiopia joined BRICS on January 1, 2024. These new countries’ inclusion in the bloc made it a formidable economic force accounting for a combined GDP of $28.5 trillion, or about 28 per cent of the global economy. BRICS member countries will also be producing about 44 per cent of the world’s crude oil.
The UAE is also home to 116,500 millionaires, the third highest among the BRICS countries after China and India. While the number of centi-millionaires with a wealth of $100m-plus was 308 and 20 billionaires at the end of 2023. Their wealth is projected to grow 77 per cent over the next 10 years, it said.
Dubai is third richest city after Beijing and Shanghai among the BRICS cities, housing 72,500 millionaires, 212 centi-millionaires and 15 billionaires at the end of 2023. Their wealth is projected to increase by 78 per cent between 2023 and 2033. The other cities that have the highest concentration of millionaires are Mumbai, Shenzhen, Hangzhou, Delhi, Moscow, Guangzhou and Abu Dhabi.
Andrew Amoils, head of research at New World Wealth, said Sharjah, Riyadh and Jeddah are also cities to watch.
“Despite accounting for far less private wealth than Dubai and Abu Dhabi, Sharjah’s millionaire population is growing at a slightly faster rate than both these cities in percentage growth terms. There are currently 4,100 HNWIs living in the emirate and this number is projected to reach over 9,000 by 2033, a growth of 120 per cent,” he said.
Total investable wealth currently held in the BRICS bloc amounts to $45 trillion and its millionaire population is expected to rise by 85 per cent over the next 10 years, it said.
ALSO READ:
The trekkers formed a connection with the camels, and found the digital detox to be refreshing
uae22 hours ago
This gesture aligns with the UAE’s broader efforts to support those affected by the crisis in Gaza through initiatives like Operation Chivalrous Knight 3
uae1 day ago
Imagine braving freezing temperatures of -25°C while running 42.2km in Antarctica and then catching flights to hit the ground again in South Africa, Australia, the UAE, Spain, Brazil, and the US
uae1 day ago
One learner was at the Sharjah International Book Fair last month, working as an interpreter; she also hosted an Arabic podcast about SIBF
uae1 day ago
'What drew me to this study was the realisation that no comprehensive fieldwork had been conducted in this area,' he said
uae1 day ago
Many residents in the UAE stressed that maintaining these regular bedtime routines can be difficult as professional lives can often be quite demanding
uae1 day ago
The UAE reaffirmed its consistent rejection of all forms of violence targeting civilians and undermining security and stability
uae1 day ago
This addition reflects the commitment to adopting innovative solutions to strengthen security coverage, enable swift responses to emergencies
uae1 day ago