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UAE’s billionaires own Dh664 billion in wealth

A report says that 4,000 millionaires will migrate to the country in 2022

Published: Tue 5 Jul 2022, 1:50 PM

Updated: Tue 5 Jul 2022, 10:56 PM

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The UAE has been ranked 15th in the list of countries with the highest number of billionaires, while Dubai is rated 11th among top global cities, says a new report. The UAE’s ranking rises to the 12th position when the total wealth of the billionaires is considered.

The country is home to 45 billionaires with a total wealth of $181 billion (Dh664 billion), while Dubai houses 38 billionaires, according to Altrata’s Billionaire Census 2022 report.

One reason for this could be that the UAE has been attracting a large number of wealthy investors from around the world, thanks to its successful handling of the pandemic and business-friendly policies.

The latest Henley Global Citizens Report, released last month, projected that 4,000 millionaires will migrate to the UAE in 2022, surpassing bigger countries like Australia, Singapore, Israel, Switzerland, USA, Canada, New Zealand, UK, India and others.

The Altrata report said the US, China, Germany, India, UK, Hong Kong, Switzerland, Russia, Saudi Arabia, France, Italy, Canada, Brazil and Singapore house the highest number of billionaires globally.

CountryNumber of billionairesTotal wealth ($billion)
USA9754450
China4001451
Germany176602
India124384
UK120266
Hong Kong114287
Switzerland111365
Russia107475
Saudi Arabia71192
France68294
Italy68207
Canada60131
Brazil52159
Singapore5099
UAE45181

The report revealed the global billionaire population rose by 3.3 per cent to 3,311 individuals in 2021, with total wealth surging by 17.8 per cent to a record $11.8 trillion.

The study found that 3,311 billionaires represent just 0.9 per cent of the global ultra-high net worth (UHNW) population – those with $30 million in net worth – yet hold a vast 27.4 per cent share of total UHNW wealth.

The top 15 countries are home to three-quarters of the global billionaire population and 81 per cent of total billionaire wealth.

Russia’s billionaire numbers declined by 11 per cent. This was before the attack in Ukraine and the imposition of severe international sanctions.

Kuwait City, San Francisco and Hong Kong have the highest density of billionaires, it said.

Regional performance

North America consolidated its status as the world’s leading billionaire region in 2021, recording above-average population growth and wealth gains. The number of billionaires rose by 5.6 per cent from a year earlier to 1,035 individuals, equivalent to a 31 per cent global share. Returns on US equities outpaced growth in most other markets, supported by a dynamic bounce-back of the US economy, robust consumer spending and highly accommodative monetary policy — notwithstanding a hawkish tilt in the final quarter of 2021.

The number of billionaires in Europe rose by 6.8 per cent to 954 individuals, with a collective net worth jumping by 22.3 per cent to $3.1 trillion. This was the strongest growth of all regions in 2021, slightly increasing Europe’s lead over third-ranked Asia in terms of population size and regaining its status as the second-ranked region for billionaire wealth.

The growth of the billionaire class and cumulative wealth in Asia lagged behind North America and Europe. The billionaire population rose by 1.8 per cent to 899 individuals, with a total net worth up 11.7 per cent to $2.9 trillion. This was a strong expansion of wealth in historical terms but the weakest growth of all seven regions in 2021. In Asia’s largest billionaire markets, robust gains in India contrasted with more subdued developments in China and Hong Kong.

The number of billionaires in the Middle East declined by 12 per cent to 191 individuals, while cumulative wealth increased by 12.5 per cent to $519bn. Overall economic activity was boosted by a more positive backdrop of rebounding commodity demand (and prices) and gradually recovering international travel, two important sectors for the region’s wealth markets. After a lean period in recent years, equity markets surged higher in the largest Gulf Arab oil economies.

Cumulative wealth among Africa’s 46 billionaires increased by 16.5 per cent to $104 billion as recovering global demand boosted corporate revenue and stock prices for Africa’s energy, metals, materials and food producers.

The size of the billionaire population of Latin America and the Caribbean was broadly unchanged in 2021 for a fourth successive year, falling marginally to 146 individuals.

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