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- Number of dollar millionaires in the Kingdom grew by 8 percent in 2022
RIYADH: Saudi Arabia has emerged as the country with the highest number of dollar millionaires in the Middle East and North Africa region and ranked 23rd globally in 2022, according to a report by Credit Suisse.
The Global Wealth Report indicated that the number of dollar millionaires in the Kingdom grew by 8 percent, reaching 354,000 in 2022, up from 325,000 millionaires the previous year.
This development shows Saudi Arabia’s growing economic strength and its emergence as a significant player in the global wealth landscape.
The list was dominated by the US and mainland China, with the two nations boasting a count of 22.7 million and 6.2 million dollar millionaires respectively, the report highlighted.
FASTFACTS
• The list was dominated by the US and mainland China, with the two nations boasting a count of 22.7 million and 6.2 million dollar millionaires respectively.
• Despite a decrease of 3.5 million global dollar millionaires during 2022, totaling 59.4 million, an upward trend is predicted in the coming years.
• Saudi Arabia’s total household wealth reached $2.3 trillion in 2022, compared to $1.2 trillion in the UAE.
While the US saw a 5.5 percent increase in millionaires from the previous year’s 21.4 million, China reported an 8 percent growth, up from 5.7 million in 2021.
Despite a decrease of 3.5 million global dollar millionaires during 2022, totaling 59.4 million, an upward trend is predicted in the coming years, according to the report’s projections.
“According to our estimates, the number of global millionaires will exceed 85 million in 2027, which is a rise of 26 million from today and 71 million from the beginning of the century,” stated the report.
In terms of average personal wealth, the UAE ranked third worldwide in the increase in average personal wealth owned by adult individuals last year, trailing only Norway and Singapore.
According to Credit Suisse, the average personal wealth of adults in the UAE rose by just under $20,000 in 2022.
The analysis also forecasts an average annual wealth growth of 11.8 percent in low-income nations and 10.7 percent in middle-income countries over the next five years.
Saudi Arabia’s total household wealth reached $2.3 trillion in 2022, compared to $1.2 trillion in the UAE.
However, the wealth per adult in the UAE stood at $152,556, a 68 percent increase over Saudi Arabia’s $90,975 last year, attributed to the Kingdom’s larger population size.