By Ingy Ashraf,
Based on Henley & Partners’ reports, Saudi Arabia’s average wealth per person is expected to increase by 105% over the next decade, up from $54,000 now.
Based on Henley & Partners’ BRICS Wealth Report, the Kingdom currently ranks at number six among high-net–worth individuals within the bloc.
The consulting agency added that Saudi Arabia has 58.3 millionaires currently, with a total of 195 centi-millionaires and 22 billionaires, which translates to a massive increase of 32% from the year of reference in 2013.
Those who join this wealthy group are centi-millionaires, people whose wealth exceeds even the sum of $100 million.
The report identified India as the front-runner in the per capita wealth list, whereas total assets were expected to be almost doubled by 110 percent during over a decade from current $6,800.
Also, the wealth per capita in the UAE is projected to increase by 95 % by 2033 after China and Ethiopia that will have increased their net worth per person at a level of 85 percent and 75 % respectively.
Likewise, South Africa is expected to develop by 60 % in this territory while Egypt is forecasted to grow by 55 % until the year 2033.
According to Robert Mogielnicki, a senior resident scholar at the Arab Gulf States Institute in Washington said,“These countries exhibit divergent economic conditions: Saudi Arabia and the UAE enjoy robust economies, while Egypt confronts systematic economic challenges”
He continued “There are also major differences in each country’s respective positions in the international order and how senior government actors therein pursue political and diplomatic interests on the world stage”
The research also states that the total investable wealth currently held in the BRICS bloc is $45 trillion, with the number of millionaires in these countries likely to increase by 85 % over the next decade.
Currently, there are 1.6 million discussable BRICS’s citizens having investable assets larger than $1 million, including 4716 centi-millionaires and 549 billionaire As indicated, according to the findings, private wealth in China has more than doubled within the past decade 92 percent.
Asia is nowadays inhabited by 862,400 millionaires; there are 2,352 centimillionaires and 305 billionaires living in the giant.
China is followed closely by India which has an increase of 85% in private wealth over the past 10 years. The country boasts 326,400 millionaires with more than one thousand centi-millionaires and a hundred and twenty billionaire.
The millionaire population of the UAE has increased significantly from 2013 with a robust growth rate of 77 percent, while the country is now home to about 116,500 millionaires.
Jeff D. Opdyke, a personal finance and investment expert on the report stated, “Economically, non-Western nations — with BRICS at the vanguard — are pushing the globe into a new reality: An emerging economic, social, and monetary status quo that is upending what the world has accepted as normal for nearly eight decades”
South Africa’s millionaires have declined by 20% since 2013, while Iran’s number fell by 38%. Beijing leads with 125,600 millionaires, followed by Shanghai and Dubai.
