A market research group has just released the findings of a study into the amount of wealth that UAE residents own. And the headline figure is that total personal wealth in the UAE stands at AED 3.4 trillion.
The study by New World Wealth took into account all forms of wealth – across all levels of society. So that AED 3.4 trillion number includes money in the bank, the value of the cars people own, the value of the properties people own, as well as their business interests.
Using a little bit of yallacompare maths, this means that, with a population of around 10 million, average wealth, per capita, in the UAE is AED 340,00.
Now, many of you might actually sit around, or even above, that average – taking into account the cars, property or other assets you might own. But it’s undeniable that many people in the UAE fall well below that average, too.
According to New World Wealth, a lot of the wealth is concentrated at the top, with the UAE’s overall wealth number being so high specifically because it attracts so many high net worth individuals.
The research house said that, in 2017 alone, around 5,000 high net worth individuals (those who have assets of at least AED 3.6 million) relocated to the UAE. More millionaires moved to the UAE last year than they did to places like Singapore, Switzerland or the Caribbean.
Indeed, in 2017, the UAE was the fourth most popular country for high net worth individuals, behind Australia, the United States, and Canada. And the UAE attracted about the same number of millionaires in 2016, too.