The Global Wealth 2021 report, issued by the global consultancy firm Knight Frank, expects the UAE to add 10 billion millionaires annually until 2025.
According to the report, millionaires whose wealth exceeds one million dollars will increase from 155,929 in 2020, to 205,664 in 2025. The number of high net worth individuals, who have assets of more than $ 30 million, will increase from 1,305 in 2020 to 1,592 in 2025. Thus, the total number of “millionaires” in the Emirates during the period between 2020 and 2025 will reach 50 thousand new millionaires.
Taymur Khan, head of research at Knight Frank Middle East, attributed this huge increase in the number of millionaires to two factors. He said:” We expect the return of economic growth in general, which raises the number of millionaires, in addition to the diversification and openness of the economy, which supports the growth of wealth.”
What supports the growth of wealth is the size of growth over the next five years which make us expect that most of the new millionaires will be workers in the transportation and information technology services sectors, in addition to the consumer service sectors,” Khan said to “Zawya”, an economic news website.
Globally, the number of individuals with high net worth is expected to increase by 27 percent until 2025, to reach 663,483. The number of millionaires with assets of more than $ 1 million will jump from 48.505.781 million in 2020 to 68.185.442 million in 2025.
The United States of America leads the number of super-rich, even with recent high wealth growth in locations such as Asia and the Pacific such as China and Hong Kong. The wealth of the richest billionaires in America is $ 2.7 trillion, according to Bloomberg, according to the report. The Asia-Pacific region is expected to continue increasing high net worth individuals, led by HNWIs from India and Indonesia, with an increase of 33%.