UAE's Dollar-Millionaires: Another 13,000 Join Resident Base In 2024, Says UBS
'This year there has been some significant movement in the number of millionaires in many of parts of the world, both upwards and downwards,' according to the Swiss bank's findings.
'In 2024, Turkey stands out from the crowd thanks to an 8.4% increase in its number of dollar millionaires over 2023, equivalent to a boost of roughly 7,000 people in a single year. The UAE (had) a rise of 5.8% in millionaire numbers, thanks to approximately 13,000 new entrants in this category.'
'Having looked at long-term trends, we concluded that wealth is far from static.'
In the UAE, that's been the case. Banking and property market sources talk about the multi-million dollar deals that have been shaping the UAE investment landscape. The property firm Knight Frank in a recent report points to the influx of Saudi, Indian, Chinese and UK high networth individuals committing sizable investments in the UAE. At some locations such as Jumeira Bay island, the deal sizes are getting bigger.
There are an estimated 240,343 dollar-millionaires in the UAE with a combined $785 million.
Saudi Arabia, according to UBS, has 339,029 dollar-millionaires, with a combined wealth holdings of $958.3 million.
'In an era marked by rapid economic shifts, increasing volatility and unprecedented market developments, understanding the trends and drivers of wealth creation is more crucial than ever,' said Robert Karofsky, co-President of UBS Global Wealth Management.
In the UAE, around 62% of gross wealth is allocated to financial assets, and it's almost 58% in Saudi Arabia. Assets such as real estate as well as land make up about 48% of what the super-rich spend on in both the prime GCC markets. (Debt levels among these investors is close to 9% in the UAE and 'only 5.7% in Saudi Arabia, one of the lowest levels in our sample of 56 countries', according to UBS.)
Niels Zilkens, Head Wealth Management Middle East at UBS Global Wealth Management, said: 'Saudi Arabia and the UAE are not only seeing rising millionaire numbers, but also meaningful gains in median wealth – especially in the UAE, where it rose over 23% since 2020.
'With a combined $122 billion in expected wealth transfers ahead, both markets are entering a pivotal phase of generational transition.'
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