Kuwait was ranked in second place in Middle East and south Africa in respect to per capita income by 134,592 US dollars in 2011, with an increase by 156 percent compared to 2000. According to a report issued by the research center of Credit Suisse Bank, the number of millionaires in Kuwait reached 31 thousand millionaires in 2011, expecting that the number will reach 45 thousand by 2016, by a growth rate of 45%.
In the Middle East and North Africa (MENA) region, Qatar recorded the highest average wealth per adult of $146,623 in 2011, a rise of 456 per cent from 2000. The UAE was placed third in the region with $115,774, up 104 per cent since 2000. Among the largest economies in the region, Saudi Arabia’s average wealth per adult rose 56 per cent from 2000 to reach $35,959 while Egypt’s wealth per adult climbed 47 per cent to touch $10,421.
While the average wealth per adult of many MENA countries saw substantial growth in 2011 compared to the past year, Egypt was one of the countries for which growth remained stagnant. However, in terms of total wealth, Egypt, with an estimated $0.5 trillion, ranked just behind Saudi Arabia with $0.6 trillion.
The report reconfirms that “these are times of unprecedented economic change, and a radical reconfiguration of the world’s economic order is taking shape. Emerging markets are important drivers of the global recovery and remain the key growth engines of global wealth,” said Credit Suisse’s Asia Pacific CEO Osama Abbasi.
“Credit Suisse believes this fast emerging wealth will drive new trends in consumption and investment in Asia, underpinning Credit Suisse’s proprietary thematic research initiatives on Global Megatrends of Demographics and Multipolar World. The much higher debt per adult level in Europe versus Asia, together with the much higher wealth growth rate in Asia versus Europe, suggests there may be scope for significant mutual collaboration to help mitigate the euro debt crisis,” added Giles Keating, Global Head of Research for Private Banking and Asset Management, Credit Suisse and a member of the Credit Suisse Research Institute Operating Committee.
Report: Al Watan