News Number of super-rich people in UAE drops due to...

Number of super-rich people in UAE drops due to Covid-19

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The pandemic did not only affect the low-income people. It has also affected the super-wealthy residents in the UAE, shrinking the size of their assets and the funds they could invest. 

This is according to the latest study of the UK-based real estate consultancy Knight Frank in its yearly The Wealth Report. Last year, there were some 1,305 ‘ultra-high net-worth individuals’ (UHNWIs) in the UAE alone. These UHNWIs hold $30 million plus in assets or funds they can deploy in picking up new ones. This is against the 2019 tally of 1,663 UHNWIs. 

Meanwhile, in 2019, there were 193,641 millionaires in the country or those with $1 million and more to invest. Last year, the real estate consultancy has only recorded 155,929 such individuals. Obviously, the pandemic has hindered them from investing in other ventures. 

“This pandemic impacted the fortunes of many in the Middle East, and the Middle Easters HNWIs and UHNWIs were not spared, with the total number of each decreasing by 11.3 percent and 10.1 percent, respectively,” Taimur Khan, Head of Research at Knight Frank Middle East, said. 

Meanwhile, this is not the same case with the Kingdom of Saudi Arabia. Over this period, UHNWIs increased by 9.6 percent–the 10th fastest growth rate globally. 

“In fact, its UHNWI population has grown by 227 percent over the last five years, the fastest growth rate globally over this period,” he added. The Kingdom’s UHNWIs 2020 tally was 7,020 after another 617 joined in. 

TGFM
The Global Filipino Magazine is the only Filipino magazine in the UAE that prints on a monthly basis. Its goal is to champion the success of every global Filipino across the globe.

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