JEDDAH: Saudi Arabia is the region’s leader in built asset wealth according to the latest Global Built Asset Wealth Index published by Arcadis, a leading global Design and Consultancy firm for natural and built assets.

The index, which was compiled for Arcadis by the Center for Economics and Business Research (Cebr), calculates the value of all the buildings and infrastructure that contribute to economic productivity in 32 countries, which collectively make up 87 percent of global GDP.

Total built asset wealth globally now stands at an estimated $218 trillion, which is the equivalent to $30,700 per person alive today.

The stock of built assets is closely correlated with a nation’s economic output.

On average, countries analyzed have a built asset stock worth 2.9 times GDP.

China now has a built asset wealth of $47.6 trillion, overtaking the USA which comes in second place with a wealth of $36.8 trillion.

On a regional basis, Saudi Arabia has a built asset wealth of $3.15 trillion, while the UAE and Qatar rank respectively at $1.33 trillion and $0.45 trillion.

“The health and wealth of a nation can be measured in many different ways and while factors such as GDP or employment have great value, a prosperous society is underpinned by a well-developed built environment that meets the needs of its people and economy,” said Alan Richell, head of bsiness advisory in the Middle East at Arcadis.

“Saudi Arabia has achieved phenomenal progress in its built asset stock in recent years, recording a 200 percent growth rate between 2000 and 2014. From a global perspective, Saudi Arabia has the third highest rate of built asset growth in the world.”

Richell comments: “The Global Built Asset Wealth Index shows a dramatic shift of wealth to emerging economies. Despite some challenges in the short term, Saudi Arabia is clearly emerging as a major player in the built asset sector.”

This research, conducted by the Center for Economics and Business Research and based on over 20 independent global sources, calculates the value of the buildings and infrastructure in 32 countries, which collectively make up 87 percent of global GDP.

Built asset wealth was broken down into construction (including infrastructure) and machinery and equipment and forecasts were made of stock increases and depreciation.