Saudi Arabia has largest ultra high net worth population in region: Study

Updated 05 October 2015

Saudi Arabia has largest ultra high net worth population in region: Study

Saudi Arabia and the UAE jointly account for over 45 percent of the UHNW (ultra high net worth) population in the Middle East, a new Wealth-X study has found.
The wealth-intelligence organization defines UHNW individuals as those with $30 million and above in net assets.
Saudi Arabia has the largest UHNW population (1,495 ultra wealthy individuals) and UHNW wealth ($320 billion) in the region, followed by the UAE, according to the report.
In the UAE, there are 1,275 such individuals, worth a combined $255 billion, representing 20 percent of the total ultra wealthy population in the Middle East.
The UAE is ranked 22nd in Wealth-X’s global ranking of UHNW population by country, behind Saudi Arabia (17) but ahead of Kuwait (32).
Nearly 1,000 ultra high net worth (UHNW) individuals are based in UAE capital Abu Dhabi (450 individuals) and Dubai (495).
The report said that Saudi Arabia’s more dispersed economic growth has resulted in a split of its UHNW population across. a few of its key hubs.
All of these main hubs have experienced faster growth in UHNW population than their respective country’s average. This concentration exemplifies how vital infrastructure is in facilitating the growth of both fortunes and opportunities. As such, clusters continue to dominate, and we expect these cities’ existing pull of international resources to become stronger, said the report.
Saudi Arabia and the UAE jointly account for over 45% of the region’s UHNW population, and both of these countries experienced fast growth in UHNW population and wealth.
The only country in the region to experience an overall decline in its UHNW population and wealth this year was Kuwait, due to the slow GDP growth and a declining equity market in the country. In Saudi Arabia or UAE, the UHNW populations control more than half their respective countries’ total wealth.
There are 1,275 ultra wealthy individuals in the UAE, representing 20 percent of the total ultra wealthy population in the Middle East, Wealth-X research shows.
The combined wealth of the UAE’s ultra high net worth population stands at $255 billion.
 The study also reveals that 57 percent of the UAE’s UHNW population amassed their fortune through entrepreneurship.
Only 8 percent fully inherited their fortune; and 35 percent partially inherited and grew their wealth.
 
Below are other key findings from the study:
 
• Nearly 1,000 UHNW individuals are based in Abu Dhabi (450 individuals) and Dubai (495).
• Saudi Arabia and the UAE jointly account for over 45 percent of the UHNW population in the Middle East.
• Only 3 percent of the UAE’s UHNW population made its wealth through oil, gas and consumable fuels.
• The most significant source of wealth for the UAE’s UNHW population is industrial conglomerates, at more than 20 percent.
• The UAE is ranked 22nd in Wealth-X’s global ranking of UHNW population by country, behind Saudi Arabia (17) but ahead of Kuwait (32).
There are nearly 6,000 UHNW individuals in the Middle East with a combined net worth of $995 billion.
David Awit, Wealth-X director for Middle East, said: “Despite the UAE equity market suffering declines of nearly 20 percent in the last year, our study shows that UHNW individuals in the country have defied this economic backdrop to record further increases in their fortunes in 2015, highlighting the ability of the world’s wealthiest individuals to continue to create new wealth.”


UAE regulator not optimistic on Boeing 737 MAX return this year

Updated 15 September 2019

UAE regulator not optimistic on Boeing 737 MAX return this year

  • The 737 MAX has been grounded since March while Boeing updates flight control software
  • UAE airline flydubai is one of the largest MAX customers

DUBAI: The head of the United Arab Emirates’ General Civil Aviation Authority said on Sunday he was not optimistic that the Boeing 737 MAX would return to operations this year and that the first quarter of 2020 was more likely.
The 737 MAX has been grounded since March while Boeing updates flight control software at the center of two fatal crashes in Indonesia and Ethiopia that together killed 346 people within a span of five months.
Boeing is targeting regulatory approval for the fixes in October, though the US Federal Aviation Administration has said it does not have a firm time for the aircraft to be flying again.
The GCAA will conduct its own assessment to allow the MAX to return to UAE airspace, rather than follow the FAA, Director General Said Mohammed Al-Suwaidi told reporters in Dubai.
He said the GCAA would look at the FAA decision and that the UAE regulator had so far not seen details of Boeing’s fixes.
The FAA has traditionally taken the lead on certifying Boeing jets, though other regulators have indicated they would conduct their own analysis.
UAE airline flydubai is one of the largest MAX customers, having ordered 250 of the fast-selling narrow-body jets.
It has not said when it expects the aircraft to be operational again. American Airlines has canceled flights through Dec. 3, United Airlines until Dec. 19 and Southwest Airlines Co. into early January.