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Percentage of Total Wealth Held By Middle Eastern Billionaires Is Highest In The World
SINGAPORE, Dec. 9, 2013 /PRNewswire/ -- The Middle East's billionaires – with a combined net worth of US$354 billion – hold a higher percentage of total wealth than in any other region in the world, findings from the Wealth-X and UBS Billionaire Census 2013 show.
Forty percent of the Middle East's ultra high net worth (UHNW) wealth is being held by the region's 157 billionaires, compared to 28 percent in Europe, 22 percent in North America and 18 percent in Asia.
Billionaires in Saudi Arabia control more than 70 percent of the country's wealth, while their counterparts in the United Arab Emirates (UAE) hold 24 percent.
Saudi Arabia leads the region with the most billionaires (64), and 25 of these individuals are based in the country's capital, Riyadh.
The total wealth of Saudi billionaires (US$204 billion) is more than half the combined net worth of their counterparts in the Middle East, according to data from the Wealth-X and UBS Billionaire Census 2013, the first-ever global study on the billionaire population.
The report shows that there are 157 billionaires among the 5,300 UHNW individuals (defined as those with net assets of US$30 million and above) in the Middle East. This makes the Middle East the region with the fourth most billionaires – after Europe (766), North America (552) and Asia (508), but ahead of Latin America (111), Africa (42) and Oceania (34). Middle Eastern billionaires increased their wealth in the last year by US$39 billion (12.4 percent) with five additional billionaires (3.3 percent).
Download the Wealth-X and UBS Billionaire Census 2013 at www.billionairecensus.com
Wealth-X is the definitive source of intelligence on the ultra wealthy with the world's largest collection of curated research on ultra high net worth (UHNW) individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 12 offices in five continents. (www.wealthx.com)
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. Its business strategy is centered on its pre-eminent global wealth management businesses and its universal bank in Switzerland. Together with a client-focused Investment Bank and a strong, well-diversified Global Asset Management business, UBS will expand its premier wealth management franchise and drive further growth across the Group. ?UBS is present in all major financial centers worldwide. It has offices in more than 50 countries, with about 35 percent of its employees working in the Americas, 36 percent in Switzerland, 17 percent in the rest of Europe, the Middle East and Africa and 12 percent in Asia Pacific. UBS employs about 61,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). (www.ubs.com)
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