The Middle East remained the fourth-largest ultra-high net worth (UHNW) region in 2017, just ahead of Latin America and the Caribbean, but recorded by far the weakest growth both in its ultra-wealthy population (up 4.4%) and combined net worth (up 4.8%), according to the latest edition of Wealth-X’s World Ultra Wealth Report.
The world’s UHNW population – individuals with a net worth of $30m or more – grew by 12.9% to 255,810 in 2017, a sharp acceleration from a year earlier. Their combined wealth surged by 16.3% to $31.5tn, implying healthy gains in average net worth.
All seven major regions recorded growth in their ultra-wealthy populations and in combined net worth. The fastest growth was in Asia, which posted an increase in ultra-wealth of 27%. There was a strong bounce-back in wealth creation in Latin America and the Caribbean, and double-digit gains in the ultra-wealthy populations and their net worth in Europe and the Pacific region. Growth in the largest wealth hub of North America was slightly below the global average.
Wealth creation in the Middle East region has proved challenging over recent years, amid significant social unrest and a comparatively weak trend in commodity markets, the report said. In addition, local currencies generally weakened against the dollar, partly reflecting investor unease at heightened political tensions in the Gulf Arab region, which was previously seen as a bastion of stability in an otherwise volatile area.
Globally, the US remained by far the leading country for UHNW individuals in 2017, accounting for a 31% share, but it recorded the weakest growth in its ultra-wealthy population and net worth among the top seven countries. Collective wealth in China jumped by 33%, generating large gains in average net worth. The top 10 UHNW countries/territories – US, Japan, China, Germany, Canada, France, Hong Kong, UK, Switzerland, Italy – all experienced double-digit growth in total wealth. M