Middle East and Africa (MEA) registered modest growth in the wealth of high-net-worth individuals (HNWI) in 2024, gaining 0.9% and 4.7% respectively, according to Capgemini Research Institute's "World Wealth Report 2025 - Sail The Great Wealth Transfer".
The growth was achieved even as the HNWI population declined by 2.1% in the Middle East in 2024 while in Africa, it grew by 3.8%.
In the Middle East, OPEC’s extension of oil production cuts and comparatively lower oil prices – well below their peak in 2022 – contributed to weak growth, says the report.
Investors are targeting high-growth emerging economies for specific thematic investment options, tax regulations, economic and political stability, better wealth management services, and enhanced market connectivity. As a result of this search for geopolitical security and economic diversification, the Middle East has become an appealing destination apart from Asia.
UAE and Saudi Arabia
UAE and recently Saudi Arabia have established themselves as prime alternatives, utilising advantageous tax policies, strong financial ecosystems, and political stability to draw global wealth.
• Driven by Vision 2030 – a plan for economic, social, and cultural diversification – Saudi Arabia is aggressively courting international investors and ultra-wealthy individuals. The country has introduced new residency programmes aimed at HNWIs, positioning itself as a regional wealth hub. As global wealth patterns shift, Saudi Arabia is actively enhancing its legal and financial frameworks to compete with traditional wealth hubs.
• The UAE is capitalising on this trend as well, moving quickly to draft regulations that support international investors.
Having said that, the report adds that in an increasingly uncertain world, HNWIs no longer question whether to keep their wealth in UAE, Saudi Arabia, Switzerland or Singapore. Instead, they embrace a multi-jurisdictional approach, distributing their assets across various financial centres to mitigate risks and maximise opportunities. Wealth management firms are evolving their strategies to provide clients with a unified view of their diverse investments.
Global HNWI wealth
Globally, growth in HNWI wealth and population was robust – increasing by 4.2% and 2.6%, respectively. The report finds this increase was driven by the growth in the population of ultra-high-net-worth individuals (UHNWIs), which grew by 6.2%, as strong stock markets and AI optimism boosted portfolio returns.
The HNWI wealth situation in the other regions of the world includes:
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US HNWIs saw the highest growth, with increases of 9.1% in wealth and 7.6% in population
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Europe’s HNWI population declined 2.1% due to economic stagnation in major countries, with the UK, France and Germany losing 14,000, 21,000 and 41,000 millionaires, respectively. In contrast, Europe’s UHNWI population rose by 3.5%, reflecting increased wealth concentration.
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Asia-Pacific’s HNWI population increased by 2.7%, with notable variability across the region.
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Latin America’s HNWI population declined by 8.5%, due to currency depreciation and fiscal instability. Brazil (-13.3%) and Mexico (-13.5%) witnessed the biggest population declines.
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|
Region
|
HNWI wealth
|
|
2024 $ tn
|
2023 $ tn
|
Y-on-Y change
|
|
North America
|
29.9
|
27.9
|
8.9%
|
|
Asia Pacific
|
26.9
|
25.7
|
4.8%
|
|
Europe
|
19.0
|
18.9
|
0.7%
|
|
Latin America
|
9.2
|
9.4
|
-2.6%
|
|
Middle East
|
3.5
|
3.5
|
0.9%
|
|
Africa
|
1.9
|
1.8
|
4.7%
|
|
Total
|
90.5
|
86.8
|
4.3%
|
|
Source: Capgemini Research Institute’s “World Wealth Report 2025” – Sailing Through The Great Wall Transfer
|
The data also indicates that alternative investments, such as private equity and cryptocurrencies, are now an established presence in HNWI holdings, representing 15% of their portfolios.
The “World Wealth Report 2025” market-sizing model covers 71 countries, accounting for more than 98% of global gross national income and 99% of world stock market capitalisation. The Capgemini 2025 Global HNW Insights Survey, which is one source for the report, questioned 6,472 HNWIs including 5,473 Next-gen HNWIs across four regions: Americas, Europe, Asia-Pacific and the Middle East. The survey was conducted in January 2025.
The Capgemini Research Institute is the in-house think-tank, on all things digital, of Capgemini, a global business and technology transformation company.
HNWIs are defined as high-net-worth individuals with investable assets of $1m or more, excluding their primary residence, collectibles, consumables, and consumer durables.