First News
Volume:8, Number:01
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Business & Finance 2

UAE Leads GCC in Private Wealth Growth

Private wealth in the UAE, which hosts one of the highest densities of the world's superrich, is projected to record the strongest growth in the GCC with a predicted compound annual growth rate of 7.4 percent to USD0.8 trillion over the next five years. The private wealth growth in the UAE has outpaced global surge of 5.3 percent in 2016, to USD166.5 trillion, driven primarily by accelerating economic growth and the strong performance of equity markets in many parts of the world, according to a report by The Boston Consulting Group (BCG). Wealth held by ultra-high-net-worth households in the UAE, which is home to more than 72,000 superrich individuals, is expected to jump by 9.4 percent in the same period. Despite the general slowdown across the region on the back of lower oil income, the UAE witnessed 8.3 percent growth in private wealth in 2016 as it continued to lead GCC private wealth growth, said the BCG report.

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