Saudi Arabia has emerged as one of the Top 10 countries in the world in terms of density of ultra-wealthy households, a new report has revealed.
"According to a BCG study, ultra-high-net-worth (UHNW) households were mostly concentrated in Saudi Arabia, which registered 18 per 100,000 households," Markus Massi, Managing Director and Partner of The Boston Consulting Group, said.
He said that Saudi Arabia was followed by Switzerland (10), Hong Kong (9), Kuwait (8), Austria (8), Norway (7), Qatar (6), Denmark (5), Singapore (5) and the UAE (5). Massi added the findings are published in BCG's 11th annual Global Wealth Report, "Shaping a New Tomorrow: How to Capitalise on the Momentum of Change," which was released recently in the Middle East.
An UNHW household has more than $100 million in assets under management (AUM). These assets could be in the form of stocks, private equity, bank deposits and assets. He said the big concentration of UHNW households in Saudi Arabia compared to other countries is due to its strong economy, adding, "it bodes well for the AUM industry in the kingdom".
"Positive trends also emerged for the Middle East and Africa overall, as assets under management rose 8.6% to hit USD 4.5 trillion in 2010 and with expectations to reach USD 6.7 trillion by 2015," said the Dubai-based Massi.