Dubai /Nina/ A recent report showed that the number of wealthy people with a fortune of $1 million or more in the UAE grew by 3.4%, and the value of their wealth increased by 5.3% in the past year, despite the consequences of the Corona pandemic.
The total global population of high net worth individuals increased by 6.3%, exceeding 20 million people, while the wealth of high-income individuals (with assets of $1 million or more) grew by 7.6% in 2020, to reach about $80 trillion, supported by Rising stock markets and government stimulus programs.
According to the report, the wealthy have become more involved in their investments over the past 25 years and are now seeking more widespread advisory support. As technology players continue to enter the wealth management space, wealth management firms need to move toward providing advisory services through technology and customized business models.
North America accounted for 55 percent of global growth in HNWIs, adding 1.2 million new high-income individuals with wealth worth $1 million or more in 2020, compared to 39 percent of the 1.6 million newcomers the year before. . HNWIs from this group on the continent also saw their wealth grow by 46%, up from 37% in 2019.
For countries, the net wealth of wealthy individuals in China increased by 13.5%, compared to 12.3% in the United States. While the Middle East region witnessed the largest growth in the number of ultra-rich individuals whose fortunes amounted to $30 million or more, their number increased by 31.2%, and their wealth increased by 17.2%. Saudi Arabia recorded a growth in the number of wealthy individuals by 3.5%, and their wealth increased by 5.4%./End