There are 1,275 ultra-wealthy individuals in the UAE, representing 20 per cent of the total rich club in the Middle East.
According to the latest data revealed by Wealth-X, each of these 1,000-plus residents has a kitty of more than $30 million (Dh110 million) and above in net assets.
The study reveals how these multi-millionaires created their fortunes – 57 per cent of the UAE’s ultra-rich population amassed their fortune through entrepreneurship.
Only 8 per cent fully inherited their fortune while 35 per cent partially inherited and grew their wealth.
Contrary to popular belief, not many of the UAE’s rich have made money from oil and gas. Only 3 per cent of the UAE’s ultra-rich people have made their money from oil, gas and consumable fuels.
The most significant source of wealth for the rich is industrial conglomerates, at more than 20 per cent.
The UAE’s commercial capital Dubai has more multi-millionaires than Abu Dhabi, with 450 ultra-wealthy living in the Abu Dhabi and 495 residing in Dubai.
The combined wealth of the UAE’s ultra-high net worth (UHNW) population stands at $255 billion in the UAE.
The UAE is ranked 22nd in Wealth-X’s global ranking of ultra-rich population by country, behind GCC peer Saudi Arabia (17) but ahead of Kuwait (32).
“Despite the UAE equity market suffering declines of nearly 20 per cent in the last year, UHNW individuals in the country have defied this economic backdrop to record further increases in their fortunes in 2015, highlighting the ability of the world’s wealthiest individuals to continue to create new wealth,” said David Awit, Wealth-X Director for the Middle East.
Regionally, Saudi Arabia and the UAE jointly account for over 45 per cent of the multi-millionaire population in the Middle East.
There are nearly 6,000 ultra-wealthy individuals in the Middle East with a combined net worth of $995 billion.
Saudi Arabia has the largest multi-millionaire population (1,495 ultra-wealthy individuals) in the region, with a wealth of $320 billion, followed by the UAE.