After the 2014 Billionaire Census published earlier this year, Wealth-X and UBS now released their World Ultra Wealth Report 2014. The research examines the world’s ultra high net worth population (individuals with $30 million or more in net assets) and its growth over the last one year. According to the report, the UAE has registered the highest growth of UHNW wealth and population in the world in 2014.
The United Arab Emirates experienced the fastest UHNW population and wealth growth in the world. Over the last one year, the number of UHNW individuals in the country increased by 21.4%, compared to the world’s 6% and the Middle East’s 12.7%. In addition, the wealth change in the UAE between 2013 and 2014 jumped by the impressive 34.2%. That is 21.1% higher than the average for the Middle East region and 27.2% higher than the global average.
The majority of UAE’s UHNW individuals are self-made (57%), shares the study. Also, just 3% of them have accumulated their wealth through oil, gas and consumable fuels. The top source for the fortune of the country’s UHNWs was found to be industrial conglomerates (20%).
Nevertheless, Saudi Arabia continues to have the largest UHNW population in the Middle East region. The country’s UHNWs are estimated at 1,495 this year, which is 135 more compared to 2013. Their combined wealth is $320 billion or $35 billion more compared to the previous year. The UAE comes second with 1,275 UHNW individuals with a combined wealth of $255 billion. According to the report, Saudi Arabia and the UAE together make up nearly half of the entire UHNWs in the Middle East. Still all countries from the region saw a rise in both UHNW wealth and population, with the exception of Kuwait.
The report also informs that today there are 211,275 UHNW individuals in the world. That is 6% more compared to 2013. Their combined net worth is estimated at the massive $29.7 trillion. Yet, today’s UHNW individuals account for barely 0.0004% of the entire adult population in the world. Still, they have control over 13% of the total wealth in the world.
Despite that, UHNW individual are key job creators. For instance, the main businesses’ of the top U.S. male UHNWs employ more than 865,000 people.
Speaking of the U.S., the North American country is ranked first in UHNW population (69,560), followed by Germany and Japan. According to the research, four of the top 10 cities in Europe are located in Germany. China, on the other hand, was found to have the biggest share of self-made UHNW individuals in Asia – 91%.
The study adds that the leading industry for male UHNW individuals is finance, banking and investment. As for female ultra high net worth individuals, it is non-profit and social organizations. Probably that is why the world’s wealthiest ladies are more generous compared to the gentlemen. The report shared that the average lifetime donation of female UHNW individuals is 6.3 million higher compared to that of male UHNW individuals. In addition, the ladies donated 26% more than the gentlemen.