The number of millionaires grew by 15,874 in the UAE last year and another around 41,300 high net worth individuals will make the Emirates their home over the next four years.

According to Knight Frank’s wealth report, the number of people with $1 million wealth grew from 182,768 in 2018 to 197,565 in 2019, an increase of eight per cent or 14,797 new millionaires. The numbers are expected to grow by 21 per cent over the next four years to 238,834 millionaires.

While the number of ultra-high net worth individuals (UHNWIs) with over $30 million (Dh110 million) assets grew by five per cent, or 77 people, to 1,681 in 2019 as compared to 1,604 in the previous year. These numbers are projected to grow by 24 per cent to 2,079 by 2024.

The UAE has been ranked 29th in the world’s for housing the highest number of UHNWIs.

The number of billionaires in the UAE remain unchanged at 62 in 2019. But the Emirates will be home to another five billionaires by 2024, taking the tally to 67.

In the GCC region, millionaires with over Dh110 million is expected to grow by 26 per cent over the next five years to over 9,100. Over this period, Saudi Arabia and the UAE will be home to 57 per cent and 23 per cent of these UHNWIs, respectively.

“The rate of wealth creation in the GCC region is expected to remain strong. Over the next five years we expect the number of HNWIs ($1 million) to increase by 12 per cent on average and UHNWIs ($30 million) by over 26 prer cent over the same period,” said Taimur Khan, associate partner, Knight Frank Middle East.

The Middle East is home to 16,581 UHNWIs, up from 10,043 from 2014, a 41 per cent increase.

Globally, the data showed that over 31,000 additional UHNWIs were created globally in 2019, an increase of 6.4 per cent.

North America dominates with more than double the UHNWI population of Europe – home to an additional 13,911 in 2019 compared to 4,682 in Europe.

The number of UHNWIs are predicted to grow by 27 per cent in the next five years to 2024, taking the population to just under 650,000.

Out of the top 20 fastest growing countries presented in the report, six are located in Asia – led by India (73 per cent growth), five are in Europe – led by Sweden (47 per cent growth) – and three are in Africa, led by Egypt (66 per cent growth). The UK sits in 11th position with predicted growth of 31 per cent over the next five years.

“Knight Frank predicts that by 2024, Asia will be the world’s second largest wealth hub outperforming Europe, with a forecast five-year growth of 44 per cent. However, even after such a steep rise, it will remain half the size of North America’s UHNWI population, which is predicted to increase by 22 per cent over the same period,” said Liam Bailey, Global Head of Research at Knight Frank.

Swiss bank UBS said half of global wealth is concentrated in the Americas, followed by Asia Pacific – with approximately 30 per cent – and the remainder in Europe, the Middle East and Africa.

“By segment, approximately half of global wealth is with high net worth individuals while ultra-high net worth individuals hold approximately 30 per cent of global wealth, and the remaining approximately 20 per cent is within the affluent segment,” the Swiss bank said in a report.

Over the next four years, global wealth is expected to grow by 5-10 per cent annually, it said.

Regionally, wealth creation will likely be driven by Asia Pacific and North America. The share of the Americas is expected to remain stable over the next four years at approximately 50 per cent of global wealth, while the share of Europe, the Middle East and Africa is expected to further reduce as Asia Pacific grows. In particular, China’s share of global wealth is expected to grow to around 15 per cent by 2023, UBS said.