According to a new report, the Middle East is creating new billionaires at a faster rate than most of the rest of the global economy.
The specialist wealth research and consultancy firm Wealth-X, said that the number of billionaires in the region increased by almost 8% last year to 166 and the country is now home to 6.7% of the world’s billionaires, which is more than South and Central America.
The Middle East had the second-fastest growing population of billionaires, behind Asia Pacific. The number of billionaires in Asia grew by 15% to 645, and their total holdings increased by almost 20% to nearly $1.7tn.
Gautam Duggal, the head of wealth management at Standard Chartered Bank for the Middle East, Africa and Europe, said that he was not surprised that the number of billionaires in the region grew.
“This region, on the whole, if you look at it from a wealth point of view, is growing steadily. Oil prices have impacted and if oil prices had not gone the way they had, this percentage would have been higher,” he said.