Picture used for illustrative purposes.

Hisham Madkhana, Staff Reporter

The fourteenth edition of the Global Wealth Report, launched jointly by Credit Suisse and UBS, revealed that the total wealth of individuals and families in the UAE reached $1.2 trillion last year, and that the share of financial assets remained relatively stable, accounting for 56.5 per cent of total assets in the country. The report pointed out that the number of millionaires in the UAE reached 220,753 people in 2022, who own net assets of more than one million dollars.

The report said that the number of people in the category between $1million to 5 million in the UAE is 194,327 people, in the category between $5 million to $10 million is 16,609, and in the category between $10 million to $50 million is 8,835.

The number of millionaires whose wealth exceeds $500 million is 48, compared to 334 millionaires with a wealth ranging from $100 million to $500 million, while those with a wealth ranging between $50 million to $100 million is 600. In addition, wealth per adult in the country increased by 11.7 per cent in 2022.

The proportion of adults with a wealth of more than $100,000 reached 27% of the total, compared to 12 per cent in Saudi Arabia. This is due to the fact that the UAE is hosting a large number of entrepreneurs and wealthy people, some of whom moved to live and work in the country, after the global financial crisis 15 years ago.