A recent report by Wealth X Foundation and UBS Bank has revealed that the number of billionaires in the Middle East now stands at 157, owning a net wealth worth $354 billion in 2013. According to the report, Saudi Arabia has topped the list with 64 billionaires owning a net wealth of around $204 billion, followed by the United Arab Emirates with 37 billionaires owning an estimated wealth of $45 billion, Kuwait with 17 billionaires owning a net wealth worth $34 billion and Qatar with nine billionaires owning a fortune of $20 billion.
The Al-Arabiya network quoted the report saying that private weath in the Middle East has been increasing due to strong markets in equity and raw materials. Most of this wealth is spent on real estate, yachts and private jets.
According to the report, the number of billionaires around the world has increased from 2160 in 2012 to 2170 in 2013, with a combined wealth increase from $6.19 trillion in 2012 to $6.52 trillion in 2013. The report revealed that Europe is home to the most billionaires, with 766 owning a combined wealth of $2.12 trillion, followed by North America, hosting 552 with a combined wealth of $2.16 trillion, while Asia came third.