Report: Saudi has highest number of millionaires in GCC

There are 188,888 millionaires in Kuwait, Money Control website reported yesterday.

A publication by Capgemini entitled “The World Wealth Report 2019” ranked Kuwait as the country with the second highest number of millionaires in the Gulf Cooperation Council (GCC) and 17th worldwide.

As reported by the Gulf Daily News (GDN), the number of Kuwaiti nationals who were worth more than $1 million increased by eight per cent to stand at 188,000 millionaires last year, up from 174,000 in 2017.

According to report, the number of millionaires soared by seven per cent in Saudi Arabia, which topped the list of GCC nations and ranked 16 in the world.

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In Saudi Arabia, wealth increased by four per cent, compared with six per cent in Kuwait.

The number of millionaires in Saudi Arabia increased from 179,000 in 2017 to 191,000 last year.

The number of millionaires, as well as their wealth, declined in the UAE last year and dropped by six per cent due to a fall in market capitalisation, while wealth shrank by nine per cent, according to Capgemini’s findings.

The US, Japan, Germany, China, France, UK, Switzerland, Canada, Italy, Australia, the Netherlands and India topped the international list of countries with the highest number of millionaires.