Picture for illustration purposes only.
PHOTO BY ARCHIVE
DUBAI – There were 1,800 new millionares in the UAE last year in a reflection of the country’s growing private wealth, new data shows.
This brings to 20,000 the total number of millionaires in the UAE in 2017, representing a jump of nearly 10 percent from last year’s figure.
Why are people getting richer in the emirates?
According to consultancy firm Boston Consulting Group, peope are making more money due to positive equity and investment fund markets.
Where do the rich invest their money? Majority of the UAE’s wealthy or 46 percent are keeping their money in currency and deposits.
The wealthy also kept their money offshore, in life insurance and pensions, as well as equities and investment funds.
Millionaires in the UAE, or about 56 percent of them, prefer to keep their wealth offshore. GAD/Expat Media
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