UAE 6th-most millionaire populated city

07/06/2012 - Dubai Lifestyle News Posted by Bob Brunskill
UAE 6th-most millionaire populated city

There may be more investment opportunities for millionaires looking at buying in Dubai, as it has been revealed the UAE is now home to some of the wealthiest people in the world.According to the Khaleej Times, the Boston Consulting Group (BCG), found in its the Battle to Regain Strength: Global Wealth 2012 report that the country is sixth on the list of the top ten nations in the world with the highest proportion of millionaire households.This may be down to the fact private wealth in the Middle East and North Africa region soared by $4.5 trillion (£2.1 trillion).Indeed, the UAE and three other Gulf Cooperation Council countries have made it onto the top-ten table in the report, which defines these wealthy households as having more than $1 million in cash, stock and other assets, excluding property, business and luxury goods.Singapore was top of the list, with 17 homes belonging to millionaires per 100, Qatar came second, with 14.3 per 100 and Kuwait was third with 11.8 per 100.The number of millionaires worldwide is growing thanks to success in developing countries such as China and India, with 2011 recording 175,000 more millionaires on the planet than in 2010.According to Forbes Middle East, the burgeoning Arab region is now home to 36 billionaires, with an accumulated wealth of over $121 billion - which is up from the previous year's $117.6 billion.On the top of the table is Saudi Arabia's Prince Alwaleed bin Talal Al Saud, whose estimated wealth is $18 billion.There are plenty of properties in Dubai that would be suited to businesspersons and heirs with millions in the bank, with sought-after areas such as Dubai Marina, Jumeirah the Palm and The Views.Furthermore, the emirate is now home to an array of luxury designer stores and boutiques, while the number of high-class restaurants and bars is continuing to grow, inspiring more and more affluent people to live in the metropolis.