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9% of Kuwaiti families ‘millionaires’

KUWAIT CITY, June 11: Kuwait has the second highest number of millionaire families among the GCC countries and fifth highest internationally with 9 percent, which means 99,000 families are millionaires.

Kuwait also has the seventh highest number of families with net fortune more than $100 million, which means about 990 families are worth $ 100 million, reports Al-Qabas daily quoting informed sources.

According to a report issued by the Boston Consultancy Group on countries’ fortunes, the personal wealth of individuals and families in the Middle East has increased by 11.6 percent reaching $5.2 trillion last year despite the ongoing tensions in the region.

They explained that Qatar came first in category of highest number of wealthy families among the GCC countries with 17.5 percent followed by Kuwait with 9 percent, Bahrain with 5.9 percent, Oman with 3.7 percent, the United Arab Emirates with 3.3 percent and Saudi Arabia with 3.1 percent. Qatar also topped the international list of highest number of wealthy families while Kuwait was placed fifth, Bahrain sixth, Oman tenth, UAE 12th and Saudi Arabia 13th.

They explained that the main reason for such an increase is the continuous strong growth of GDP of oil-rich countries such as Saudi Arabia which experienced increase of wealthy individuals by 13.4 percent, Kuwait with 13.6 percent and UAE with 12.8 percent.

 

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