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Thursday , April 25 2019

Number of Kuwaiti millionaires to rise – 35,000 end 2018

KUWAIT CITY, Jan 14: The number of Kuwaiti millionaires is expected to rise to 35,000 by the end of 2018, according to a report by Swiss research firm Credit Suisse, reports Annahar daily.

The figure is expected to rise to about 39,000 by the end of 2019, including seven individuals whose wealth exceeded one billion dollars. The report also revealed that the volume of wealth in Kuwait increased by 15 billion dollars in 2018 to reach 307 billion dollars.

According to the report, the rise in the number of High-net-worth individual (HNWI) in Kuwait comes as a result of capital growth of about 6.5%, despite the country’s decline in GDP by about 2.5% due to the decline in oil prices and the decline of the real estate market by about 3.3%.

The report shows that the number of Kuwaitis whose wealth exceeds $1 billion is about 7 persons, while the number of people whose wealth is between $500 million and $1 billion is about 10 people, and about 90 Kuwaitis whose wealth ranges between $100 million and $500 million while the number of Kuwaitis whose wealth is between 50 and 100 million dollars is about 140 Kuwaitis.

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