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Tuesday , December 6 2022

Wealth of Kuwaitis grows at annual 3% rate

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Kuwait’s financial wealth will rise to $0.4 trillion in 2026

KUWAIT CITY, July 28: A new report from the Boston Consulting Group predicted that Kuwait’s financial wealth will rise from $0.3 trillion in 2021 to $0.4 trillion in 2026, reports Al-Jarida daily. The report, titled ‘Global Wealth 2022: Resilience is not an Option’, indicated that the financial wealth of Kuwaitis will witness a strong compound annual growth rate of 4.3 percent.

“We see financial wealth in the Middle East and Africa growing year after year, including in Kuwait, despite the turbulent global market,” the report quoted Mustafa Boska, managing director and partner at Boston Consulting Group, as saying. He stated that the wealth of Kuwaitis has grown by 3% annually since 2016 to reach $300 billion in 2021, expecting its growth to continue until 2026. He pointed out that about 28 percent of the wealthy in Kuwait have a fortune of more than $100 million.

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