217,000 Millionaires in Kuwait

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KUWAIT CITY, Jun 15: According to the World Wealth Report 2022 issued by the Capgemini Research Institute for Financial Services there has been an increase in millionaires in Kuwait by 6.1 percent. From 205,000 millionaires to 217,000 which means there has been an increase of 12,000 millionaires.

Kuwait ranked 18th globally after Saudi Arabia where the millionaires increased from 210,000 to 224,000 millionaires.

The report further stated there was growth of 5.5% millionaires in the Middle East while their wealth increased by 6.3% mainly due to technology and recovery in oil prices. The richest people grew from 7.8% to 8% due to growth in the stock market. 

In 2021, the top-four positions in HNWI population by market were retained by the United States, Japan, Germany, and China respectively, comprising 63.6% of the global HNWI population, an increase of 0.7% from 2020. Ultra-HNWIs ($30m>) led global wealth and population growth, at the rates of 9.6% and 8.1%. While the Millionaires Next Door ($1-5m) population (7.7%) and wealth (7.8%) grew the slowest, witnessing an acceleration in population and wealth growth rates. Conversely, the Mid-Tier Millionaire ($5-30m) population and wealth increased to 8.5% and 8.4%. The report also indicates that the growth gap across wealth bands is shrinking, indicating a more level playing field, due to improved information access for investors and democratization of asset classes.

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