Qatar tops Mena region in average wealth per adult, says Credit Suisse

Qatar recorded the highest average wealth per adult of $161,700 in the Middle East and North Africa (Mena) in mid-2016, which is far higher than the region’s as well as global average, according to Credit Suisse.The average wealth per adult in Qatar is much higher than the $13,300 average for the Mena region and $52,800 globally during the review period, Credit Suisse said in its Global Wealth Report 2016.In the Mena region, the UAE’s average wealth per adult amounted to $151,100. However, both the countries saw a small drop of 0.4% and 0.3% respectively from mid last year.Kuwait stood third in the region with an average wealth per adult of $119,000, which was up 0.2 % since last year. The average wealth per adult in Bahrain fell by 1.1% from mid last year to $50,600.The average wealth per adult in Saudi Arabia, the largest economy in the region, also fell 0.6%, to $40,600, while Egypt’s wealth per adult saw a massive drop of 13% to $6,300.It found that the average wealth in Mena declined 2.6% in the 12 months to mid-2016 to $13,300. However, measured in local currency, wealth increased 2.5%.The Mena region currently accounts for 5.9% of the world’s adults but just 1.4% of global wealth. The number of adults has expanded 56% since 2000, the highest rate among regions in the report.The lower segment of the wealth pyramid, adults with net wealth up to $10,000, accounts for 83% of the population. The size of this segment has increased by 49% since 2000 (below population growth), which indicates that the region is gradually becoming more prosperous.In contrast, the number of adults belonging to the global middle class, with net wealth between $10,000 and $100,000 grew 90% over the same period.By far the fastest growing segments of the wealth pyramid were the top tiers, as the number of adults with net wealth between $100,000 and $1mn jumped 278% during 2000-16, and the number of millionaires grew by an estimated 330%.Total household wealth in the Mena region stood at $3.75tn, which was down 0.5% year-on-year compared to 1.4% growth globally.Saudi Arabia ranked first with an estimated total wealth of $725bn, closely followed by the UAE with $597bn.Qatar and Kuwait’s total wealth is estimated to be $210bn and $288bn respectively, while Bahrain’s net household wealth is estimated at $31bn and Egypt’s total wealth declined to $351bn this year, having peaked at $511bn in 2010.Finding that total wealth in the Mena region grew 162% since 2000, well above the global average 119%, Credit Suisse said, “In the next five years household net wealth in the Mena region is expected to increase by a further 53%, or nearly 9% annually.”Among the global regions, total household wealth in Asia-Pacific recorded the maximum growth of 8.3% and North America by 2%; while Africa witnessed 5% decline, Latin America (4.1%) and Europe (1.7%)