Saudi Arabia and the UAE jointly account for over 45 percent of the UHNW (ultra high net worth) population in the Middle East, a new Wealth-X study has found.
The wealth-intelligence organization defines UHNW individuals as those with $30 million and above in net assets.
Saudi Arabia has the largest UHNW population (1,495 ultra wealthy individuals) and UHNW wealth ($320 billion) in the region, followed by the UAE, according to the report.
In the UAE, there are 1,275 such individuals, worth a combined $255 billion, representing 20 percent of the total ultra wealthy population in the Middle East.
The UAE is ranked 22nd in Wealth-X’s global ranking of UHNW population by country, behind Saudi Arabia (17) but ahead of Kuwait (32).
Nearly 1,000 ultra high net worth (UHNW) individuals are based in UAE capital Abu Dhabi (450 individuals) and Dubai (495).
The report said that Saudi Arabia’s more dispersed economic growth has resulted in a split of its UHNW population across. a few of its key hubs.
All of these main hubs have experienced faster growth in UHNW population than their respective country’s average. This concentration exemplifies how vital infrastructure is in facilitating the growth of both fortunes and opportunities. As such, clusters continue to dominate, and we expect these cities’ existing pull of international resources to become stronger, said the report.
Saudi Arabia and the UAE jointly account for over 45% of the region’s UHNW population, and both of these countries experienced fast growth in UHNW population and wealth.
The only country in the region to experience an overall decline in its UHNW population and wealth this year was Kuwait, due to the slow GDP growth and a declining equity market in the country. In Saudi Arabia or UAE, the UHNW populations control more than half their respective countries’ total wealth.
There are 1,275 ultra wealthy individuals in the UAE, representing 20 percent of the total ultra wealthy population in the Middle East, Wealth-X research shows.
The combined wealth of the UAE’s ultra high net worth population stands at $255 billion.
The study also reveals that 57 percent of the UAE’s UHNW population amassed their fortune through entrepreneurship.
Only 8 percent fully inherited their fortune; and 35 percent partially inherited and grew their wealth.
Below are other key findings from the study:
• Nearly 1,000 UHNW individuals are based in Abu Dhabi (450 individuals) and Dubai (495).
• Saudi Arabia and the UAE jointly account for over 45 percent of the UHNW population in the Middle East.
• Only 3 percent of the UAE’s UHNW population made its wealth through oil, gas and consumable fuels.
• The most significant source of wealth for the UAE’s UNHW population is industrial conglomerates, at more than 20 percent.
• The UAE is ranked 22nd in Wealth-X’s global ranking of UHNW population by country, behind Saudi Arabia (17) but ahead of Kuwait (32).
There are nearly 6,000 UHNW individuals in the Middle East with a combined net worth of $995 billion.
David Awit, Wealth-X director for Middle East, said: “Despite the UAE equity market suffering declines of nearly 20 percent in the last year, our study shows that UHNW individuals in the country have defied this economic backdrop to record further increases in their fortunes in 2015, highlighting the ability of the world’s wealthiest individuals to continue to create new wealth.”
Saudi Arabia has largest ultra high net worth population in region: Study
Saudi Arabia has largest ultra high net worth population in region: Study
Canada deepens investment ties with Qatar, expands economic engagement with Egypt
RIYADH: Canada and Qatar moved to formalize a more in-depth and investment-focused partnership during an official visit by the country’s Prime Minister Mark Carney to Doha.
The visit was the first by a sitting Canadian leader, with both governments agreeing to elevate bilateral ties through new economic, security, and financial frameworks.
At the center of the meeting was an agreement to launch a foreign ministers–level strategic dialogue and advance a pipeline of trade, investment, and defense cooperation initiatives aligned with Canada’s diversification priorities and Qatar National Vision 2030.
Several memorandums of understanding were signed, including accords on joint economic cooperation, information technology, and security collaboration for the 2026 FIFA World Cup, which Canada will co-host.
The visit underscored the rapid expansion of Qatar–Canada relations, which have gained momentum following high-level exchanges in recent years, including a 2024 visit by Sheikh Tamim bin Hamad Al-Thani to Ottawa.
Both sides emphasized trade and investment as a central pillar of the relationship, with Qatar committing to significant strategic investments in Canadian nation-building projects and the North American nation pledging to send a delegation of investors, including major pension funds, to explore opportunities in Qatar.
“Qatar is an effective, expansive, and increasing diplomatic force in the world today. They are a critical partner to Canada in many shared pursuits of peace and stability, from Ukraine to the Middle East,” Carney said.
“It is a relationship forged over many years by profound acts of friendship, including the Qataris’ effort to evacuate more than 200 Canadians from Afghanistan in 2021. Now we’re elevating our relationship — with an ambitious, new strategic partnership across trade, commerce, investment, AI, and defense — to deliver greater stability, security, and prosperity for our peoples,” he added.
As part of the economic agenda, the two governments agreed to conclude negotiations on a Foreign Investment Promotion and Protection Agreement by summer 2026 and to begin talks on a Double Taxation Agreement.
They also committed to expanding bilateral air services and establishing a Joint Economic Commission to support cooperation across sectors, including mining, agriculture, telecommunications, transportation, and science.
Financial cooperation featured prominently alongside the diplomatic talks.
Sheikh Bandar bin Mohammed bin Saoud Al-Thani, governor of the Qatar Central Bank and chairman of the Qatar Investment Authority, met with Canada’s Finance Minister Francois-Philippe Champagne to discuss cooperation in banking and finance and ways to deepen institutional collaboration.
Separately, Canada’s economic engagement in the region extended to Egypt, where Cairo’s Minister of Foreign Affairs, Immigration, and Egyptian Expatriates Affairs, Badr Abdelatty, met with a delegation of business leaders from the North American country.
The talks focused on strengthening trade and investment ties, with Egyptian officials encouraging Canadian companies to expand investments in energy, agriculture, and water resources.
According to Egypt’s Foreign Ministry, Abdelatty highlighted recent economic and financial reforms aimed at improving the investment climate and reaffirmed government support for the Egyptian-Canadian Business Council in attracting Canadian capital and boosting Egyptian exports.
The discussions were built on outcomes from political consultations held in April, which included an Egyptian business delegation’s visit to Ottawa.
