UAE millionaire population jumps to 79,000

Dubai, Jun 26 (PTI) - Buoyed by the economic boom sweeping
the Gulf countries, U.A.E's millionaire population rose from
68,000 in 2006 to 79,000 last year, making it one of the
countries to record highest growth in personal wealth,
according to a report by a leading financial management firm.

The number of H.N.W.I's (High Net Worth Individuals) in
U.A.E. now stands at 79,000 with a combined total wealth of
USD 91 billion, while in Saudi Arabia it is 101,000, up from
90,000 in 2006, with a combined total wealth of USD 182
billion, the World Wealth Report by Merrill Lynch and
Capgemini said.

Driven by market capitalisation growth in emerging
economies, the wealth of the world's HNWIs increased 9.4
percent to USD 40.7 trillion in 2007, it said.

In the Middle East, the H.N.W.I. population had the
highest gains, expanding by 15.6 percent, with a 17.5 percent
gain in wealth.

"While rising oil prices helped growth rates in the oil
exporting countries, real estate meltdown and the financial
crisis affected wealth levels of American and European high
networth individuals," said Amir Sadr, head of wealth
management of Merrill Lynch. PTI