UAE - Mubasher: The number of millionaires in the UAE is expected to jump by 4.2% year-on-year (YoY) in the coming years, despite the current economic repercussion caused by coronavirus (COVID-19).
This expectation was made by Boston Consulting Group (BCG) in its 20th annual study entitled 'Global Wealth 2020: The Future of Wealth Management - A CEO Agenda'.
The study provides details on wealth growth over the past 20 years and assesses the potential long-term COVID-19 impact.
The study referred that millionaires hold about 48.5% of the total wealth in the UAE.
The UAE represented 7.1% of the share of personal wealth in the Middle East and Africa during 2019, having grown by 3.8% annually to stand at AED $400 billion between 2014 and 2019.
The study further explained that currencies and deposits represented the country's largest asset class, accounting for 69.2% of the total personal wealth last year.
At the same time, life insurance and pensions are forecast to witness the fastest growth of 7.1% through 2024.
