The number of ultra-high-net-worth individuals in the Middle East is projected to increase 24.6 per cent in the next five years, according to a new report by global property consultancy Knight Frank. The region will remain the fourth-largest wealth hub in the world.
The global population of the ultra-wealthy is forecast to rise 27 per cent over the same period to almost 663,483 from 513,244 in 2019, according to the consultancy's 2021 Wealth Report.
Knight Frank defines HNWIs as those who possess a net wealth of $1 million or more (including primary residences and second homes not held as investments), while UHNWIs have a net wealth of $30m or more.
Asia is likely to see the largest rise in the number of UHNWIs with growth of 39 per cent, led by Indonesia and India, the report said. By 2025, 24 per cent of all UHNWIs will live in Asia. The region is already home to the most billionaires, accounting for 36 per cent of the global total.
Over the next five years, Africa is estimated to have the second-highest growth in UHNWIs at 33 per cent, led by Zambia (40 per cent) and South Africa (32 per cent).
Over the same period, the number of millionaires globally is set to rise by 41 per cent, the consultancy added.
“The pandemic has impacted the fortunes of many in the Middle East, and HNWIs and UHNWIs were not spared, with the total number of each decreasing by 11.3 per cent and 10.1 per cent, respectively, in 2020,” Taimur Khan, head of research at Knight Frank Middle East, said. “However, this decline was not uniform across all countries.”
In Saudi Arabia, the number of UHNWIs over this period increased by 9.6 per cent. In fact, the kingdom’s UHNWI population has grown by 227 per cent over the past five years, according to Knight Frank.
“As the region continues its various economic diversification programmes, we expect that there will continue to be significant growth in the number of HNWI, UHNWI and billionaires residing in the region,” Mr Khan added.
This was also reflected in the results of the Knight Frank Attitudes Survey conducted among private bankers and wealth advisers in the Middle East, where 67 per cent of respondents said their clients' wealth either remained the same or increased. Around 69 per cent expect their clients' total wealth to increase in 2021.
Meanwhile, 31 per cent of UHNWIs in the Middle East plan to purchase a property in 2021. This compares with 26 per cent of UHNWIs globally who are planning to buy a new home this year. The top choices for Middle East buyers are the UK, US, Turkey, Spain and the UAE, according to the Wealth Report.
While Auckland leads Knight Frank's Prime International Residential Index with price increases of 18 per cent last year, weaker economic conditions and oversupply in the GCC resulted in a decline in prime property prices in Doha (6 per cent), Dubai (5.9 per cent) and Riyadh (3.3 per cent). Prices in Abu Dhabi's prime market remained stable.
"While Dubai's prime residential market saw prices decrease by 5.9 per cent in the year to November 2020, we are beginning to see signs of a recovery in price performance in some prime sub-markets," Mr Khan said.
The Wealth Report also includes Knight Frank's City Wealth Index. London and New York ranked joint first on the index as the most important cities for UHNWIs to live, invest and do business. Paris follows in third position, while Tokyo and Hong Kong round out the top five spots.
In the wealth category, which measures the number of UHNWI and HNWI city dwellers, New York ranks first globally with 7,743 individuals. However, when looking at the number of HNWIs, London comes first with more than 870,000 millionaires, according to Knight Frank.
Despite the Covid-19 pandemic, private capital worth $232bn was invested in commercial real estate globally last year, Knight Frank said. The US ($141.7bn), Germany ($11.1bn) and the UK ($10.6bn) were the top three countries for private capital real estate investments in 2020.
Around 23 per cent of UHNWIs in the Middle East plan to invest in commercial real estate assets in 2021. Logistics, residential, healthcare and data centres are set to generate the most interest, it added.
We see Middle Eastern demand for prime London homes continuing in future years
London saw the highest level of cross-border private capital ($4bn) invested in commercial real estate over the 12 months to September 2020. The city also claimed the top spot for the largest number of homes considered “prime” within a city, with more than 68,000 homes worth £2m ($2.8m) or more. Dubai ranked second (42,356 homes) and Sydney (27,436 homes) was in third place.
“Given the established appeal of London as a cultural and business hub, ease of language, attractive educational system and weaker pound in recent years, we see Middle Eastern demand for prime London homes continuing in future years,” Henry Faun, partner with Knight Frank private office in the Middle East, said.
Zayed Sustainability Prize
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
The years Ramadan fell in May
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
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Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
Mohammed bin Zayed Majlis
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The years Ramadan fell in May
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
MATCH INFO
Euro 2020 qualifier
Russia v Scotland, Thursday, 10.45pm (UAE)
TV: Match on BeIN Sports
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UAE%20ILT20
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Killing of Qassem Suleimani
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
The five pillars of Islam
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
UAE currency: the story behind the money in your pockets
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
RESULT
RS Leipzig 3
Marcel Sabitzer 10', 21'
Emil Forsberg 87'
Tottenham 0
Mohammed bin Zayed Majlis
Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
More from Rashmee Roshan Lall
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
More on Quran memorisation:
SEMI-FINAL
Monterrey 1
Funes Mori (14)
Liverpool 2
Keita (11), Firmino (90 1)
