Private wealth in the Middle East and Africa soared 11.6 per cent reaching $5.2 trillion in 2013 according to a new report.
Key drivers for this increase included continued strong nominal GDP growth in oil rich Gulf countries such as the UAE, Saudi Arabia and Kuwait whose private wealth grew 12.8 per cent, 13.4 per cent and 13.6 per cent respectively.
Growth also stemmed from high savings rates, according to the study by Boston Consulting Group (BCG).
Globally stock market gains reached 21 per cent in 2013, becoming the highest driver of wealth in North America, Japan and Europe.
BCG found that the number of millionaire households worldwide increased from 13.7 million in 2012 to 16.3 million in 2013.
Millionaire households also increased in emerging markets, despite a five per cent decline in the MSCI Emerging Markets Index, which likely affected invested assets.
India’s private wealth assets may more than double to $5 trillion by 2018, in addition to Russia whose wealth could increase in excess of 80 per cent to $4 trillion. While China’s $22 trillion is set to increase by more than 80 per cent to $40 trillion by 2018, BCG forecast.