ME and North Africa suffers one of the biggest falls in wealth

The Middle East and Africa saw one of the highest drops in wealth last year at about 6.2 per cent or $200 billion (Dh734bn) to $3 trillion against $3.2trn in the previous year, said a report.

The biggest wealth decline was in North America, where assets under management (AuM) fell by 21.8 per cent.

Japan recorded a decline of 7.8 per cent. Asia-Pacific saw a fall of 6.2 per cent and Europe witnessed a decline of 5.8 per cent, Boston Consulting Group, a global management-consulting firm, said in its Global Wealth Report 2009.