The number of dollar millionaires in the UAE has fallen for a second year as Dubai's property downturn and falling stock markets hit investors' wealth, a study shows.
The World Wealth Report from Merrill Lynch and Capgemini found numbers of high net-worth individuals (HNIs), classified as people with more than US$1 million (Dh3.67m) in liquid assets, fell 3.5 per cent to 52,600 last year - even though elsewhere in the world personal wealth has recovered to levels last seen before the global financial crisis.
"The impact here is that real estate plays a big role in the decline," said Tamer Rashad, the head of the Middle East at Merrill Lynch Wealth Management.
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