The number of UAE’s high net worth individuals (those with $1 million or more in financial assets) declined by 24.8 per cent to 41,324 in 2011 from 54,971 in 2010, according to just released second annual Global Wealth Report by Credit Suisse Research Institute (CSRI).
The CSRI report reckons it will take the country another five years to gain back the same number of millionaires that it lost last year, and expects the number of UAE millionaires to reach 54,000 in 2016.
According to the earlier World Wealth Report, released in June by Merrill Lynch Global Wealth Management and Capgemini, the population of UAE millionaires was more than 66,000 in 2008, taking the total tally of UAE individuals who’ve lost their ‘millionaire’ status to almost 25,000 in three years since the onset of the global economic slowdown.
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