According to data from Boston Consulting Group, Saudi Arabia has become the wealthiest GCC nation in terms of total net wealth, which has increased by 1 percent year-on-year to $3.7 trillion in 2024.
The UAE is rapidly following suit as a result of an influx of cross-border wealth, as the total assets, less liabilities, held by individuals in the country, shot up by approximately 9.89 percent to $3.12 trillion.
The UAE recorded the highest growth in the region, which has been fuelled by a sharp increase in real assets, increasing by 10.2 percent to reach $2.18 trillion, and the financial wealth, which increased by 9.5 percent to $1.15 trillion.
The consultancy company considered the aggregate worth of real assets and financial wealth that comprise liquid investable assets like equities, bonds, currency, and deposits, life insurance and pensions, and other assets of residents in different nations within the GCC.
Meanwhile, the report did not indicate the total net wealth per capita. Saudi Arabia is among the largest Middle Eastern countries in terms of population.
Qatar had a total net wealth of $765 billion, representing an increment of about 2 percent over the last year, whereas Kuwait had a net wealth of $538 billion, increasing by an average of 2.09 percent compared to last year.
Thus, Oman and Bahrain occupied the last positions in the net wealth scores of $300 billion and $160 billion, respectively.
