Middle East private wealth rose 11.6% in 2013

June 18, 2014 9:29 am

Boston Consulting Group’s 2014 Global Wealth Report showed that private financial wealth in the Middle East region grew by 11.6% to reach $5.2 trillion in 2013 with GCC countries leading the wealth surge, Gulf News has reported. Key drivers were generally high saving rates and continued strong nominal gross domestic product growth in oil-rich countries, such as Saudi Arabia, Kuwait and the UAE. While private wealth in Saudi Arabia grew by 13.6% last year, in the UAE and Kuwait it surged by 12.8% and 13.6%, respectively.