Kuwait is home to more than 217,000 millionaires, making it the second largest country in the Middle East.

More than 217,000 millionaires reside in Kuwait, making it the second largest country in the Middle East for millionaires.

Kuwait ranks 18th globally in the number of millionaires, according to the World Wealth Report 2022 published by Capgemini Research Institute for Financial Services. The number of Kuwaiti millionaires increased by 6.1 percent from 205,000 in 2020 to 217,000 in 2021. 

According to the global ranking, Kuwait is following Saudi Arabia, which saw an increase of 6.8 percent in millionaires from 210,000 to 224,000. Saudi Arabia is ranked 17th globally, followed by Kuwait.

According to the report, the Middle Eastern Middle class has grown by 5.5% while their wealth has grown by 6,3% mainly because of technology and a recovery in crude oil prices. In response to a rise in the stock market, the wealthiest people's incomes increased by 7.8% to 8%.

US, Japan, Germany, and China were the top-four countries in 2021, accounting for 63.6 per cent of the global high net worth population (HNWI), up from 62.8 per cent in 2020.

Global population growth and wealth growth were led by ultra-high-net-worth individuals ($30m+), respectively, at 9.6% and 8.1%. Those living in the Millionaires Next Door ($1-5m) group grew at a slower rate (7.7%) and gained the least wealth (7.8%).

The population and wealth of the Mid-Tier Millionaires ($5-30m) increased to 8.5% and 8.4%, respectively./agencies