Kuwait ranked 18th in World Wealth Report

By Faten Omar

KUWAIT: The COVID-19 pandemic unexpectedly reshaped the global economic landscape, resulting in a significant increase in the number of millionaires. The World Wealth Report 2023, published by the World of Statistics, reveals that the number of individuals with a net worth of one million dollars or more in Kuwait increased by 6.1 percent in 2021, rising from 205,000 millionaires in 2020 to 217,000, representing a gain of 12,000 new millionaires.

Economic expert Mohammad Ramadan

Kuwait is ranked 18th globally in this regard, following Saudi Arabia, where the number of millionaires increased by 15 percent. The report also highlights that the number of affluent individuals in the Middle East grew by 5.5 percent, with their combined wealth increasing by 6.3 percent. Economist Mohammad Ramadan, speaking to Kuwait Times, explained the worldwide surge in millionaires can be attributed to the rising prices of assets.

People had reduced expenses during the COVID-19 pandemic, and those who held cash assets are now reaping the benefits. Additionally, global economies introduced stimulus packages, including Kuwait, which contributed to the surge in assets and a decline in interest rates, further bolstering the fortunes of those with substantial wealth. It’s worth noting that economic disparities have widened in some cases, underscoring the importance of addressing inequality and ensuring that the recovery benefits all segments of society.

Ramadan pointed out that the pandemic created a rift in society, with the middle class becoming poorer while the upper class became wealthier. This is a global issue that nations are now grappling with. According to Ramadan, the increase in the number of millionaires following the pandemic can be attributed to several factors.

Despite initial market volatility, many stock markets rebounded and reached record highs as governments and central banks implemented stimulus measures to stabilize economies. Furthermore, economic disruptions often create opportunities for entrepreneurship and innovation, with some individuals starting new businesses or adapting existing ones to meet pandemic-related demands, leading to financial success.

The post Kuwait ranked 18th in World Wealth Report appeared first on Kuwait Times.

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