More than two out of every 100 people in Doha are millionaires, making the city home to the highest density of millionaires in the Middle East, a new survey has found. The report was produced by wealth consultancy company Wealth Insight and Spear’s magazine WMS.
According to its index, Doha’s millionaire density of 2.2 percent put it above Dubai, which had 1.2 percent and ranked 11th; and Abu Dhabi (1.1 percent), which ranked 13th.
Riyadh was the only other city in the region to have placed in the top 20 list, with a millionaire density of 0.4 percent.
The news comes despite the fact that per capita gross domestic product (GDP) in Qatar fell from US$90,000 in 2014 to $60,000 in 2016, according to ratings agency Standards and Poor’s.
Commenting on the findings of the study, Oliver Williams of WealthInsight said:
“Doha has the highest density of millionaires in the Middle East, largely driven by oil and gas revenues. However, as wealth in the Gulf dries up alongside oil prices, entrepreneurial cities such as Tel Aviv will take their places.”
The report, which is based on a survey commissioned by the Elite Traveler luxury media group, stated that Hong Kong and Singapore have the highest percentage of high net worth individuals in Asia, with almost three in every 100 inhabitants classed as a millionaire.
More wealthy people
The new report is one of many studies in recent years that have highlighted the high percentage of millionaires in Qatar.
In June for example, a separate study found that the number of millionaires in Qatar has grown at a faster pace than anywhere else in the region.
This was attributed to a booming economy and a lack of political turmoil.
According to that report from New World Wealth, the number of rich people – those with more than US$1 million (QR3.64 million) in net assets – in Qatar increased by 80 percent since 2007.
It added that the number of millionaires in Qatar is projected to jump an additional 45 percent over the next decade. This is despite lower oil prices and general belt-tightening across the country.