The number of millionaires or HNWI (high net worth individuals) in Kuwait increased by 8 percent in 2018 compared to a year earlier, according to the World Wealth Report for 2018.
According to the report, prepared by the French multinational corporation Capgemini that provides business consultancy, the number of millionaires in Kuwait jumped to 188,000 in 2018 from the 174,000 recorded in 2017 while their combined wealth increased by 6 percent.
Kuwait was accordingly ranked 17th globally and second among Gulf Cooperation COuncil (GCC) states in the index for the highest number of HNWIs.
Improvements in oil prices and recent structural and financial reforms in the GCC are cited as reasons for strong growth in Gross Domestic Product (GDP) and enhanced performance of their financial markets, which in turn has led to stability in their economies and increase in HNWI wealth.
Saudi Arabia, which is the largest economy in the region recorded robust GDP growth and was ranked 16th in HNWI’s list. Meanwhile, the United States topped the global list of rich people, registering over 5 million HNWIs in 2018, followed by Japan with 3.1 million HNWIs.