Bahrain has highest number of millionaire households in GCC

Manama : Bahrain has the highest density of millionaire households in the GCC region, revealed a study.

According to the study conducted by Boston Consulting Group’s Wealth 2016:  Navigating the New Client Landscape, 13 per cent of the households in Bahrain have wealth exceeding US$1 million. 

The study takes into account private wealth of the households, including cash and deposits, listed and unlisted equities, life insurance, mutual funds, and debt securities. Trailing Bahrain is Qatar, which has a millionaire household density of 12.7 pc. 

The study analysed how private wealth has grown in recent years. “The growth of global private wealth hit a speed bump in 2015, especially in the developed markets, with all regions other than Japan experiencing a slowdown relative to the previous year. This development, combined with the ongoing decline of revenue and profit margins—all amid shifting client needs in both traditional and nontraditional segments—is forcing wealth managers to reevaluate their strategies.” the report stated.

“Global private financial wealth grew by 5.2pc in 2015 to US$168 trillion. The rise was less than in the previous year, when global wealth rose by more than 7pc. Unlike in recent years, the bulk of global wealth growth in 2015 was driven more by the creation of new wealth (such as rising house-hold income) than by the performance of existing assets, as many equity and bond markets stayed fairly flat or even fell significant slowdowns were seen in North America,” it stated.