Kuwaits wealth reaches $405bln in mid-2019

KUWAIT CITY - Kuwait’s wealth reached $405 billion in mid-2019, up $60 billion from $390 billion in the middle of last year, up more than 15 percent a year, according to the latest report by Swiss research firm Credit Suisse, reports Al-Anba daily.

The report added the average per capita wealth of Kuwait reached 131.1 thousand dollars by the middle of this year, and the per capita GDP of 45 thousand dollars.

According to the report, a Kuwaiti citizen is considered the second richest among the GCC citizens in terms of the average per capita wealth, while the Qatari is ranked first with an average of 147.7 thousand dollars, followed by the Emirati with an average of 117 thousand dollars and the Saudi citizen an average of 67 thousand dollars.

The Bahraini citizen is listed last with an average of $53.9 thousand. The report estimated there are 63,000 millionaires whose wealth is distributed as follows: 59.2 thousand Kuwaitis whose wealth is between 1 and 5 million; 2,747 Kuwaitis whose wealth is between 5 and 10 million; 1,111 Kuwaitis whose wealth is between 10 and 50 million dollars; 52 Kuwaitis whose wealth is between 50 and 100 million and 21 Kuwaitis whose wealth is between 100 and 500 million.

Kuwait ranked third in the Gulf in terms of wealth, with Saudi Arabia topping the list with a total wealth of $1.55 trillion, the UAE ranked second with a total of $922 billion, while Qatar came in fourth place with a total wealth amounted of $106 billion.

According to the per capita GDP, Kuwait ranked third in the Gulf after the UAE, which topped the list with $71.7 thousand, far ahead of the second place occupied by Bahrain with an average of 44.6 thousand US dollars, while Qatar ranked fourth with 35.6 thousand dollars and Saudi Arabia in came in fifth place with 23.6 thousand dollars