Dubai, UAE — Kuwait ranked third and Qatar 22nd on the list — prepared by the World of Statistics — of the countries with large millionaire populations.
About 15 percent of Kuwaitis were millionaires, after Hong Kong’s 15.3 percent and Switzerland, which had the highest number of millionaires (15.5 percent) in the world, media reports said.
With 12.7 percent of its population as millionaires, Singapore ranked fourth in the list and Australia was the fifth and the last country with a double-digit percentage (11.2 percent) of the population as millionaires.
The number of millionaires in the US reached about 9.7 percent of its population. The world’s largest economy accounted for nearly 10 percent of the world’s 48 million millionaires.
According to the World of Statistics, millionaires are individuals who have a net worth of at least one million US dollars, excluding their primary residence. These individuals are considered to be part of the high-net-worth population and are often referred to as High-Net-Worth Individuals (HNWIs).
According to the World Wealth Report 2022, the average net worth of a millionaire in Kuwait is $2.9 million. The top 1 percent of millionaires in Kuwait have a net worth of over $10 million. The most common source of wealth for millionaires in Kuwait is real estate, followed by investments and businesses.