The United Arab Emirates will record a major surge in private wealth during the next three years fuelled by a vibrant economy, according to ...

The United Arab Emirates will record a major surge in private wealth during the next three years fuelled by a vibrant economy, according to private bankers in the region. The Emirates is already home to nearly 53,000 dollar millionaires, (one out of every 80 residents), a higher density of high net worth individuals than even the US. Per capita income in the UAE is $28,138, one of the highest in the world. Faranak Foroughi, head of private banking with the National Bank of Dubai, said the Middle East region as a whole will account for $1.5 trillion of the world's private wealth by 2007. The latest estimate by private bankers, show that the UAE's private wealth sector should sustain a growth level of more than 12.5 per cent per annum over the next three years, thereby exceeding the Gulf average growth rate. The forecast is based on the growth trend of the UAE’s GDP, which grew 16 per cent to $120 billion in 2005 from $103 billion in 2004. The average growth rate in the last 10-year period was 5.3 per cent. Although the country has the fourth largest gas reserve and third largest oil reserves in the world, 67.4 per cent of the country's revenue is comes from non-oil sectors, such as financial services and property.