Saudi Arabia has become the wealthiest country in the GCC by total net wealth, which increased by about 1% year on year to $3.7 trillion in 2024, according to figures from Boston Consulting Group.
The United Arab Emirates is rapidly closing the gap, buoyed by a sharp rise in cross-border wealth. Total assets minus liabilities held by individuals in the UAE climbed by roughly 9.9% to $3.12 trillion.
The UAE recorded the fastest growth in the region, driven by a 10.2% increase in real assets to $2.18 trillion and a 9.5% rise in financial wealth to $1.15 trillion.
BCG’s analysis covered the combined value of real assets and financial wealth, including liquid investable assets such as equities, bonds, cash and deposits, as well as life insurance, pensions and other holdings of residents across GCC countries.
The report did not provide net wealth figures on a per-capita basis, noting that Saudi Arabia has one of the largest populations in the Middle East.
Qatar’s total net wealth stood at $765 billion, up about 2% from a year earlier, while Kuwait recorded $538 billion, marking an increase of roughly 2.1%.
Oman and Bahrain ranked at the lower end of the scale, with net wealth of $300 billion and $160 billion, respectively.
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