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Mideast sees rapid growth in millionaires

...The annual world wealth report, released Thursday by Merrill Lynch and Co. and the Capgemini Group consulting firm, found that the Middle East was the fastest growing region in the world in terms of assets owned by "high net worth individuals," defined as those with more than $1 million.

The amount of wealth controlled by this millionaire class in the Middle East grew by 28.9 percent in 2004 to $1 trillion.

In terms of the number of new millionaires, the Middle East grew 9.5 percent in 2004, reaching 300,000 people....

"The surge in oil prices is the main factor for the growth, which for the Middle East is mostly concentrated in the GCC region," said Patrick Meyer, a regional analyst for Merrill Lynch....

--Daily Star (Lebanon)

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