UAE Millionaires Highly Confident On Financial Outlook, According To Survey Of World’s Wealthy

Millionaires in the United Arab Emirates (UAE) are significantly more confident about both their own prospects and the wider economic outlook than most of their counterparts in other major markets, according to the new UBS Confidence Index.

The Index – a study of over 5,400 millionaires conducted regularly across nine markets – reveals 62% of millionaires are confident about the short-term and long-term outlook, compared to just 11% who feel the opposite. In the UAE this figure is even higher with 77% of millionaires confident (second only to Switzerland) and only 5% saying they feel pessimistic.

Globally, strong optimism about the financial climate is reflected in millionaires’ ranking of key concerns. Worries about a market downturn, interest rate rises, inflation and market volatility all fall outside the top five. Instead, concerns center on societal challenges: rising healthcare costs, cyber-security, and terrorism are today’s top three fears.

In the UAE, wealth holders cite a range of concerns including geopolitical risk, inflation, tax increases and terrorism. Male millionaires in the Emirates typically cite a higher level of concern about each of these issues than their female counterparts.