UAE residents’ debt levels have risen from $7,110 to $28,483, the investment bank said The wealth of the average adult in the UAE has tripled over the course of the last decade, rising from $56,777 in 2000 to $150,121 this year, according to the latest data from Swiss bank Credit Suisse.
However, indebtedness has also grown at an even faster level, quadrupling over the last 10-year period.
UAE residents’ debt levels have risen from $7,110 to $28,483, the investment bank said. The rise is due to increased consumerism and the access to easy credit in the period leading up to the global recession.
Furthermore, the UAE’s percentage of world wealth has more than doubled from 0.11 percent in 2000 to 0.28 percent this year.
The Credit Suisse research showed that global wealth had rise by 72 percent since 2010, despite housing bubbles and near-zero real returns on equities.
Dubai properties
UAE personal debt quadruples in 10 years
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