A new report has revealed 75% of MENA billionaires are self-made innovator entrepreneurs. This was higher than the number of American self-made billionaires (68%) and just below the leading region for high-net entrepreneurs, APAC, which boasts 80% of its billionaires as self-made innovators.
The Billionaires Insights 2018 report, published by USB and PwC, revealed that MENA’s 52 billionaires represented a 24% increase since 2016.
The report identifies that MENA falls behind when it comes to ultra-high net worth women, with only 6% of billionaires being female, a stark comparison to Oceania, which led with 23% of high-net individuals being women, and Western Europe (18%).
Across the globe, the report identifies that self-made billionaires have been behind 80% of the main innovations over the past 40 years. Included in the 199 new billionaires since 2016 were green energy entrepreneurs.
Josef Stadler, Head Global Ultra High Net Worth at UBS, commented, “They are creating jobs and prosperity, but their impact goes beyond economics. A new generation is emerging, and they see an opportunity to tackle some of the greatest environmental and societal challenges facing humankind.”