Kuwait has the second highest number of millionaire families among the GCC countries and fifth highest internationally with 9 percent, which means 99,000 families are millionaires. [Source]
That’s insane.
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2:48AM - Entertaining Kuwait since 2003
35 replies on “Nearly 1 out 10 Families in Kuwait are Millionaires”
50% of Kuwaitis don’t own a house
Still live in rented apartments
because you need to be a millionaire to buy a house with these inflated prices lol
Living in an apartment doesn’t mean your not rich.
exactly 🙂
some rich people even lease their homes, then they stay at the apartments.
they get RICHER!
Kuwaitis don’t live in rich peoples apartments. Have you never seen the apartments of Salwa?
They’re mostly 2-3 bedroom apartments, very limited in size for big families (the average Kuwaiti family has 4 kids).
Lol
Most kuwaities don’t live in salwa, or hawally or those run down areas. It’s usually the less fortunate foreigners like Egyptians, Syrians, and Indians. This may come off as a bit racist and in a way, it is. But it’s the truth and I’m sure some kuwaities live in those areas but it’s probably a really small amount. Most westerners confuse bedui people with kuwaities, and bedui people are usually poorer than kuwaities. This reply is bias even though I tried not to be. 🙂
Yeah, that’s only because land here costs millions in most places and is pretty expensive in other areas(probably because it is such a small country) and not everybody is a millionaire so they have to live in apartments. Most of the apartments are pretty nice and are actually big and spacious. 🙂
I seriously want to meet the person that came up with this study. Tell him that the doors to rehab are still opened to treat him/her from the addiction that caused him/her to hallucinate this much : ) I can tell you now without any prior research that nearly half of Kuwait are on mortgages JUST due of real estate costs… if that person didn’t know, a normal piece of land in Janoub alsurrah costs around 400 – 500 thousand KD’s. In other words, real estate is unbearably high. Apart from that, Kuwaitis usually have this eager desire to drive the best cars. Therefore, a lot of them are stuck paying car loans…. I mean I don’t really have to continue on any more… you know where this is heading to Mark.
True. Most Kuwaitis are in debt.
My aunt has been waiting over 20 years for a house
so far you didn’t say anything that doesn’t make that 1 out of 10 millionares. lol you just mentioned the problems that the rest that aren’t millionares have because of the ridiculous high prices of homes. which seems to be the main and only argument in the comment section
that’s not very surprising. Isn’t it pretty run of the mill for people with tonnes of money to be in lots of debt
while ppl with very little to watch carefully where there money goes? I and most of my family have never been in debt a single day of our lives … we’re on a moderate expat income.
not saying this is the case for everybody but from what I’ve seen … never met a waiter who filed for bankruptcy!
50% of Kuwaitis are in debt because of real estate mortgages. The houses in Kuwait are currently very expensive, hence many Kuwaitis are in debt.
Another reason many Kuwaitis are in debt is university fees. Kuwait University has a very limited capacity, therefore many Kuwaitis have to send their kids to private universities where the fees are extremely high.
Qataris and Emiratis are alot wealthier than Kuwaitis. All Qataris own a house and nearly all Emiratis own a house.
qataris are, emiratis are not, houses are much cheaper there, plus in UAE there is a very wide range of prices.
I mean you just read an article that put kuwait above UAE and you still say this lol. Only Qatari people are wealthier and that is also due to the fact the the population is the lowest in the GCC almost at 400-600 (thousand) people only. Bahrain has more even.
GDP per capita
gcc 1 qatar 2 kuwait 3 emirates 4 saudi
If more than 60% let’s say from france live in apartments and can’t afford a house while in Nigeria 60%+ live in houses it doesn’t mean they are wealthier LOL. It’s price & currency.
if these kuwaities took their salary and converted the currency they would defo be able to buy houses in qatar & uae.. infact anywhere in GCC and most parts of the world.. your logic is stupid lol
Buy me a house since you seem to have all the answers
Well considering every Kuwaiti I’ve met seems to have 2 more enterprises on the side of his ‘main’ job, I guess I have to say well done. That plus the monthly handouts, subsidies and kickbacks they are given by the govt, we all shouldn’t really be that surprised.
The article below from the Arab Times is an example- 1 in 10 are millionaires, but the govt is still going to give them buffer money to help them out when they raise the fuel prices in a couple of months. SMH…
https://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/205381/reftab/96/t/Govt-Parliament-said-to-OK-petrol-diesel-subsidy-lift/Default.aspx
They are clearly not investing any of that locally.
Shame on the merchants
market size isn’t big enough and too many regulations etc that’s the problem
It’s more like 1 of 1000
(rating is flawed because usually some families in kuwait are known to be rich for example all loyalties each son is millioner and alghanim/alkrafi etc
Coming soon:
New burger joint exlusively for Millionaires
9% does not equate to 99,000 families, they need to get their facts straight
exactly…. 99,000 families with an average of 5 per family means 495,000 individuals are millionaires
The average Kuwaiti family contains 4 offspring, not 5
I believe the stats, I know someone who built a house and is renting it out floor by floor and will recoup the entire cost in 5 years. The price of housing here is insane. The government can not do anything about because all the home owners would loose out. But all in all it is better to be here than Syria, Iraq, Iran, Yemen, Saudi, Lebanon, or any of the Stan’s.
Is that it? i thought every Kuwaiti is a millionaire 😛
atleast that’s how they behave 😉
Kuwaitis are still the most liberal Gulf Arabs
this again? yawn
you need to accept reality
+1
Anyone in Kuwait who owns a house is a millionaire, on paper, since all houses are valued around $1 million and above.
Though I am from India,I am also a millionaire in terms of KD, back home. Feeling good that I am richer than 90% of kuwaitis.One might wonder, what makes me stay in Kuwait inspite of being a Millionaire, it is the fate which is holding me here. Though I have faced many hardships in Kuwait from some rude Kuwaitis, I still love Kuwait and some of its lovely, well-mannered educated people.
I was thinking the other day that it’s pretty sad that one day all the Indians will leave. In places like LA you have massive Chinatowns that started as immigrant communities but eventually became American and settled there, while still keeping an identity. Kuwait has an “Indiatown” In Salmiya Block 10 but one day everyone will pack up and leave because there’s not even a legal way to stay once you retire. The Indian community is a really big part of Kuwait but instead of integrating like other immigrant communities do it’ll just disappear eventually, there are Indians here whose kids and grandkids have never lived outside of Kuwait.
I understand why it can’t happen, since we barely have the developed land to house Kuwaitis alone, but it’s a shame. I guess they’ll all move to Dubai for the next 20 years until the same thing happens there.
I agree, it’s sad
I wish the government naturalizes Indians (who’ve lived in Kuwait for 40 years or more)
I feel really guilty when I hear that some Indians in Kuwait have lived here for 40 years but were never offered citizenship
Indians are an integral part of Kuwait. Even before the discovery of oil, Kuwaitis and Indians had very close relations. Indians significantly influenced Kuwaiti culture before the discovery of oil (look at our cuisine and the origin of many Kuwaiti words)
Kuwait is morally obligated to naturalize some Indians