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  1. Wealth
May 20, 2013

Israeli billionaires grow 89%

By Spear's

By the end of 2012 there were 1,437 multi-millionaires (UHNWIs) in Israel, with an average wealth of US$109 million per person

The number of billionaires in Israel grew by 89% between 2007 and 2012. Billionaires were the best-performing wealth group in terms of growth, ahead of centimillionaires with 24% growth and affluent millionaires with 17%, according to a new report from WealthInsight.

By the end of 2012 there were 1,437 multi-millionaires (UHNWIs) in Israel, with an average wealth of US$109 million per person. Of this total 17 were billionaires, 197 were centimillionaires and 1,223 were affluent millionaires. According to WealthInsight the number of multi-millionaires is expected to increase by 29% to reach 1,860 individuals in 2017. This will include 21 billionaires, 257 centimillionaires and 1,582 affluent millionaires.

Pictured above: Idan Ofer, Israel’s richest man, worth $6.5 billion

“Billionaires form the uppermost echelons of the wealth pyramid in Israel,” says WealthInsight analyst Andrew Amoils. “These individuals tend to have their own family offices and are very high-profile.” Over the report’s 2013–2017 forecast period, the total wealth of Israeli billionaires is expected to grow by 88% to reach US$93 billion by the end of 2017, well above the forecast growth in billionaire volumes.

Israel has performed well above the global average in terms of number of millionaires (HNWIs). Between 2007-2012 the number of millionaires in Israel rose by 13.2%, while the number of millionaires globally decreased by 0,3%.

According to WealthInsight, equities are expected to be the top-performing asset class for millionaires over the next five years, followed by business interests and alternatives, whereas cash will be the worst performing asset class. As a result, WealthInsight predicts a movement by multi-millionaires away from cash and towards alternatives and equities.

The WealthInsight report: ‘Israel 2013 Wealth Book: Trends in Millionaire Wealth’ was published on the 13 May 2013.

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