Where the World's Millionaires Live

By Nikhil Hutheesing - 2013-05-30T16:00:09Z

Photograph by Laura Boushnak/Getty Images

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3. Kuwait    

Population: 2.7 million
Percentage of millionaire households: 11.5%

Kuwait holds about 7 percent of world oil reserves, and oil exports account for about 95 percent of export revenue. The government announced in 2010 that it would spend $130 billion over the next five years to move the economy away from oil dependency and diversify its private sector. At the same time, the country has budgeted for an increase in revenue of 20 percent, which has led to higher expenditures such as wage hikes for public sector employees. Kuwait was home to 63,000 millionaire households in 2012. Among the richest in Kuwait are the Alghanim and al Kharafi families.

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