Qatar has seen the number of millionaires living in the country grow at a faster pace than anywhere else in the region, thanks to a booming economy and a lack of political turmoil, a new report has found.

According to the report from New World Wealth, the number of rich people – which it terms “high net worth individuals,” or those with more than US$1 million (QR3.64 million) in net assets – in Qatar has increased by 80 percent since 2007.

There were approximately 28,000 such individuals in Qatar last year, the financial research firm said in a summary of its Middle East 2016 Wealth Report.

In absolute terms, Qatar trails several more heavily populated countries in the region, including Iran, Saudi Arabia, Turkey and the UAE. Israel tops the list, with 75,000 millionaires.

kkk

But no other country in the region has seen its share of rich residents increase so quickly. The report’s authors said this stems from strong growth in Qatar’s construction, real estate, financial services, telecom and media sectors.

It also noted that a large number of wealthy individuals have moved to Qatar in recent years.