Posted on November 01, 2014

For every 1,000 households in Qatar, the world’s wealthiest country, some 175 have private wealth of at least $1m, says a Boston Consulting Group’s 2013 report on global wealth management, said The Peninsula. And Qataris are not the only ones becoming millionaires, said Al Sharq in a report published to coincide with World’s Savings Day today.

There are expatriates as well on the list of at least riyal millionaires as, aside from those in business, there are the ones saving in bank schemes that offer huge cash prizes. Michael George Gasan, for example, is one such person. This year he became an instant riyal millionaire by taking part in a ‘save and win’ initiative offered by his bank in Qatar. An official of the bank (a regional one) was quoted by Al Sharq as saying that this was the longest running ‘save and win’ initiatives, which to date has made over 250 millionaires in the region.

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Knowledgeable circles point out that airport duty free raffles have also made some expatriates in Qatar millionaire overnight. Some other banks, too, have savings schemes that offer customers the opportunity to win cash prizes, huge at that, at regular intervals. World Savings Day is a reminder of the importance of saving for a rainy day, said Al Sharq. It has been a regular event since 1924 when the World Savings Banks Institute was created with the objective to stress the importance of savings for modern economies and individuals alike.

Traditional savings accounts which offer guaranteed returns on deposits continue to be a significant part of many people’s saving strategies. “Indeed, some people like to have a mixture of savings accounts which provide a balance of guaranteed and speculative returns,” the daily quoted a bank official as saying. Meanwhile, there are 300 ultra-net high worth people worth $30m or more living in Qatar, including 12 billionaires, according to the World Ultra Wealth Report 2012-2013 released this week. That was up from 290 people last year.