DOHA: Qatar has the fourth highest built asset wealth per person in the world. The rate of growth in built asset wealth per person is, at 8.4 percent between 2011 and 2012 and Qatar has the highest growth than any other country, the first Global Built Asset Wealth Index published by EC Harris revealed yesterday.
The Index provides an alternative indicator of economic health and growth prospects of a country. Conducted in conjunction with the Centre for Economic and Business Research, the Global Built Asset Wealth Index quantifies the accumulated wealth of 30 countries’ built assets – encompassing all the property and infrastructure that contributes to economic productivity – to present an alternative indicator of economic health and growth potential.
The Index illustrates how Qatar compares to the 30 countries which collectively represent 82 percent of global GDP. The Index reveals that total built asset wealth within these countries stands at $193 trillion – the equivalent to almost three times the $68 trillion GDP of the same countries.
“Although the total value of Qatar’s built asset is smaller than the larger countries in the global rankings, when it comes to built asset wealth per person, and therefore the potential of built asset wealth to affect living standards, Qatar comes fourth in the global rankings with an estimated built asset wealth of $143,000 per person.
“In addition, the rate of growth in built asset wealth per person is, at 8.4 per cent between 2011 and 2012, higher in Qatar than any other country. Singapore has the wealthiest population in terms of built assets, estimated at $156,000 while India and China have less than $40,000 built assets per person”, the report noted.
The fastest growth over the next decade is expected in the Middle East and Africa and in Asia. The stock of built assets across the Middle East and Africa is set to rise by 63 per cent to $8.7 trillion by 2022. Similarly, Asia’s built asset stock of $84 trillion is expected to increase to $137.4 trillion by 2022 — a rise of 62.9 per cent. Qatar’s asset wealth stands at $0.3 trillion, placing it bottom in the global rankings of 30 countries, behind front runners the USA and China, and slightly below the UAE.
Terry Tommason, EC Harris Head of Property and Social Infrastructure, Middle East said: “Despite having a reputation for heavy investment in construction, the relative size of the Qatari economy means that, on the global stage, the total value of Qatar’s built assets is relatively low. However, when it comes the asset value per capita, Qatar is well ahead of many rivals on the world stage.”
“In Qatar, as in other Middle Eastern nations, we are seeing additional investment in the built environment as a social as well as an economic enabler. Where some countries have neglected the development of social infrastructure such as housing, education and hospitals, Qatar is committed to developing this sector to ensure its development as a nation is sustainable for the long term future benefit of its population,” Terry added. The Peninsula