Qatar, Saudi Arabia and Kuwait ranked in the top 10 of a global luxury index, performing especially well on the basis of their propensity to spend on imported luxury goods and healthy appetite for premium travel, a report said.

Strong wealth growth in Qatar helped the country to take third place on the table, according to the new index created exclusively for Knight Frank’s Wealth Report by specialist luxury agency Ledbury Research.

The Big Spenders Index tracks the 10 locations most likely to see strong growth in big-ticket spending by ultra-wealthy residents or visitors.

Each location is ranked based on six categories, including wealth growth, luxury store footprint and luxury goods spending.

Significant amounts of spending by the very wealthy, particularly in London, helped the UK to achieve the number one position, as well as the relative strength of the country’s economy. Over GBP8 billion of goods are now sold by luxury brands each year in the UK, according to Ledbury Research’s estimates.

A surge in its UHNWI population and rising luxury consumption propelled India to fifth place in the index.

China, despite a dip in its predicted economic growth and government anti-graft measures that have affected luxury demand, came second. The Chinese are already the single biggest consumers of luxury goods, accounting for almost 30 per cent of global spend.

Andrew Shirley, Wealth Report editor, said: “The results of this new index are fascinating and it will be particularly interesting to see how the rankings change next year in light of falling oil prices and other economic shifts.”

Madelaine Ollivier, a luxury analyst at Ledbury Research, said: “We have consistently argued that the Chinese luxury market remains very attractive given the burgeoning wealthy population and rapidly growing middle class.”

London-based Knight Frank, a leading independent global property consultancy, has a strong presence in the Middle East with offices in Abu Dhabi, Dubai, Bahrain, Qatar and Saudi Arabia. – TradeArabia News Service