A recent report on gold consumption revealed notable variations in per capita demand across several Middle Eastern and Asian countries over the past 15 years. These shifts were driven by economic factors, geopolitical developments, and changes in global gold prices. The United Arab Emirates and Kuwait topped the regional rankings, while Egypt showed remarkable growth in 2024.
UAE and Kuwait Lead the Middle East
The United Arab Emirates consistently recorded the highest per capita gold consumption in the Middle East across most years. In 2024, the average consumption stood at 4.4 grams per person, despite a decline from its peak of 9.1 grams in 2011. This decrease can be attributed to shifts in tourism, local demand, and taxation policies.
Kuwait also maintained a leading position, with an average of 3.7 grams per person in 2024. Though down from the 2014 peak of 4.3 grams, this figure remains one of the highest in the region.
Saudi Arabia and Egypt: Divergent Paths
In Saudi Arabia, per capita gold consumption saw a gradual decline from 3.5 grams in 2010 to just 1.4 grams in 2024, reflecting weakened consumer demand due to high prices and evolving buying behavior.
Conversely, Egypt recorded a steady upward trend. From a mere 0.1 grams in 2010, consumption rose to 0.5 grams in 2023, reaching 0.7 grams per person in 2024 — the highest level Egypt has seen within the recorded period. This growth highlights a rebound in domestic demand despite ongoing inflationary pressures and economic challenges.
Asia: Hong Kong Dominates, Singapore Shows Steady Demand
In Asia, Hong Kong consistently led in per capita gold consumption, despite considerable fluctuations. It reached a record high of 11.9 grams in 2013, but declined to 3.9 grams in 2024.
Singapore, meanwhile, maintained a relatively stable trend. In 2024, per capita consumption stood at 2.2 grams, compared to 2.5 grams in 2010, reflecting sustained consumer interest in gold as an asset.
China and India: Modest Per Capita Figures Despite Market Size
While China and India are among the world’s largest gold markets by total volume, their per capita consumption remained relatively modest. India recorded 0.6 grams per person in 2024, a figure consistent with its long-term average. In mainland China, consumption also held steady at 0.6 grams in 2024.
Conclusion: Consumption Shifts Reflect Broader Economic Trends
The report indicates that per capita gold consumption trends are shaped not only by consumer preferences but also by broader macroeconomic variables such as:
Fluctuations in global gold prices
Local inflation and purchasing power
Taxation and import duties
Geopolitical and economic uncertainty
While the UAE and Kuwait continue to dominate in terms of per capita gold demand, Egypt is emerging as a growing market, driven by inflationary hedging and safe-haven investment behavior
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