The number of billionaires living in the UAE by 2023 is forecast to stall, with no new billionaires expected to be created in the next five years, according to the Knight Frank Wealth Report 2019.

The report showed that two new billionaires were added last year taking the total number to seven, up from five in 2017 and four in 2013.

But Knight Frank also said the country's billionaire population will remain at seven in 2023, without giving a reason.

The report paints a similar picture in Saudi Arabia, with the number of billionaires stalling at 10, the same figures as in 2017.

Regarding ultra high net worth individuals (UHNWIs) in the UAE - those with a personal wealth of more than $30 million - numbers are forecast to grow by 15 percent between 2018 and 2023, rising from 693 to 799.

In Dubai, this population growth is predicted to be slightly faster at 16 percent from 440 to 511 over the same review period.

In Saudi Arabia, the number of UHNWIs is set to jump by 15 percent over the same period from 950 to 1,097.

The number of millionaires living in the UAE is expected to increase by 14 percent from 2018 to 2023 from 53,798 to 61,292, Knight Frank's data also showed.

Millionaire numbers in Saudi Arabia are forecast to grow by 14 percent over the same period from 51,360 to 58,510.