Wealthy families in the Middle East have a strong entrepreneurial spirit, and want to play an dominant role in managing their money as well as have confidence in the future of the region, a new report by Qatar Financial Centre Authority (QFCA) and Campden Wealth has revealed.

According to findings of the report ‘Beyond Convention’, high net worth (HNW) families in the Middle East are likely to scrutinise their wealth managers far more closely than they did a year ago as they have increased expectations for returns on their investments.

The study was conducted in the last quarter of 2012 and the first quarter of 2013, and is based on quantitative research with 47 ultra-high net worth individuals for the GCC countries as well as Lebanon, Syria and Egypt.

A majority (60%) of respondents were members of family businesses as they control 75% of private sector economic activity in the GCC. The study revealed that more than 60% of respondents pursued their investment goal as wealth creation rather than wealth preservation.

Respondents also preferred alternative investments such as hedge funds and private equity amongst the other asset classes.

The study also found that while nearly 40% of respondents had an excellent relationship with private bankers, 80% of them felt the bankers were irresponsible and felt the need for more transparency about fees.