Wealthy individuals in the Middle East and Africa saw the value of their assets rise by 9.1% to US$4.8 trillion in 2012, and if the current trends continue, wealth in the region could rise to US$ 6.5 trillion by 2017, according to a study conducted by Boston Consulting Group (BCG).
The growth in the Middle East and Africa region is fueled by strong economies and rising equity markets, the BCG report has stated.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Recently, global wealth managers have flocked to the region, grabbed by its rich energy and commodity reserves, remarkably higher economic growth and rising population.
Partner and managing director at BCG, Markus Massi said: "Middle Eastern investors are becoming more comfortable investing domestically even though the percentage of assets held off-shore is relatively high."
A recent report by Qatar Financial Centre Authority (QFCA) and Campden Wealth revealed that 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.
The study results also revealed that wealth held in equities grew by 18.3% in 2012 in the region.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAccording to the BCG report, high net worth individuals (HNWIs) in the Gulf Arab region continue to allocate heavily on cash and prefer regional stock markets when they invest in risky instruments.
The study also showed that Qatar has highest density of millionaire households with 143 millionaires out of every 1,000 households among the Gulf Arab region.
