High net worth individuals (HNWIs) in the UAE are among the most confident in the world about wealth creation and are playing the most active role in managing their money, according to Barclays report.
The report says that UAE’s wealthy residents are now taking an ‘increasingly active role’ in managing their finances and have maintained their confidence in financial products. Many believe that accumulation of their wealth has been a rapid process.
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The report highlights that a high tolerance for risk is a prerequisite for successful entrepreneurship.
"Wealthy entrepreneurs have a higher risk tolerance than those who have acquired their wealth through inheritance, earnings or bonuses," the report says. "But this appetite for risk must go hand in hand with an acceptance of volatility."
The most recent edition of Barclays Wealth Insights series, dubbed ‘Origin and Legacy’ and which looked at how fortunes are now being created, spent and shared across the world, included responses from 2,000 HNWIs from different countries around the world.
According to the study, nearly half (48%) of the respondents from the UAE agreed that the accumulation of their wealth has been a rapid process, compared to 18% in South Africa, 22% in the UK and 11% in the US.
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By GlobalDataIn Saudi Arabia and Qatar, more HNWIs, 52% and 70% respectively, shared the same sentiment.
Rory Gilbert, managing director and head of Wealth and Investment Management, Barclays, Middle East and North Africa, said: "Once wealth has been created, UAE respondents are most likely to save or invest their wealth for growth opportunities, to be used for their future generations as opposed to short-term tangible gratification for themselves."
