Region boasts of $4.5 trillion wealth and 35 billionaires, most of which in family businesses
Numbers at a glance
$4.5 trillion, approximately 35 billionaires – The most authoritative estimates of the region’s overall wealth.
75% of the private sector’s economic activity in the GCC is controlled by family businesses.
80% of respondents felt bankers didn’t take responsibility for their bad decisions.
55% of respondents say they invested locally rather than internationally.[/boxify]
The region’s overall wealth is estimated to be more than $4.5 trillion (QR16 trillion) thanks to the approximately 35 billionaires residing here. Most of this wealth seems to have been accumulated through family businesses carried on over generations. The family unit is the corner stone of the society in the region, and it controls as much as 75% of private sector economic activity in the GCC.
These insights are from the inaugural study into wealth in the Middle East by Qatar Financial Centre Authority and Campden Wealth Today Launch “Beyond Convention”.
The growing numbers of family business, however, see themselves as entrepreneurs, according to the study.
Wealthy families in the region want to play an active role in the way they manage their money and their relationship with wealth managers. This would mean that providers of financial and other business services in the Middle East will need to adapt their regulation frameworks to cater to this class of entrepreneurs.
Who are these families, where do they invest and in which field? JustHere spoke to Andrei Postelnicu, director of Research at Campden Wealth in this podcast.