Private wealth in GCC doubles to $2.2 trillion
Private wealth in the GCC has doubled from $1.1 trillion in 2010 to $2.2 trillion in 2014 at an overall compound annual growth rate (CAGR) of 17.5 percent, according to a study by management consultancy Strategy&, formerly Booz & Company. Most of the region’s private wealth resides in Saudi Arabia (44 per cent), but the UAE has made notable gains with its share increasing from 24 per cent to 30 per cent during 2009 to 2013. Together, Saudi Arabia and the UAE control 74 per cent of the region’s private wealth, up from 71 per cent in 2009. The study reveals that geopolitical events also intensified the migration of new wealth to the region. This growth in private wealth makes the GCC a lucrative market for local and global private bankers, said the study.
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