IslamicFinance.de

According to a new report released by Oliver Wyman and Morgan Stanley, Covid-19 will fundamentally change the way the Wealth Management industry in the Middle East operates. The report, called Wealth Management: After the Storm, highlights how a golden decade of growth for the Wealth Management industry has been drastically disrupted by Covid-19. Raji Souag, Partner at Oliver Wyman Middle East, sees global high net worth wealth declining by four percent, or $3.1 trillion in 2020. He believes that digitalisation and globalization will be among the immediate priorities of Wealth Management firms. Advisors will remain central to client relationships, however, they need to be supported with strong digital capabilities.

In a press release the consulting firm Oliver Wyman gave insights into their report "The Future of Private Banking - A Wealth of Opportunity".

Wealth held by high net worth individuals in the GCC - those with investable wealth of more than $1 million - is expected to grow from USD 2100 bn in 2007 to USD 3.800 bn by 2012. Annual growth is expected to slow down from previously 11 % to 9 % over the next 5 years.

Globally an estimated 16% of HNWI wealth was held offshore in 2007 while for the Middle East an estimate 52% is given in the press release. However, this is countered by a strong trend amongst the GCC's richest to repatriate wealth and invest in regional assets.

The scarcity of talent - skilled and experienced client relationship managers - is also a challenge in the Middle East, with dedicated on-the-ground coverage teams needed for billionaire families and top UHNWIs.

About Oliver Wyman www.oliverwyman.com

Full Press Release: http://www.arabianbusiness.com/index.php?option=com_pressreleases&view=d...