Dubai PR Network, Online Press Release from Dubai and Middle East
 
Health & Fitness(Healthcare & Medicine)
Filter PR by
  
US$500 billion worth of family wealth will change hands in MENA, experts at Wealth Arabia Summit 2019, say
 
US$500 billion worth of family wealth will change hands in MENA, experts at Wealth Arabia Summit 2019, say

Worldwide, US15 trillion worth of family wealth will pass on to the next generations between 2020 and 2030, as families transform wealth management
 


 
Dubai, UAE - November 20, 2019:  More than US$500 billion (Dh1.8 trillion) worth of family wealth will be passed on to the next generations in the Middle East and North Africa (MENA) region within the next decade, experts at the 4th Wealth Arabia Summit (WAS) said on Tuesday.
 
According to WealthX, a global intelligence solutions provider, more than US$15 trillion worth of family wealth will be passed over to the next generations globally.
 
WealthX data shows, Jeddah appearing in both the top five cities according to the share of people worth more than US$100 million and more than US$500 million. In Jeddah, almost 29 percent of the ultra-wealthy have more than US$100 million in net worth and nearly 8 percent have more than US$500 million. Other Middle Eastern cities appear in the top 15 on both measures, including Abu Dhabi, Riyadh, Istanbul and Basel.
 
David Awit, Senior Director and Head of MENA and APAC Sales at WealthX, said, “The Middle East consolidated its position as the fourth-largest Ultra High Net Worth (UNHW) in 2018, ahead of Latin America and the Caribbean, recording by far the strongest growth of up to 6.8 percent in the ultra-wealthy population to 9,710 individuals (People with US$30 million worth of wealth).
 
“The two largest UNHW countries of Saudi Arabia and the UAE posted robust gains in their ultra-wealthy populations, supported by a gradual increase in oil price, better performing equities than most regions and currency resilience owing to the Saudi Riyal’s and UAE Dirham’s peg to the US Dollar.”
 
The next five years are a golden era for large family businesses, as the institutional investors might shy away from the market due to certain challenges, Adil Al Zarooni, Chief Executive Officer of Al Zarooni Emirates Investments, says. “So, we have a good opportunity to invest and generate more wealth in this market,” he says.
 
Experts at the Wealth Arabia Summit said, the large family businesses are more than ready for the transformation in line with the global slow-growth environment and the digital disruption.
 
“Most family businesses are structured and are run by professional investment advisors and other highly skilled officials, so they will not face problems,” Adil Al Zarooni, Chief Executive Officer of Al Zarooni Emirates Investments. “However, I am worried about the 98 percent small family-owned businesses, who might not be able to survive the changes and the digital transformation that we are facing.
 
“The family businesses are selfish. They family members want to run the businesses themselves. They should leave the business to be run by professionals, which they are doing. In this respect, they are selfish.”
 
Zulfiqar Ghadiyali, CEO of the Private Office of Sheikh Tahnoon bin Saeed bin Tahnoon Al Nahyan, said, “As the whole world and the economic landscape changes, we also need to look at the new trends, the tech-related disruptions. Are we ready?”
 
The Wealth Arabia Summit takes place amid a rapidly changing global economic environment and challenging geo-political developments that is forcing the investor community to re-think their strategy and find new opportunities amid adversity.
 
Since its inception in 2016, the summit has established itself as the premium forum bringing together the region's HNWIs, senior investment executives and service providers for actionable investment advice from the world's most informed. 
 
Wealth Arabia Summit 2019 is being sponsored by Al Nabooda Automobiles, Lombard Odier, ADS Investment Solutions, CS Global Partners. Exhibitors include ADIB, Century Financial, DED, Investera, and UBS. 

 


Posted by : Dubai PR Network Editorial Team
Viewed 9906 times
PR Category : Healthcare & Medicine
Posted on : Wednesday, November 20, 2019  2:14:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : 2019 Mr Olympia, Brandon Curry, makes his Dubai debut at the...
Next Story : Crossing a Record of 1.1 Million Participants, Dubai Fitness...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation to Revive... [5293-Views]
HONOR 2020 H1 Business Achievements in International Markets [3087-Views]
Save up to AED 25,000 on Pre-Owned Lexus Cars with Al-Futtaim Auto Fest [2858-Views]
Panasonic Jaguar Racing Head to Berlin for a Lockdown Showdown [2854-Views]
Here's Why A Silicone Cleansing Brush Champions Other Cleansing Tools and Techniques [2772-Views]
Safe Start-up of Unit 1 of Barakah Nuclear Energy Plant Successfully Achieved [2759-Views]
Samsung Launches Galaxy Watch3 and Galaxy Buds Live [2628-Views]
Schneider Electric Shows They Are Acting to Build a Green and Inclusive Future for All Thr... [2530-Views]
Sony Middle East & Africa Announces ‘Ready for PlayStation®5' for current BRAVIA™ TVs [2255-Views]
UAE Team Emirates Back to Winning Ways [2218-Views]
Lacoste Launches the Roland - Garros Eyewear Collection [2099-Views]
Jafza Sets a New Benchmark With ‘collaboration for Safe and Sustainable Growth' Webinar' [2062-Views]
Win Big at Dalma Mall with the ‘Eid Family Shopping Challenge' [2054-Views]
Introducing the New Omega Constellation Gents' Collection' [1935-Views]
Dubai Sports Council and Ski Dubai to Host One of the World's First Snow Sports Competitio... [1800-Views]
Pre-Orders for Samsung's Galaxy Note20 and Galaxy Note20 Ultra Now Open in the UAE [1792-Views]
The Last Few Weeks of Dubai Shopping Mall Group's Summer Promotion [1714-Views]
Cebu Pacific Advisory: Suspension of Domestic Passenger Flights to/from Manila – Aug 4 to ... [1706-Views]
No Premium Without Responsibility: BMW Group Makes Sustainability and Efficient Resource M... [1673-Views]
Post-COVID Travel is Set to Become Smarter. Here's How. [1628-Views]
DREI Organises Virtual Real Estate Conference With Saudi Partners [1628-Views]
Etihad Airways Introduces Microbebarrier™ Face Protection for Premium Passengers [1611-Views]
RAKEZ Welcomes 100% Foreign Ownership in Mainland with FDI Company Set-Up [1603-Views]
LG Announces Second-Q2020 Financial Results [1599-Views]
Sharjah Shopping Promotions Draws a Smile on Faces of 3 Lucky Winners of (BMW – X2) [1583-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories