GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

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 : GoDubai Editorial Team
Viewed 6856 times
Posted on : Wednesday, November 20, 2019  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : 2019 Mr Olympia, Brandon Curry, makes his Dubai debut at the Dubai Muscle Show.
Next Story : Crossing a Record of 1.1 Million Participants, Dubai Fitness Challenge Ends on a Resounding High
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Drops of Youth
Go Neutral with Palladio Beauty
Valentine's Gifts to Fall in Love With
Reveal Your Cosmic Beauty With These Gift Sets From Wet n Wild
Start the Year with Gorgeous Glowing Skin with a Little Help from DERMAdoctor
The Tag Heuer Autavia
Corum Admiral's Cup Legend 47 Worldtimer'
Regulator at pole position
Parmigiani Fleurier creates horological history with world's first wristwatch wi...
Dubai Jewellers Expect a Steady Sale During the 25th Dubai Shopping Festival Pro...
Malabar Gold & Diamonds - New Store opened in Kanpur, UP, India
Kanz Jewels proves to be a lucky destination for jewellery shoppers during DSF 2020.
The Winter Youth Olympic Games Lausanne 2020
OMEGA Ready to Time The Winter Youth Olympic Games Lausanne 2020
Show your Support for Australia alongside THT – That Hair Tho
Eberhard & Co. Gilda timepiece makes an extraordinary Valentine's Day gift
Corum And Joachim Horsley Light Up The Folies Bergère
Former United Nations Secretary-General Ban Ki-moon delivers keynote speech at i...
Seha Leads Discussions in Pediatric Medicine
Valentine's Day Fashion and Gifting - Steve Madden
Spice It Up With Szechuan! Shake Shack is Celebrating the Chinese New Year With ...
Fashion and Gifting for Valentine's Day - ECCO
Celebration in Bahrain for Aga Khan Award Laureate “Revitalisation of Muharraq”
The Data Center Market in 2020: What to Expect
ADNEC to Host the World Future Energy Summit 2020
OSN; The Only Place to Watch Golden Globe Winning and Nominated Content in the M...
Drive home more than just a car: Juma Al Majid offers value deals on new Hyundai...
Zeitun Cosmetics Launch in UAE
Marks & Spencer Welcomes Spring with its Midi Dress Edit
UAE Falconers League Kick Starts Competition with 10 teams in Al Ruwayyah
C Central Resort The Palm Welcomes 2020 with its Grand Opening in Dubai
Schools from across the UAE to battle it out at Credence High School's annual Qu...
Stage set for 16th SteelFab 2020 at Expo Centre Sharjah
EEC Engie Deploys Schneider Electric's New Medium Voltage SF6-Free Switchgear Te...
Etihad Airways and Easyjet Enter Into New Partnership
Head to Freddy's for the Ultimate Frozen Custard Party
Why Video Surveillance Is Great for Retailers & Consumers
HONOR Wins Big at CES 2020 with Growing Momentum of Wearables
Lg to Join Forces With Cerence on Ai-powered Connected Car Platform
Etihad Guest Programme Welcomes Gulf Air as New Airline Partner
In Giant Leap Forward, Virgin Hyperloop One Announces Technology Can Be Powered ...
HINO trucks dominate the UAE's fuel delivery sector
Emiratis deepen their love for falconry
Daiso participates in DSF 2020 with a showcase of over 800 new products!
16th SteelFab opens at Expo Centre Sharjah
ETIHAD GUEST AND AIR MILES MIDDLE EAST PARTNER TO OFFER MORE WAYS TO EARN GUEST MILES
1,248 beneficiaries of the Department of Students' Affairs at Mohammed bin Rashi...
Filipino finds respite from a rare eye condition and poor vision
Lenovo and Nasr Esports partner to champion gaming talent in MENA
AU Offers 20% Discount to Ajman Government Staff