News

$500bn of Mena family wealth to pass to next generation

Young_arab_menLarge family businesses in the Mena region are set to be a target for fund managers, with the next generation set to inherit more than $500 billion of family wealth over the next decade. Research firm WealthX has forecast that nearly $15 trillion of family wealth will be passed down globally and a number of cities within the Middle East feature prominently in the list of destinations with the highest concentration of ultra-wealthy families and individuals, which is defined as $30 million or more.  Top of the list in the Mena region is Jeddah where 29% of the ultra-wealthy have more than $100 million and 8% have more than $500 million.  Other Mena-based cities to appear within the top 15 globally include Abu Dhabi, Riyadh and Istanbul. Furthermore, Mena had by far the fastest growth rate of ultra-wealthy residents at 6.8%, ahead of the Caribbean and Latin America.  The issue was also discussed at the recent Wealth Arabia Summit in Dubai. According to Adil Al Zarooni, chief executive of Al Zarooni Emirates Investments, the next five years could be a “golden era” for family businesses in the region given that institutional investors might shy away from certain international markets amid the current economic slowdown and political uncertainty. “We have a good opportunity to invest and generate more wealth in this market,” he said. ©2019 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

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Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

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Our panel discusses Chinese investment in Africa, financial institutions’ contribution to economic sustainability and regulatory concerns. Chaired by Romil Patel in Cape Town.

ROUNDTABLE: Hooked to the global caravan

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.