(MENAFNEditorial) Since 2010, the GCC market has doubled its total private wealth from $1.1 trillion to $2.2 trillion for an overall compound annual growth rate (CAGR) of 17.5 percent, making it an even more lucrative market for local and global private bankers, according to the study.
The Strategy& study estimates that at present, there are between 1.5 million and 1.6 million wealthy households in the GCC with total investable assets of around $2.2 trillion. Most of the region's private wealth resides in Saudi Arabia (44 percent), but the UAE has made notable gains with its share of GCC's private wealth increasing from 24 percent to 30 percent from 2009 to 2013. Together, Saudi Arabia and the UAE control 74 percent of the region's private wealth, up from 71 percent in 2009.
The study suggests there are significant opportunities in the rapidly expanding affluent segment for private bankers that develop the right capabilities - such as more digitized offerings and open product platforms. This segment has been growing faster than the high-net-worth (HNW) and ultra-high-net-worth (UHNW) segments, with a compound annual growth rate of 21 percent.
The study also highlights another more subtle opportunity. The GCC wealth market contains more sub-segments than is always obvious. By identifying one or more of these sub-segments, tailoring meaningful value propositions for them, and putting the proper capabilities in place to serve them, private bankers can make significant gains in the GCC.
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