News

Mena billionaire wealth up by 15%

The total wealth of Mena-based billionaires surpassed $165 billion in 2017, a rise of 15%. The number of billionaires in the region also increased by 24% to 52, according to the UBS/PwC Billionaires Report 2018. Last year was the biggest ever global increase in billionaire wealth, rising by 19% to $8.9 trillion and shared among 2,158 individuals. While the US still has the biggest concentration of billionaires, which grew by 12% to $3.1 trillion, the fastest growth rate was in Asia where billionaires’ wealth expanded at twice the global average (39%) to $1.12 trillion. The survey also showed the beginning of what it claims will be a major wealth transition. With 701 billionaires currently over the age of 70, it is expected that almost 40% of current billionaire wealth will transition to heirs and philanthropy. The report credits the next generation of billionaires as having a greater interest in sustainable investing with almost half (45%) of family offices planning to increase their sustainable investments in the next 12 months.    There has also been an increase in the number of self-made billionaires in 2017, accounting for 75% of Mena’s billionaires and totaling 199 globally, many of which have focused on areas of innovation such as blockchain, peer-to-peer lending, genomics and green energy. ©2018 funds global mena

Executive Interviews

INTERVIEW: Totally mega

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In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

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Roundtables

MENA ROUNDTABLE: ‘The story is about reforms’

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Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.

SOUTH AFRICA ROUNDTABLE: Airline syndrome

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Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.