The level of private wealth in the Middle East and Africa is forecast to rise by 6% over the next four years, according to research from consultant Oliver Wyman and Deutsche Bank.
The report shows that the wealth of the world’s millionaires exceeded $70 trillion for the first time in 2018.
And while the rise in private, high net wealth in the Mena region will outstrip the growth in the developed markets of the US and Europe, it will lag the growth expected in Asia Pacific (9%) and Latin America (8%).
Nevertheless, emerging markets are expected to account for more than half of global wealth within the next five years and the report concludes that the growth in private wealth should be a boon for wealth managers in emerging markets, especially the Middle East.
“To accommodate this growth, advanced market service will not be enough,” said Oliver Wassam, partner and head of financial services for the Middle East at Oliver Wyman.
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