There is set to be dramatic growth in the wealth represented by women in the Mena region over the next four years, according to a report from Boston Consulting Group (BCG).
Women currently account for $786 million and 13% of the wealth in the region, states the report. This sum is expected to grow by 9% annually up to 2023 by which time the figure should be somewhere close to $1.1 trillion.
One of the reasons cited by BCG for the increase in women’s wealth is the improvement in women’s access to education. While participation in primary and secondary education is more or less equal, women in university outnumber men in 15 of the 22 Arab states.
Given the growth of women’s wealth, BCG’s report, “Managing the Next Decade of Women’s Wealth”, recommends that wealth managers in the Mena market personalise their offerings to take account of greater female demand.
“Examining preconceptions about female investors, moving beyond labels to treat the individual, and adopting an objective-based and evidence-backed advisory approach will enable wealth managers to ensure the full potential of women is realized in the decade ahead,” said Mustafa Bosca, managing director and partner at BCG.
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