The concert is set to take place on April 27
Over half (60%) of respondents in the Middle East agreed that wealth can be created faster today than in the past, in comparison to 43 per cent in Europe and 31 per cent in North America.
Interestingly, more than half (54%) of Middle Eastern respondents stated that personal investments have contributed largely to their overall wealth portfolio, compared to other sources of income such as inheritance at 49 per cent.
In the rapid growth economies of the Middle East, nearly three quarters (73%) of respondents have accumulated the majority of their wealth in less than 20 years.
In terms of how this wealth is used, HNWIs in the Middle East have a tendency to allocate more of their resources to personal property than to tangible assets and collectibles.
On average, respondents in the region currently hold their wealth largely in personal property (30% of wealth), followed by investments (23%) and cash savings (20%). By contrast, just 13% of wealth is held in tangible assets.
Rory Gilbert, Managing Director and Head of Wealth and Investment Management, Barclays, Middle East and North Africa, said: “Wealth creators in newer growth markets, profoundly see their money as an enabler for their family and to the wider wealth cycle.”
They want to pass their wealth down and leave their business as a legacy for future generations, Gilbert said. The report reveals that wealthy families in the Middle East have a strong entrepreneurial spirit and want to play an active role in managing their money, and have great confidence in the future of the region.
As wealth rises and fortunes are made at a more rapid rate than ever before, the report explores how the challenges facing newly wealthy individuals - and families that need to plan for the future - have become more acute. Many HNWIs around the world now prefer to give their money to family and friends and charitable causes in their lifetime rather than as inheritance, seeing their wealth as an ‘enabler’, the report revealed.
This trend is especially prevalent in the Middle East with 19 per cent of HNWIs planning to give their entire wealth away to family, friends and charity during their lifetime, compared to just 5 per cent in the UK and 4 per cent in the US. Across the Middle East, 96 per cent of respondents indicated their intention to pass on some or all of their wealth to family or friends, either during their lifetime or as inheritance.
The concert is set to take place on April 27
Move aims to amplify Zambia’s renewable energy capacity
More vertiports will be set up in strategic locations across Abu Dhabi, including major business hubs and tourism destinations
Kerala will decide the fate of 194 candidates as polling on all 20 parliamentary constituencies will be held in the second phase
Pecker is a key witness in the case against the former US president, who is accused of falsifying business records to cover up hush-money payment
The oil and gas conglomerate and Fifa, the world governing body, sign major sponsorship agreement
Toomaj Salehi risks being hanged after the conviction on the Shariah charge of "corruption on Earth" by a Revolutionary Court
Aid groups warn any invasion would add to already-catastrophic conditions for Gaza's 2.4 million people