Legacy Planning key to protect US$3.2 trillion worth of GCC family wealth
Legacy Planning could make or break a family business in transition to the next generation with the best financial advisory services, says Leena Parwani, CEO of LPH Financial Services
Date: Dubai, UAE, October 17, 2022
- The population of high-net-worth individuals (HNWIs) – or the number of people owning more than US$1 million – in the Middle East region grew by 6.8 percent to 800,000, while their wealth soared by 10.7 percent to $3.2 trillion in 2020;
- Global financial wealth rose by 10.6 per cent in 2021 to $530 trillion;
- Saudi Arabia has the largest number of millionaires in the Middle East with more 224,000 millionaires living in the Kingdom. There has been a 6.7 per cent increase in millionaires in Saudi Arabia in 2021 when compared to 2020 – from 210,000 to 224,000;
- The UAE is home to 92,600 US-dollar millionaires; 4,000 multi-millionaires worth more than $10 million; 251 centi-millionaires (over $100 million), and 14 US-dollar billionaires.