Wealth Management in the Middle East 2009
Datamonitor
April 7, 2009 9 Pages - SKU: DFMN2217584
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Countries covered: Middle East
Introduction
With the Western economies in a tailspin there is increasing focus from wealth managers on the potential in the Middle East. This report provides a clear picture of the scale and composition of the onshore wealth management landscape from 2004-13 across the GCC region. It also assesses key competitive developments in the three most attractive countries.
Scope- Market data: Number of affluent individuals and aggregate onshore liquid assets for 2004-13.
- Market data covers Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE.
- 5-10 Competitor profiles for each of the 3 most attractive markets for foreign wealth managers.
- Datamonitor's Wealth Market Opportunity Index.
Highlights
Datamonitor has developed a Wealth Management Opportunity Index to aid those working in the wealth management industry to gauge the relative attractiveness of markets as wealth management centers.
This report highlights Datamonitor's conclusion that the UAE, Qatar and Bahrain are the most attractive wealth markets in the Middle East. Kuwait, Saudi Arabia and Oman offer fewer opportunities for different reasons.
Wealth Management in the Middle East sizes the wealth markets in six Middle Eastern countries, as measured by the number of wealthy individuals (defined as those with aggregate onshore liquid assets of more than $50,000) and the total level of holdings of onshore liquid assets.
Reasons to Purchase- See how the affluent populations grow or decline in the next five years.
- Understand the competitive landscape in the most attractive markets.
- Identify the products and services that wealth managers are using to attract the GCC's affluent customers.
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- Overview
- Catalyst
- Summary
- Methodology
- Executive Summary
- Datamonitor's Wealth Management Opportunity Index gauges the relative attractiveness of wealth markets
- The UAE represents the greatest opportunity of any Middle Eastern wealth management market
- Qatar has experienced phenomenal growth and has positioned itself well as an international business center
- Bahrain has experienced steady economic growth and is set to strengthen its position as a wealth management center in the Middle East
- Table of Contents
- Table of figures
- Table of tables
- DATAMONITOR'S WEALTH MANAGEMENT OPPORTUNITY INDEX
- Datamonitor's Wealth Management Opportunity Index is a valuable tool for assessing the relative attractiveness of wealth markets
- Institutional and economic variables, along with market size and features are key measures of wealth management market attractiveness
- There are five key parameters when assessing a market for its wealth management potential
- There are 18 components to the five key parameters of the wealth management opportunity index
- Institutional factors
- Economic variables
- Wealth management market size
- Wealth management market features
- Wealth management client characteristics
- Datamonitor ranks the UAE, Qatar and Bahrain as the top three Middle Eastern wealth markets
- MARKET OVERVIEW
- UAE
- UAE represents the greatest opportunity of any Middle Eastern wealth management market
- The doors are wide open to new entrants and the market is increasingly demanding high quality service
- Range of products and services: 1
- Level of consolidation: 3
- Ease of market entry: 5
- Level of international wealth management activity in country: 3
- Level of use of onshore services: 0
- Level of demand for high quality service: 2
- A number of leading international private banks are active in the UAE
- Julius Baer was the first international private bank licensed to operate in the DIFC
- Standard Chartered opened its first branch in the UAE in 1958
- Credit Suisse has had a dedicated wealth management office in Dubai since 2005
- UBS offers a range of Islamic finance products and services alongside its more traditional wealth offerings
- SG Private Banking has its Middle East regional office based in the DIFC
- HSBC is the largest and most widely represented bank in the Middle East
- There were 360,000 affluent individuals, with onshore liquid wealth of $76,764 million in the UAE in 2008
- QATAR
- Qatar is the world's wealthiest country per capita and offers great potential to international wealth management firms
- Qatar has experienced phenomenal growth and has positioned itself well as an international business center
- NYSE Euronext has bought a stake in Qatar's stock exchange, increasing Doha's chances of being a viable alternative to Dubai as the region's securities hub
- Qatar welcomes new business and its residents increasingly desire a sophisticated service, both of which are encouraging to international wealth managers
- Range of products and services: 1
- Level of consolidation: 2
- Ease of market entry: 3
- Level of international wealth management activity in country: 2
- Level of use of onshore services: 2
- Level of demand for high quality service: 2
- The QNB continues to be the largest wealth manager in Qatar with international players more limited in the private banking services that they provide
- QNB was established in 1964 as the country's first Qatari-owned commercial bank
- HSBC Wealth Management offers a significant Sharia product range in Qatar
- HSBC offers a wide range of products and services to its Qatari customers
- HSBC offers a full range of Sharia wealth management products and services
- Business confidence index
- Standard Chartered has had a presence in Qatar for over five decades
- Coutts is an international player new to Qatar
- UBS has only just launched a wealth management operation in Qatar, although has been present in the Middle East since 1964
- There were 97,000 affluent individuals, with onshore liquid wealth of $19,801 million in Qatar in 2008
- BAHRAIN
- Bahrain is eager to recapture a more dominant position as a Middle East wealth management center
- Bahrain has experienced steady economic growth and is set to strengthen its position as a wealth management center in the Middle East
- Bahrain is eager to recapture a more dominant position as a wealth management center in the Middle East
- Range of products and services: 3
- Level of consolidation: 2
- Ease of market entry: 3
- Level of international wealth management activity in country: 2
- Level of use of onshore services: 1
- Level of demand for high quality service: 2
- Bahrain's regulatory environment makes it an attractive destination for international private banks
- Standard Chartered opened its first office in Bahrain in 1920
- Deutsche Bank has had a presence in Bahrain for over 30 years
- There were 57,000 affluent individuals, with onshore liquid wealth of $11,479 million in Bahrain in 2008
- OVERVIEW: KUWAIT, SAUDI ARABIA AND OMAN
- APPENDIX
- The drivers of growth in the wealthy population
- Income growth (combined with inflation, changes in GDP by sector, household savings rates and debt levels)
- Investment returns (market capitalization, interest rates and bond yields)
- The following measures are not, in themselves, drivers of wealthy population growth
- Market capitalization
- GDP
- The following measures are not drivers of wealthy population growth except under very restricted circumstances
- Primary residence value growth
- Inheritance
- Methodology
- Global Wealth Model
- The UK sub model
- Global sub model (for all other countries)
- Forecasting methodology
- Continuous refinement to the understanding of liquid wealth distribution
- Datamonitor's wealth numbers compared with other wealth numbers
- Bibliography
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: Wealth management opportunities rankings of Middle East countries
- Table 2: Datamonitor's Wealth Management Opportunity Index - Middle East and Switzerland
- Table 3: Datamonitor's Wealth Management Opportunity Index with values - Middle East and Switzerland
- Table 4: Total number of affluent individuals (000) in the Middle East, by country, 2004-2013
- Table 5: Total number of affluent individuals as a % of adult population, by country, 2004-2013
- Table 6: Total number of affluent individuals as a % of total population, by country, 2004-2013
- Table 7: Total aggregate liquid assets of affluent individuals, $bn, 2004-2013
- Table 8: Total aggregate liquid assets of affluent individuals as a % of total savings and investments, 2004-2013
- Table 9: Wealth management opportunity index: UAE
- Table 10: List of foreign banks and their number of branches
- Table 11: Commercial banking leads the way in terms of segment profitability for HSBC ME, 2007
- Table 12: Number of affluent individuals in the UAE, 000, 2004-2013
- Table 13: Aggregate onshore liquid wealth in the UAE, $m, 2004-2013
- Table 14: Wealth management opportunity index: Qatar
- Table 15: HSBC's wealth management offering is built around a portfolio planner
- Table 16: Number of affluent individuals in Qatar, 000, 2004-2013
- Table 17: Aggregate onshore liquid wealth in Qatar, $m, 2004-2013
- Table 18: Wealth management opportunity index: Bahrain
- Table 19: Improved oil prices both hinder and benefit the Bahraini economy
- Table 20: Number of affluent individuals in Bahrain, 000, 2004-2013
- Table 21: Aggregate onshore liquid wealth in Bahrain, $m, 2004-2013
- Table 22: Number of affluent individuals in Kuwait, 000, 2004-2013
- Table 23: Aggregate onshore liquid wealth in Kuwait, $m, 2004-2008
- Table 24: Wealth management opportunity index: Kuwait
- Table 25: Number of affluent individuals in Saudi Arabia, 000, 2004-2008
- Table 26: Aggregate onshore liquid wealth in Saudi Arabia, $m, 2004-2008
- Table 27: Wealth management opportunity index: Saudi Arabia
- Table 28: Number of affluent individuals in Oman, 000, 2004-2008
- Table 29: Aggregate onshore liquid wealth in Oman, $m, 2004-2013
- Table 30: Wealth management opportunity index: Oman
- List of Figures
- Figure 1: Datamonitor's Wealth Management Opportunity Index
- Figure 2: There may be some missed opportunities on the part of HSBC's wealth management business in the Middle East
- Figure 3: HSBC Qatar has established its own Sharia-compliant division, HSBC Amanah
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