GCC Wealth Succession Planning Market Size, Share, Growth Drivers & Forecast 2025–2030
Description
GCC Wealth Succession Planning Market Overview
The GCC Wealth Succession Planning Market is valued at USD 30 billion, based on a five-year historical analysis. This growth is primarily driven by the increasing number of high-net-worth individuals (HNWIs) in the region, coupled with a growing awareness of the importance of wealth management and succession planning. The market is also influenced by the rising complexity of financial assets and the need for tailored solutions to address unique family dynamics and tax implications.
The United Arab Emirates and Saudi Arabia dominate the GCC Wealth Succession Planning Market due to their substantial populations of ultra-high-net-worth individuals (UHNWIs) and a robust financial services sector. The UAE, particularly Dubai, serves as a global financial hub, attracting wealth from across the globe, while Saudi Arabia's economic diversification efforts and wealth from oil revenues contribute to its market leadership.
In 2023, the UAE government implemented a new law allowing for the establishment of family offices, which are private wealth management advisory firms that serve ultra-high-net-worth individuals. This regulation aims to enhance the wealth management landscape by providing tailored services and fostering a more conducive environment for wealth preservation and succession planning.
GCC Wealth Succession Planning Market Segmentation
By Type:
The market is segmented into various types, including Wills and Trusts, Estate Planning Services, Tax Advisory Services, Family Governance Solutions, Philanthropic Planning, Asset Protection Strategies, and Others. Each of these sub-segments plays a crucial role in addressing the diverse needs of clients seeking to manage and transfer their wealth effectively.
By End-User:
The end-users of wealth succession planning services include Individuals, Families, Corporations, and Non-Profit Organizations. Each of these segments has unique requirements and motivations for engaging in succession planning, influencing the types of services they seek.
GCC Wealth Succession Planning Market Competitive Landscape
The GCC Wealth Succession Planning Market is characterized by a dynamic mix of regional and international players. Leading participants such as HSBC Private Banking, UBS Wealth Management, Credit Suisse, Julius Baer, BNP Paribas Wealth Management, Citibank Private Client Group, Standard Chartered Private Banking, Emirates NBD Private Banking, Qatar National Bank Private Banking, Abu Dhabi Commercial Bank, Al Rajhi Bank, National Bank of Kuwait, Bank of Bahrain and Kuwait, Mashreq Bank, Dubai Islamic Bank contribute to innovation, geographic expansion, and service delivery in this space.
HSBC Private Banking
1865
London, UK
UBS Wealth Management
1862
Zurich, Switzerland
Credit Suisse
1856
Zurich, Switzerland
Julius Baer
1890
Zurich, Switzerland
BNP Paribas Wealth Management
1848
Paris, France
Company
Establishment Year
Headquarters
Group Size (Large, Medium, or Small as per industry convention)
Revenue Growth Rate
Client Retention Rate
Market Penetration Rate
Pricing Strategy
Customer Satisfaction Score
GCC Wealth Succession Planning Market Industry Analysis
Growth Drivers
Increasing High Net Worth Individuals (HNWIs):
The GCC region has seen a significant rise in HNWIs, with the number reaching approximately 1.2 million in future, according to the Wealth-X report. This growth is driven by the region's economic diversification and booming sectors such as technology and finance. The increase in wealth creates a greater demand for tailored wealth succession planning services, as individuals seek to protect and transfer their assets effectively to future generations.
Rising Awareness of Estate Planning:
Awareness of the importance of estate planning has surged in the GCC, with over 65% of affluent individuals now recognizing its necessity, as reported by the International Estate Planning Institute. This shift is attributed to increased media coverage and educational initiatives. As more individuals understand the implications of not having a succession plan, the demand for professional advisory services is expected to grow, driving market expansion.
Regulatory Changes Favoring Succession Planning:
Recent regulatory reforms in the GCC, such as the introduction of inheritance laws in several countries, have created a more favorable environment for succession planning. For instance, the UAE's new inheritance law, effective in future, allows expatriates to choose their home country's laws for asset distribution. This legal clarity encourages more individuals to engage in succession planning, thereby boosting market growth and service demand.
Market Challenges
Lack of Awareness Among Potential Clients:
Despite the growing number of HNWIs, a significant portion remains unaware of the benefits of succession planning. Approximately 35% of affluent individuals in the GCC do not have a formal estate plan, as highlighted by a recent survey from the GCC Wealth Management Association. This lack of awareness poses a challenge for service providers, as they must invest in educational campaigns to inform potential clients about the importance of planning.
Cultural Barriers to Succession Planning:
Cultural attitudes towards wealth transfer and inheritance can hinder the adoption of succession planning in the GCC. Many families prefer informal arrangements, relying on traditional practices rather than formal legal frameworks. This cultural resistance can lead to misunderstandings and disputes, making it difficult for financial advisors to promote structured succession planning solutions effectively within these communities.
GCC Wealth Succession Planning Market Future Outlook
The GCC wealth succession planning market is poised for significant transformation, driven by evolving client needs and technological advancements. As digital solutions become more prevalent, financial advisors will increasingly leverage technology to offer personalized services. Additionally, the integration of environmental, social, and governance (ESG) factors into wealth planning will resonate with younger generations, who prioritize sustainable investments. These trends indicate a shift towards more comprehensive and client-centric approaches in the wealth succession landscape, enhancing overall market growth.
Market Opportunities
Growth of Family Offices:
The establishment of family offices in the GCC is on the rise, with over 250 family offices reported in future. These entities require specialized succession planning services to manage and transfer wealth effectively. This trend presents a lucrative opportunity for advisors to cater to the unique needs of family offices, enhancing their service offerings and client relationships.
Technological Advancements in Financial Services:
The adoption of fintech solutions is revolutionizing wealth management in the GCC. With a projected increase in digital financial service users to 12 million in future, advisors can leverage technology to streamline succession planning processes. This shift not only improves efficiency but also enhances client engagement, creating a significant opportunity for growth in the market.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
The GCC Wealth Succession Planning Market is valued at USD 30 billion, based on a five-year historical analysis. This growth is primarily driven by the increasing number of high-net-worth individuals (HNWIs) in the region, coupled with a growing awareness of the importance of wealth management and succession planning. The market is also influenced by the rising complexity of financial assets and the need for tailored solutions to address unique family dynamics and tax implications.
The United Arab Emirates and Saudi Arabia dominate the GCC Wealth Succession Planning Market due to their substantial populations of ultra-high-net-worth individuals (UHNWIs) and a robust financial services sector. The UAE, particularly Dubai, serves as a global financial hub, attracting wealth from across the globe, while Saudi Arabia's economic diversification efforts and wealth from oil revenues contribute to its market leadership.
In 2023, the UAE government implemented a new law allowing for the establishment of family offices, which are private wealth management advisory firms that serve ultra-high-net-worth individuals. This regulation aims to enhance the wealth management landscape by providing tailored services and fostering a more conducive environment for wealth preservation and succession planning.
GCC Wealth Succession Planning Market Segmentation
By Type:
The market is segmented into various types, including Wills and Trusts, Estate Planning Services, Tax Advisory Services, Family Governance Solutions, Philanthropic Planning, Asset Protection Strategies, and Others. Each of these sub-segments plays a crucial role in addressing the diverse needs of clients seeking to manage and transfer their wealth effectively.
By End-User:
The end-users of wealth succession planning services include Individuals, Families, Corporations, and Non-Profit Organizations. Each of these segments has unique requirements and motivations for engaging in succession planning, influencing the types of services they seek.
GCC Wealth Succession Planning Market Competitive Landscape
The GCC Wealth Succession Planning Market is characterized by a dynamic mix of regional and international players. Leading participants such as HSBC Private Banking, UBS Wealth Management, Credit Suisse, Julius Baer, BNP Paribas Wealth Management, Citibank Private Client Group, Standard Chartered Private Banking, Emirates NBD Private Banking, Qatar National Bank Private Banking, Abu Dhabi Commercial Bank, Al Rajhi Bank, National Bank of Kuwait, Bank of Bahrain and Kuwait, Mashreq Bank, Dubai Islamic Bank contribute to innovation, geographic expansion, and service delivery in this space.
HSBC Private Banking
1865
London, UK
UBS Wealth Management
1862
Zurich, Switzerland
Credit Suisse
1856
Zurich, Switzerland
Julius Baer
1890
Zurich, Switzerland
BNP Paribas Wealth Management
1848
Paris, France
Company
Establishment Year
Headquarters
Group Size (Large, Medium, or Small as per industry convention)
Revenue Growth Rate
Client Retention Rate
Market Penetration Rate
Pricing Strategy
Customer Satisfaction Score
GCC Wealth Succession Planning Market Industry Analysis
Growth Drivers
Increasing High Net Worth Individuals (HNWIs):
The GCC region has seen a significant rise in HNWIs, with the number reaching approximately 1.2 million in future, according to the Wealth-X report. This growth is driven by the region's economic diversification and booming sectors such as technology and finance. The increase in wealth creates a greater demand for tailored wealth succession planning services, as individuals seek to protect and transfer their assets effectively to future generations.
Rising Awareness of Estate Planning:
Awareness of the importance of estate planning has surged in the GCC, with over 65% of affluent individuals now recognizing its necessity, as reported by the International Estate Planning Institute. This shift is attributed to increased media coverage and educational initiatives. As more individuals understand the implications of not having a succession plan, the demand for professional advisory services is expected to grow, driving market expansion.
Regulatory Changes Favoring Succession Planning:
Recent regulatory reforms in the GCC, such as the introduction of inheritance laws in several countries, have created a more favorable environment for succession planning. For instance, the UAE's new inheritance law, effective in future, allows expatriates to choose their home country's laws for asset distribution. This legal clarity encourages more individuals to engage in succession planning, thereby boosting market growth and service demand.
Market Challenges
Lack of Awareness Among Potential Clients:
Despite the growing number of HNWIs, a significant portion remains unaware of the benefits of succession planning. Approximately 35% of affluent individuals in the GCC do not have a formal estate plan, as highlighted by a recent survey from the GCC Wealth Management Association. This lack of awareness poses a challenge for service providers, as they must invest in educational campaigns to inform potential clients about the importance of planning.
Cultural Barriers to Succession Planning:
Cultural attitudes towards wealth transfer and inheritance can hinder the adoption of succession planning in the GCC. Many families prefer informal arrangements, relying on traditional practices rather than formal legal frameworks. This cultural resistance can lead to misunderstandings and disputes, making it difficult for financial advisors to promote structured succession planning solutions effectively within these communities.
GCC Wealth Succession Planning Market Future Outlook
The GCC wealth succession planning market is poised for significant transformation, driven by evolving client needs and technological advancements. As digital solutions become more prevalent, financial advisors will increasingly leverage technology to offer personalized services. Additionally, the integration of environmental, social, and governance (ESG) factors into wealth planning will resonate with younger generations, who prioritize sustainable investments. These trends indicate a shift towards more comprehensive and client-centric approaches in the wealth succession landscape, enhancing overall market growth.
Market Opportunities
Growth of Family Offices:
The establishment of family offices in the GCC is on the rise, with over 250 family offices reported in future. These entities require specialized succession planning services to manage and transfer wealth effectively. This trend presents a lucrative opportunity for advisors to cater to the unique needs of family offices, enhancing their service offerings and client relationships.
Technological Advancements in Financial Services:
The adoption of fintech solutions is revolutionizing wealth management in the GCC. With a projected increase in digital financial service users to 12 million in future, advisors can leverage technology to streamline succession planning processes. This shift not only improves efficiency but also enhances client engagement, creating a significant opportunity for growth in the market.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
Table of Contents
92 Pages
- 1. GCC Wealth Succession Planning Size, Share, Growth Drivers & – Market Overview
- 1.1. Definition and Scope
- 1.2. Market Taxonomy
- 1.3. Market Growth Rate
- 1.4. Market Segmentation Overview
- 2. GCC Wealth Succession Planning Size, Share, Growth Drivers & – Market Size (in USD Bn), 2019–2024
- 2.1. Historical Market Size
- 2.2. Year-on-Year Growth Analysis
- 2.3. Key Market Developments and Milestones
- 3. GCC Wealth Succession Planning Size, Share, Growth Drivers & – Market Analysis
- 3.1. Growth Drivers
- 3.1.1. Increasing High Net Worth Individuals (HNWIs)
- 3.1.2. Rising Awareness of Estate Planning
- 3.1.3. Regulatory Changes Favoring Succession Planning
- 3.1.4. Demand for Wealth Preservation Strategies
- 3.2. Restraints
- 3.2.1. Lack of Awareness Among Potential Clients
- 3.2.2. Cultural Barriers to Succession Planning
- 3.2.3. Complexity of Regulatory Frameworks
- 3.2.4. Competition from Alternative Investment Vehicles
- 3.3. Opportunities
- 3.3.1. Growth of Family Offices
- 3.3.2. Technological Advancements in Financial Services
- 3.3.3. Increasing Cross-Border Wealth Management
- 3.3.4. Expansion of Financial Literacy Programs
- 3.4. Trends
- 3.4.1. Shift Towards Digital Wealth Management Solutions
- 3.4.2. Integration of ESG Factors in Wealth Planning
- 3.4.3. Customization of Wealth Solutions
- 3.4.4. Rise of Succession Planning Workshops and Seminars
- 3.5. Government Regulation
- 3.5.1. Implementation of Inheritance Laws
- 3.5.2. Tax Incentives for Estate Planning
- 3.5.3. Regulations on Cross-Border Wealth Transfers
- 3.5.4. Compliance Requirements for Financial Advisors
- 3.6. SWOT Analysis
- 3.7. Stakeholder Ecosystem
- 3.8. Competition Ecosystem
- 4. GCC Wealth Succession Planning Size, Share, Growth Drivers & – Market Segmentation, 2024
- 4.1. By Type (in Value %)
- 4.1.1. Wills and Trusts
- 4.1.2. Estate Planning Services
- 4.1.3. Tax Advisory Services
- 4.1.4. Family Governance Solutions
- 4.1.5. Others
- 4.2. By End-User (in Value %)
- 4.2.1. Individuals
- 4.2.2. Families
- 4.2.3. Corporations
- 4.2.4. Non-Profit Organizations
- 4.3. By Service Provider (in Value %)
- 4.3.1. Financial Advisors
- 4.3.2. Law Firms
- 4.3.3. Wealth Management Firms
- 4.3.4. Banks
- 4.4. By Client Wealth Level (in Value %)
- 4.4.1. Ultra High Net Worth Individuals (UHNWIs)
- 4.4.2. High Net Worth Individuals (HNWIs)
- 4.4.3. Mass Affluent Clients
- 4.5. By Distribution Channel (in Value %)
- 4.5.1. Direct Sales
- 4.5.2. Online Platforms
- 4.5.3. Partnerships with Financial Institutions
- 4.6. By Region (in Value %)
- 4.6.1. United Arab Emirates
- 4.6.2. Saudi Arabia
- 4.6.3. Qatar
- 4.6.4. Kuwait
- 4.6.5. Oman
- 4.6.6. Bahrain
- 4.6.7. Others
- 5. GCC Wealth Succession Planning Size, Share, Growth Drivers & – Market Cross Comparison
- 5.1. Detailed Profiles of Major Companies
- 5.1.1. HSBC Private Banking
- 5.1.2. UBS Wealth Management
- 5.1.3. Credit Suisse
- 5.1.4. Julius Baer
- 5.1.5. BNP Paribas Wealth Management
- 5.2. Cross Comparison Parameters
- 5.2.1. Revenue Growth Rate
- 5.2.2. Client Retention Rate
- 5.2.3. Market Penetration Rate
- 5.2.4. Pricing Strategy
- 5.2.5. Customer Satisfaction Score
- 6. GCC Wealth Succession Planning Size, Share, Growth Drivers & – Market Regulatory Framework
- 6.1. Compliance Requirements and Audits
- 6.2. Certification Processes
- 7. GCC Wealth Succession Planning Size, Share, Growth Drivers & – Market Future Size (in USD Bn), 2025–2030
- 7.1. Future Market Size Projections
- 7.2. Key Factors Driving Future Market Growth
- 8. GCC Wealth Succession Planning Size, Share, Growth Drivers & – Market Future Segmentation, 2030
- 8.1. By Type (in Value %)
- 8.2. By End-User (in Value %)
- 8.3. By Service Provider (in Value %)
- 8.4. By Client Wealth Level (in Value %)
- 8.5. By Distribution Channel (in Value %)
- 8.6. By Region (in Value %)
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