Saudi Arabia Wealth Succession Planning Market Size, Share, Growth Drivers & Forecast 2025–2030
Description
Saudi Arabia Wealth Succession Planning Market Overview
The Saudi Arabia Wealth Succession Planning Market is valued at USD 1.2 billion, based on a five-year historical analysis. This growth is primarily driven by the increasing number of high-net-worth individuals and family businesses seeking effective strategies to manage and transfer wealth across generations. The rising awareness of estate planning and tax advisory services has also contributed significantly to the market's expansion.
Key cities dominating this market include Riyadh, Jeddah, and Dammam. Riyadh, as the capital, serves as a financial hub with a concentration of affluent individuals and businesses. Jeddah, with its strategic port and commercial activities, attracts many family-owned enterprises, while Dammam's industrial growth fosters a demand for wealth management services.
In 2023, the Saudi Arabian government implemented the "Wealth Management and Succession Planning Initiative," aimed at enhancing the regulatory framework for estate planning. This initiative includes provisions for tax exemptions on inheritance and estate transfers, encouraging families to engage in formal succession planning and ensuring smoother transitions of wealth.
Saudi Arabia Wealth Succession Planning Market Segmentation
By Type:
The market can be segmented into various types, including Wills, Trusts, Estate Planning Services, Tax Advisory Services, Family Business Succession Plans, Philanthropic Planning, and Others. Each of these subsegments plays a crucial role in addressing the diverse needs of clients seeking to manage their wealth effectively.
The Wills subsegment is currently dominating the market due to the increasing awareness among individuals about the importance of having a legally binding document to outline their wishes regarding asset distribution after death. This trend is further fueled by the rise in high-net-worth individuals who prioritize estate planning to ensure their wealth is passed on according to their desires. Additionally, the cultural emphasis on family legacy and the need for clarity in asset distribution have made wills a fundamental component of wealth succession planning.
By End-User:
The market can also be segmented based on end-users, which include High Net Worth Individuals, Family Businesses, Corporations, and Non-Profit Organizations. Each of these groups has unique needs and preferences when it comes to wealth succession planning.
High Net Worth Individuals (HNWIs) represent the leading end-user segment in the market, driven by their substantial assets and the complexity of their financial situations. This demographic often seeks tailored wealth succession solutions to protect their legacies and ensure efficient wealth transfer to their heirs. The increasing number of HNWIs in Saudi Arabia, coupled with their growing awareness of the importance of succession planning, has solidified their position as the dominant end-user group.
Saudi Arabia Wealth Succession Planning Market Competitive Landscape
The Saudi Arabia Wealth Succession Planning Market is characterized by a dynamic mix of regional and international players. Leading participants such as Al Rajhi Bank, National Commercial Bank, Samba Financial Group, Riyad Bank, Arab National Bank, Banque Saudi Fransi, Alinma Bank, Gulf International Bank, Abu Dhabi Commercial Bank, Emirates NBD, HSBC Saudi Arabia, J.P. Morgan Saudi Arabia, Deloitte Saudi Arabia, PwC Saudi Arabia, KPMG Saudi Arabia contribute to innovation, geographic expansion, and service delivery in this space.
Al Rajhi Bank
1957
Riyadh, Saudi Arabia
National Commercial Bank
1953
Jeddah, Saudi Arabia
Samba Financial Group
1980
Riyadh, Saudi Arabia
Riyad Bank
1979
Riyadh, Saudi Arabia
Arab National Bank
1979
Riyadh, Saudi Arabia
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
Saudi Arabia Wealth Succession Planning Market Industry Analysis
Growth Drivers
Increasing High Net Worth Individuals (HNWIs):
As of future, Saudi Arabia is home to approximately 220,000 HNWIs, a figure that has grown by 10% from previous year. This increase is driven by the country's economic diversification efforts, particularly in sectors like technology and tourism, which have contributed to wealth creation. The rise in HNWIs is expected to fuel demand for wealth succession planning services, as these individuals seek to secure their legacies and manage their estates effectively.
Rising Awareness of Estate Planning:
In recent years, there has been a notable increase in awareness regarding estate planning among the Saudi population. Reports indicate that 70% of affluent individuals now recognize the importance of having a succession plan in place. This shift is attributed to educational initiatives and media coverage highlighting the benefits of estate planning, which has led to a growing demand for professional advisory services in the wealth succession sector.
Regulatory Changes Favoring Succession Planning:
The Saudi government has implemented several reforms aimed at simplifying the inheritance process. For instance, the introduction of new inheritance laws in previous year has streamlined procedures, reducing the time required for estate settlement by 40%. These regulatory changes are encouraging more families to engage in succession planning, as they provide a clearer framework for transferring wealth and assets across generations.
Market Challenges
Cultural Resistance to Succession Planning:
Despite the growing awareness, cultural attitudes towards succession planning remain a significant barrier. Many families in Saudi Arabia still prefer informal arrangements over formal estate planning, often due to traditional beliefs about wealth distribution. This cultural resistance can hinder the adoption of professional succession planning services, limiting market growth potential in the region.
Lack of Awareness Among Potential Clients:
A substantial portion of the population remains unaware of the benefits of wealth succession planning. Surveys indicate that nearly 50% of affluent individuals have not considered estate planning, primarily due to misconceptions about its complexity and cost. This lack of awareness presents a challenge for service providers, as they must invest in educational campaigns to inform potential clients about the advantages of formal succession planning.
Saudi Arabia Wealth Succession Planning Market Future Outlook
The future of the wealth succession planning market in Saudi Arabia appears promising, driven by increasing economic stability and a growing number of HNWIs. As the government continues to implement favorable regulations, more families are likely to engage in formal estate planning. Additionally, the integration of technology in wealth management services is expected to enhance accessibility and efficiency, making succession planning more appealing to a broader audience. Overall, the market is poised for significant growth in the coming years.
Market Opportunities
Growth of Family Offices:
The establishment of family offices is on the rise, with over 200 new offices launched in previous year alone. These entities are increasingly seeking specialized succession planning services to manage their 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 base.
Digital Transformation in Wealth Management:
The digitalization of wealth management services is creating new avenues for succession planning. In future, it is projected that 80% of wealth management firms will adopt digital tools to streamline their services. This transformation allows for more efficient client interactions and personalized solutions, making it easier for clients to engage in succession planning.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
The Saudi Arabia Wealth Succession Planning Market is valued at USD 1.2 billion, based on a five-year historical analysis. This growth is primarily driven by the increasing number of high-net-worth individuals and family businesses seeking effective strategies to manage and transfer wealth across generations. The rising awareness of estate planning and tax advisory services has also contributed significantly to the market's expansion.
Key cities dominating this market include Riyadh, Jeddah, and Dammam. Riyadh, as the capital, serves as a financial hub with a concentration of affluent individuals and businesses. Jeddah, with its strategic port and commercial activities, attracts many family-owned enterprises, while Dammam's industrial growth fosters a demand for wealth management services.
In 2023, the Saudi Arabian government implemented the "Wealth Management and Succession Planning Initiative," aimed at enhancing the regulatory framework for estate planning. This initiative includes provisions for tax exemptions on inheritance and estate transfers, encouraging families to engage in formal succession planning and ensuring smoother transitions of wealth.
Saudi Arabia Wealth Succession Planning Market Segmentation
By Type:
The market can be segmented into various types, including Wills, Trusts, Estate Planning Services, Tax Advisory Services, Family Business Succession Plans, Philanthropic Planning, and Others. Each of these subsegments plays a crucial role in addressing the diverse needs of clients seeking to manage their wealth effectively.
The Wills subsegment is currently dominating the market due to the increasing awareness among individuals about the importance of having a legally binding document to outline their wishes regarding asset distribution after death. This trend is further fueled by the rise in high-net-worth individuals who prioritize estate planning to ensure their wealth is passed on according to their desires. Additionally, the cultural emphasis on family legacy and the need for clarity in asset distribution have made wills a fundamental component of wealth succession planning.
By End-User:
The market can also be segmented based on end-users, which include High Net Worth Individuals, Family Businesses, Corporations, and Non-Profit Organizations. Each of these groups has unique needs and preferences when it comes to wealth succession planning.
High Net Worth Individuals (HNWIs) represent the leading end-user segment in the market, driven by their substantial assets and the complexity of their financial situations. This demographic often seeks tailored wealth succession solutions to protect their legacies and ensure efficient wealth transfer to their heirs. The increasing number of HNWIs in Saudi Arabia, coupled with their growing awareness of the importance of succession planning, has solidified their position as the dominant end-user group.
Saudi Arabia Wealth Succession Planning Market Competitive Landscape
The Saudi Arabia Wealth Succession Planning Market is characterized by a dynamic mix of regional and international players. Leading participants such as Al Rajhi Bank, National Commercial Bank, Samba Financial Group, Riyad Bank, Arab National Bank, Banque Saudi Fransi, Alinma Bank, Gulf International Bank, Abu Dhabi Commercial Bank, Emirates NBD, HSBC Saudi Arabia, J.P. Morgan Saudi Arabia, Deloitte Saudi Arabia, PwC Saudi Arabia, KPMG Saudi Arabia contribute to innovation, geographic expansion, and service delivery in this space.
Al Rajhi Bank
1957
Riyadh, Saudi Arabia
National Commercial Bank
1953
Jeddah, Saudi Arabia
Samba Financial Group
1980
Riyadh, Saudi Arabia
Riyad Bank
1979
Riyadh, Saudi Arabia
Arab National Bank
1979
Riyadh, Saudi Arabia
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
Saudi Arabia Wealth Succession Planning Market Industry Analysis
Growth Drivers
Increasing High Net Worth Individuals (HNWIs):
As of future, Saudi Arabia is home to approximately 220,000 HNWIs, a figure that has grown by 10% from previous year. This increase is driven by the country's economic diversification efforts, particularly in sectors like technology and tourism, which have contributed to wealth creation. The rise in HNWIs is expected to fuel demand for wealth succession planning services, as these individuals seek to secure their legacies and manage their estates effectively.
Rising Awareness of Estate Planning:
In recent years, there has been a notable increase in awareness regarding estate planning among the Saudi population. Reports indicate that 70% of affluent individuals now recognize the importance of having a succession plan in place. This shift is attributed to educational initiatives and media coverage highlighting the benefits of estate planning, which has led to a growing demand for professional advisory services in the wealth succession sector.
Regulatory Changes Favoring Succession Planning:
The Saudi government has implemented several reforms aimed at simplifying the inheritance process. For instance, the introduction of new inheritance laws in previous year has streamlined procedures, reducing the time required for estate settlement by 40%. These regulatory changes are encouraging more families to engage in succession planning, as they provide a clearer framework for transferring wealth and assets across generations.
Market Challenges
Cultural Resistance to Succession Planning:
Despite the growing awareness, cultural attitudes towards succession planning remain a significant barrier. Many families in Saudi Arabia still prefer informal arrangements over formal estate planning, often due to traditional beliefs about wealth distribution. This cultural resistance can hinder the adoption of professional succession planning services, limiting market growth potential in the region.
Lack of Awareness Among Potential Clients:
A substantial portion of the population remains unaware of the benefits of wealth succession planning. Surveys indicate that nearly 50% of affluent individuals have not considered estate planning, primarily due to misconceptions about its complexity and cost. This lack of awareness presents a challenge for service providers, as they must invest in educational campaigns to inform potential clients about the advantages of formal succession planning.
Saudi Arabia Wealth Succession Planning Market Future Outlook
The future of the wealth succession planning market in Saudi Arabia appears promising, driven by increasing economic stability and a growing number of HNWIs. As the government continues to implement favorable regulations, more families are likely to engage in formal estate planning. Additionally, the integration of technology in wealth management services is expected to enhance accessibility and efficiency, making succession planning more appealing to a broader audience. Overall, the market is poised for significant growth in the coming years.
Market Opportunities
Growth of Family Offices:
The establishment of family offices is on the rise, with over 200 new offices launched in previous year alone. These entities are increasingly seeking specialized succession planning services to manage their 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 base.
Digital Transformation in Wealth Management:
The digitalization of wealth management services is creating new avenues for succession planning. In future, it is projected that 80% of wealth management firms will adopt digital tools to streamline their services. This transformation allows for more efficient client interactions and personalized solutions, making it easier for clients to engage in succession planning.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
Table of Contents
90 Pages
- 1. Saudi Arabia 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. Saudi Arabia 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. Saudi Arabia 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. Cultural Resistance to Succession Planning
- 3.2.2. Lack of Awareness Among Potential Clients
- 3.2.3. Regulatory Complexity
- 3.2.4. Limited Availability of Specialized Services
- 3.3. Opportunities
- 3.3.1. Growth of Family Offices
- 3.3.2. Digital Transformation in Wealth Management
- 3.3.3. Increasing Cross-Border Wealth Management Needs
- 3.3.4. Partnerships with Financial Institutions
- 3.4. Trends
- 3.4.1. Shift Towards Holistic Wealth Management
- 3.4.2. Integration of Technology in Succession Planning
- 3.4.3. Focus on Sustainable Investment Strategies
- 3.4.4. Customization of Wealth Solutions
- 3.5. Government Regulation
- 3.5.1. Inheritance Laws Reforms
- 3.5.2. Tax Incentives for Estate Planning
- 3.5.3. Regulatory Framework for Family Businesses
- 3.5.4. Compliance Requirements for Wealth Advisors
- 3.6. SWOT Analysis
- 3.7. Stakeholder Ecosystem
- 3.8. Competition Ecosystem
- 4. Saudi Arabia Wealth Succession Planning Size, Share, Growth Drivers & – Market Segmentation, 2024
- 4.1. By Type (in Value %)
- 4.1.1. Wills
- 4.1.2. Trusts
- 4.1.3. Estate Planning Services
- 4.1.4. Tax Advisory Services
- 4.1.5. Family Business Succession Plans
- 4.1.6. Philanthropic Planning
- 4.1.7. Others
- 4.2. By End-User (in Value %)
- 4.2.1. High Net Worth Individuals
- 4.2.2. Family Businesses
- 4.2.3. Corporations
- 4.2.4. Non-Profit Organizations
- 4.3. By Service Provider (in Value %)
- 4.3.1. Law Firms
- 4.3.2. Financial Advisors
- 4.3.3. Wealth Management Firms
- 4.3.4. Banks
- 4.4. By Client Demographics (in Value %)
- 4.4.1. Age Group (Millennials, Gen X, Baby Boomers)
- 4.4.2. Gender
- 4.4.3. Income Level
- 4.5. By Investment Size (in Value %)
- 4.5.1. Small (Under $1M)
- 4.5.2. Medium ($1M - $5M)
- 4.5.3. Large (Over $5M)
- 4.6. By Region (in Value %)
- 4.6.1. Riyadh
- 4.6.2. Jeddah
- 4.6.3. Dammam
- 4.6.4. Khobar
- 5. Saudi Arabia Wealth Succession Planning Size, Share, Growth Drivers & – Market Cross Comparison
- 5.1. Detailed Profiles of Major Companies
- 5.1.1. Al Rajhi Bank
- 5.1.2. National Commercial Bank
- 5.1.3. Samba Financial Group
- 5.1.4. Riyad Bank
- 5.1.5. Arab National Bank
- 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. Saudi Arabia Wealth Succession Planning Size, Share, Growth Drivers & – Market Regulatory Framework
- 6.1. Compliance Requirements and Audits
- 6.2. Certification Processes
- 7. Saudi Arabia 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. Saudi Arabia 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 Demographics (in Value %)
- 8.5. By Investment Size (in Value %)
- 8.6. By Region (in Value %)
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