Saudi Arabia Wealth Report 2015 is a comprehensive analysis of the high net worth individual (HNWI) population and wealth management market in Saudi Arabia.
In addition to a review of the performance and asset allocations of HNWIs and ultra-HNWIs in Saudi Arabia, there is an evaluation of the local wealth management market. The report also includes projections of the volume, wealth and asset allocations of HNWIs to 2019, along with analysis of the opportunities and challenges that participants face in the market.
The report focuses on HNWI performance between the end of 2010 and the end of 2014. This gives a clear understanding of how well Saudi Arabia’s HNWIs have performed since the global financial crisis.
Saudi Arabia’s HNWIs include all individuals permanently living in Saudi Arabia, as well as Saudi Arabian-born individuals who have chosen to live elsewhere but still operate businesses in the country.
For the purposes of this report, wealth is defined as the net value of assets, which includes both financial holdings and tangible assets. This comprises alternative assets, real estate (excluding the primary residence), cash and deposits, fixed income, equities and business interests.
Despite unfavorable world market conditions, the wealth management market in Saudi Arabia is emerging. The market is attractive not only for local development, but also to foreign institutions, as it holds USD 312 billion in wealth.
During the last decade, much of the growth in Saudi Arabia’s wealth management and private banking sector was driven by the volume of HNWIs and UHNWIs in Saudi Arabia.
Over the forecast period, experts expect private banks and institutions to reinforce and centralize their operations, and allocate more resources to better understand their client base and provide higher levels of service.