The number of HNW individuals in Middle East and Africa reached 0.34 million in 2022
The indicator recorded a historical growth (CAGR) of 9.93% between 2019 and 2022, and is expected to grow by ...
GlobalData projects the indicator to grow ...
Number of HNW individuals in the Middle East and Africa recorded a mid-single-digit YoY decline in 2020
Number of HNW individuals in the Middle East and Africa recorded a significant growth between 2017-2022.
As of the end of 2020, the global HNW market comprised millions of individuals, the majority of whom are located in North America and predominately in the US, making the country the largest target market globally. The US is the largest target market globally, but growth can be found in developing markets across Eastern Europe, Latin America, and the Middle East and Africa. In addition, the above-average proportion of unmanaged HNW wealth in select countries (such as Indonesia and the Philippines) represents a significant opportunity that wealth managers cannot ignore.
A key focus for most wealth providers, HNW entrepreneurs constitute the second-largest target segment (after professionals), followed by females and expats, who represent an almost equally large target market. Inheritors are the smallest segment; however, providers reaching out to female inheritors should not encounter any trouble growing their business given that this segment is often overlooked.
Professionals make for a sizable target market
Professionals constitute the largest target group in the HNW space globally, which has led to many providers offering dedicated programs aimed at distinct segments such as executives, doctors, and accountants. Indeed, our data shows that with the exception of a handful of countries, professionals make for a sizable target group. This is particularly true in South Africa, the UAE, Hong Kong, and Singapore – all of which are home to a large number of international companies. In Asia, Hong Kong and Singapore serve as hubs for the north and south east of the region respectively. Meanwhile, South Africa has attracted a large number of companies targeting the African market, and the UAE has become a popular base for providers looking to expand in the Middle East and Africa. As a result, there are a large number of high-earning executive personnel managing operations in these countries.
After professionals, entrepreneurs constitute the largest HNW segment
HNW entrepreneurs make for a sizable target market, and dedicated programs aimed at this segment are a must across the globe. The entrepreneurial spirit runs particularly high among Polish, Japanese, and Filipino HNW individuals – the only three nationalities tracked by GlobalData where entrepreneurs constitute more than half of the local HNW population. However, once again we see significant regional differences with regards to the makeup of the entrepreneur communities across different countries.
United States of America
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China
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