UAE Wealth Report 2014

This report reviews the performance and asset allocations of HNWIs and ultra-HNWIs in the UAE. It also includes an evaluation of the local wealth management market.

Scope

• Independent market sizing of the UAE's HNWIs across five wealth bands

• HNWI volume, wealth and allocation trends from 2009 to 2013

• HNWI volume, wealth and allocation forecasts to 2018

• HNWI and UHNWI asset allocations across 13 asset classes

• Geographical breakdown of all foreign assets

• Alternative breakdown of liquid vs investable assets

• The number of UHNWIs in major cities

• The number of wealth managers in each city

• City ratings of wealth management saturation and potential

• Details of the development, challenges and opportunities of the wealth management and private banking sector in the UAE

• The size of Singapore's wealth management industry

• The largest private banks by AuM

• Detailed wealth management and family office information

• Insights of drivers of HNWI wealth

Key Highlights

• There were 48,315 HNWIs in the UAE in 2013. These HNWIs held US$254.5 billion in wealth, and wealth per capita was US$5.3 million.

• UAE HNWI numbers rose by 7.6% in 2013, following an increase of 6.7% in 2012.

• Growth in HNWI wealth and volumes is expected to improve over the forecast period. The total number of UAE HNWIs is forecast to grow by 11.8%, to reach 56,581 by 2018. HNWI wealth will grow by 25.8%, to reach US$346.6 billion by 2018.

• UAE HNWIs held 36.3% of their wealth outside their home country in 2013, equal to US$92.5 billion, which is above the global average of 20–30%.

Reasons to buy

• The UAE Wealth Report 2014 is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the report comprises a wide variety of data created based on over 125,000 HNWIs from around the world in WealthInsight's database.

• With the wealth reports as the foundation for its research and analysis, WealthInsight is able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions it covers.

• The report reviews the performance and asset allocations of HNWIs and ultra-HNWIs. The report also includes projections of the volume, wealth and asset allocations of the HNWIs to 2018 and a comprehensive background of the local economy.

• The report provides a thorough analysis of the private banking and wealth management sector, latest merger and acquisition activity, and the opportunities and challenges that the sector faces.

• It also provides detailed information on HNWI volumes in each major city.

Companies mentioned

Emirates NBD Private Banking

ADCB Wealth Management

Bank of Sharjah

Quilvest Dubai

Senat

Sharjah Islamic Bank

The Lifschultz Organization

Union National Bank

Union National Bank Private Banking

Western Mideast FZCO

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Wealth Sector Fundamentals

3.1 Political Background

3.2 Economic Background

3.3 Social Background

3.4 Benchmarking the UAE’s Wealth in Context

3.4.1 Distribution of wealth in UAE

3.5 HNWI Volume and Wealth Trends

4 Findings from the WealthInsight HNWI Database

4.1 Trends in HNWI Wealth to 2018

4.1.1 HNWI trend analysis

4.1.2 Wealth band trends

4.1.3 Demographic breakdown of HNWIs

4.1.4 HNWIs – job titles

4.1.5 HNWIs – industry breakdown

4.1.6 HNWIs – industry performance

4.1.7 HNWIs – breakdown by emirate

4.1.8 HNWIs – emirate population densities

4.2 UHNWIs

4.2.1 UHNWI volume trend analysis

4.2.2 UHNWI wealth trend analysis

4.2.3 Demographic breakdown of UHNWIs

4.2.4 UHNWIs – industry breakdown

4.3 UHNWIs – Billionaires

4.3.1 Billionaire volume trend analysis

4.3.2 Billionaire wealth trend analysis

4.3.3 Billionaire per capita net worth trend analysis

4.3.4 List of billionaires

4.4 UHNWIs – Centimillionaires

4.4.1 Centimillionaire volume trend analysis

4.4.2 Centimillionaire wealth trend analysis

4.4.3 Centimillionaire per capita net worth trend analysis

4.5 UHNWIs – Affluent Millionaires

4.5.1 Affluent millionaire volume trend analysis

4.5.2 Affluent millionaire wealth trend analysis

4.5.3 Affluent millionaire per capita net worth trend analysis

4.6 Core HNWIs

4.6.1 Core HNWI volume trend analysis

4.7 Core HNWIs – Mid-Tier Millionaires

4.7.1 Mid-tier millionaire volume trend analysis

4.7.2 Mid-tier millionaire wealth trend analysis

4.7.3 Mid-tier millionaire per capita net worth trend analysis

4.8 Core HNWIs – Lower-Tier Millionaires

4.8.1 Lower-tier millionaire volume trend analysis

4.8.2 Lower-tier millionaire wealth trend analysis

4.8.3 Lower-tier millionaire per capita net worth trend analysis

5 Analysis of UAE HNWI Investments

5.1 Analysis by Asset Class

5.1.1 Trends in alternative assets

5.1.2 Trends in ‘art, wine and wheels’

5.1.3 Trends of investments in real estate

5.1.4 Investments trends in cash and deposits

5.1.5 Investments trends in fixed income

5.1.6 Investment trends in equity

5.1.7 Investment trends in business interests

5.2 Analysis of Foreign Investments

5.2.1 Investments in Europe

5.2.2 Investments in North America (including the US, UAE and the Caribbean)

5.2.3 Investments in the Asia-Pacific

5.2.4 Investments in Central and South America

5.2.5 Investments in the Middle East

5.2.6 Investments in Africa

5.3 Alternative Breakdown: Liquid vs Investable Assets

5.4 Analysis of UAE UHNWI Investments

6 Competitive Landscape of the Wealth Sector

6.1 Competitive Landscape

6.1.1 Domestic Private Banks

6.1.2 Foreign private banks

6.1.3 Wealth managers

6.1.4 Family offices

6.1.5 Financial advisors

6.2 Developments in the UAE Private Banking Industry

6.3 Wealth Management and the Private Banking Industry

6.4 UAE Wealth Management Industry – Clientele Model and Maturity

6.5 Behavioral Mapping of Wealth Management and Private Banking in the UAE

6.6 Porter’s Five Force Analysis – Wealth Management Industry

7 Appendix

7.1 Additional Components of the UAE Wealth Sector

7.1.1 Demand for intergenerational wealth transfer

7.2 Tax Regulations

7.3 Regulations Related to Immigration, Investment and Employment

7.4 Key Drivers

7.4.1 AED to US$ exchange rate

7.4.2 Real GDP growth

7.4.3 Per capita GDP

7.4.4 Domestic market capitalization

7.4.5 Commodity index

7.4.6 Foreign direct investments – inflow and outflow

7.4.7 Inflation

7.4.8 Interest rate

7.4.9 Balance of payments

7.4.10 Government debt

7.4.11 Stock market performance

7.5 Wealth Breakdown

8 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions

Table 2: Cities in UAE, 2013

Table 3: UAE HNWIs – Volume Distribution (%), 2013

Table 4: UAE HNWIs – Wealth Distribution (%), 2013

Table 5: UAE HNWIs – Industry Performance, 2009–2013

Table 6: UAE HNWIs – Emirates, 2013

Table 7: UAE HNWIs – Population Density in Emirates, 2013

Table 8: UAE UHNWIs – Gender Performance, 2009–2013

Table 9: UAE UHNWIs – Sources of Wealth (%), 2013

Table 10: UAE Billionaires – Market Overview (US$ Billion), 2009–2018

Table 11: Top Six UAE Billionaires (US$ Billion), 2013

Table 12: UAE Billionaire Wealth Growth, 2009−2013

Table 13: UAE Centimillionaires – Market Overview, 2009–2018

Table 14: UAE Affluent Millionaires – Market Overview, 2009–2018

Table 15: UAE Mid-Tier Millionaires – Market Overview, 2009–2018

Table 16: UAE Lower-Tier Millionaires – Market Overview, 2009–2018

Table 17: UAE Allocations of HNWI Assets, 2009–2018

Table 18: UAE HNWIs − Holdings Growth (%), 2009–2018

Table 19: UAE HNWIs – Alternative Asset Composition (%), 2009–2018

Table 20: UAE HNWIs – Trends of Investments in Alternative Assets (%), 2009–2018

Table 21: UAE Trends in ‘Art, Wine and Wheels’, 2009–2013

Table 22: Global Prime Real Estate Prices per m2 (US$), 2014

Table 23: UAE HNWIs – Foreign Investment Allocations (%), 2009–2018

Table 24: UAE HNWIs – Liquidity Breakdown (US$ Billion), 2009–2018

Table 25: UAE HNWIs – Liquidity Breakdown (%), 2009–2018

Table 26: UAE UHNWIs – Allocations and Share of HNWI Assets, 2013

Table 27: Leading Private Banks in UAE by AuM (US$ Million), 2013

Table 28: UAE Leading Foreign Private Banks, 2013

Table 29: UAE Wealth Managers, 2013

Table 30: UAE Wealth Managers, 2013

Table 31: Wealth Management Industry – Recent Deal Activity in UAE, 2014

Table 32: AED per US$ Exchange Rate, 2009–2018

Table 33: UAE Real GDP Growth (%), 2009–2018

Table 34: UAE GDP per Capita (US$), 2009–2018

Table 35: UAE Domestic Market Capitalization (US$ Billion), 2009–2013

Table 36: UAE Commodity Indices, 2009–2018

Table 37: UAE Foreign Direct Investments (US$ Billion), 2009–2018

Table 38: UAE Inflation Rate (%), 2009–2018

Table 39: UAE Interest Rate (%), 2009–2018

Table 40: UAE Balance of Payments (US$ Billion), 2009–2013

Table 41: UAE Government Debt as a Percentage of GDP (%), 2009–2018

Table 42: UAE Stock Market Performance, 2009–2013

Table 43: UAE HNWI Wealth vs GDP Ratio (%), 2009–2018

Table 44: UAE – Appendix One

Table 45: UAE – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of the UAE

Figure 3: The UAE’s Asset Price Performance, 2009–2013

Figure 4: UAE HNWI Performance, 2009–2018

Figure 5: UAE vs Global HNWIs

Figure 6: UAE HNWIs – Growth Factor Correlation, 2009–2013

Figure 7: UAE HNWIs – Volume Distribution Wealth Pyramid, 2013

Figure 8: UAE HNWIs – Wealth Distribution Wealth Pyramid (%), 2013

Figure 9: UAE HNWIs – Age Distribution (%), 2013

Figure 10: UAE HNWIs – Job Titles, 2009–2013

Figure 11: UAE HNWIs – Distribution by Industry (%), 2013

Figure 12: UAE UHNWIs – Wealth Share vs Volume Growth (%), 2009–2013

Figure 13: UAE UHNWIs – Volume by Wealth Band, 2009–2018

Figure 14: UAE UHNWIs – Wealth by Wealth Band (US$ Billion), 2009–2018

Figure 15: UAE UHNWIs – Age Distribution (Percentage Share), 2013

Figure 16: UAE UHNWIs – Distribution by Industry (%), 2013

Figure 17: UAE Billionaires – Market Overview, 2009–2018

Figure 18: UAE Centimillionaires – Market Overview, 2009–2018

Figure 19: UAE Affluent Millionaires – Market Overview, 2009–2018

Figure 20: UAE Mid-Tier Millionaires – Market Overview, 2009–2018

Figure 21: UAE Lower-Tier Millionaires – Market Overview, 2009–2018

Figure 22: UAE HNWIs – Asset Class Composition, 2009–2018

Figure 23: UAE HNWIs – Trends in Alternative Assets (US$ Billion), 2009–2018

Figure 24: UAE Trends in ‘Art, Wine and Wheels’, 2009–2013

Figure 25: UAE HNWIs – Foreign Investment Allocation and Growth (%), 2013

Figure 26: UAE HNWIs – Global Distribution of Foreign Investments, 2009–2018

Figure 27: UAE HNWIs – Liquidity Breakdown (%), 2009–2018

Figure 28: UAE UHNWIs – Asset Class Composition (%), 2009–2018

Figure 29: UAE Wealth Management Industry – Maturity Level of Operators

Figure 30: UAE Wealth Management Industry – Behavioral Mapping, 2013

Figure 31: UAE Wealth Management Industry – Five Forces Analysis

Figure 32: AED to US$ Exchange Rate, 2009–2018

Figure 33: UAE Real GDP Growth (%), 2009–2018

Figure 34: UAE GDP per Capita (US$), 2009–2018

Figure 35: UAE Domestic Market Capitalization (US$ Billion), 2009–2013

Figure 36: UAE Commodity Indices, 2009–2018

Figure 37: UAE Foreign Direct Investments (US$ Billion), 2009–2018

Figure 38: UAE Inflation Rate (%), 2009–2018

Figure 39: UAE Interest Rate (%), 2009–2018

Figure 40: UAE Balance of Payments (US$ Billion), 2009–2013

Figure 41: UAE Government Debt as a Percentage of GDP (%), 2009–2018

Figure 42: UAE Stock Market Performance, 2009–2013

Figure 43: UAE HNWI Wealth vs GDP Ratio (%), 2009–2018

Figure 44: UAE HNWIs – Volume by Wealth Band, 2009–2018

Figure 45: UAE HNWIs – Wealth by Wealth Band (US$ Billion), 2009–2018

Figure 46: UAE HNWIs – Wealth per Capita (US$ Million), 2009–2018

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