UAE Wealth Report 2015

Despite unfavorable world market conditions, the wealth management market in the UAE is emerging. The UAE market is attractive not only for local development but also to foreign institutions, as it holds US$95 billion in wealth.

Much of the growth in the UAE’s wealth management and private banking sector during the last decade was driven by the country’s HNWI and UHNWI populations. There was a range of performance between the different UHNWI wealth bands. The number of billionaires increased by 40%, while both centimillionaires and affluent millionaires increased by 22.2%.

The leading domestic private banks in the UAE are Emirates Investment Bank, ADCB Wealth Management, Union National Bank Private Banking, Mashreq Private Banking, ADIB Wealth Management, Emirates NBD Private Banking, National Bank of Abu Dhabi Private Banking, Sharjah Islamic Bank, Dubai Islamic Bank Wealth Management and Emirates Investment Bank.

Foreign wealth managers are attracted to the UAE market, as this country has a greater number of HNWIs, meaning there are more opportunities for foreign wealth managers, who can diversify their clients through a portfolio of offshore and onshore products. Key wealth managers in the UAE are AKB Finansovo-Promyshlennyi Bank OAO, Alfa Group Consortium and Aton Wealth Management.

Scope

•An independent market sizing of the UAE's HNWIs across five wealth bands.

•Details of HNWI volume, wealth and allocation trends from 2010 to 2019.

•HNWI volume, wealth and allocation forecasts to 2019.

•Analysis of HNWI and UHNWI asset allocations in 13 asset classes.

•A geographical breakdown of all foreign assets.

•An alternative breakdown of liquid versus investable assets.

•The UHNWI populations in major cities in the UAE.

•The number of wealth managers in each city.

•City-wise 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 largest private banks in the UAE measured by assets under management.

•Detailed wealth management and family office information.

Key Highlights

How many HNWIs are there in the UAE? How much wealth do they hold in US$ billion?

By what percentage did the UAE HNWI population grow in 2014? How does this compare to the increase in the previous year?

What two key HNWI wealth indicators are expected to show improvement over the forecast period?

How is the UAE HNWI population forecast to grow by 2019? By what percentage is HNWI wealth projected to grow by 2019? What will be the total of wealth in US$ billion that this represents?

Reasons to buy

•Utilize city-wise ratings of wealth management saturation and potential – target prospects precisely and ensure the cost efficiency of your sales and marketing operations.

•Assess regulatory developments in the wealth management market – align your operations and minimize your risks in relation to any increasing burden of compliance costs.

•Evaluate the competitive landscape – assess behavioral mapping of the UAE wealth management industry, enabling you to identify overlap and growth opportunities that will deliver you the best return whilst minimizing your associated risk.

•Investigate a comprehensive analysis of the private banking and wealth management sector in the UAE, and deliver your strategy to clients based on the most current market information.

•Gain an understanding of the competitive landscape of the UAE wealth management market to identify the key local and cultural variations that might have potential negative repercussions on your competitive edge.

Companies mentioned

Emirates Investment Bank

ADCB Wealth Management

Union National Bank Private Banking

Mashreq Private Banking

ADIB Wealth Management

Emirates NBD Private Banking

National Bank of Abu Dhabi Private Banking

Sharjah Islamic Bank

Dubai Islamic Bank Wealth Management

Emirates Investment Bank

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Wealth Sector Fundamentals

4 Distribution of Wealth in the UAE

4.1 HNWI Volume and Wealth Trends

5 Findings from the WealthInsight HNWI Database

5.1 Trends in HNWI Wealth to 2019

5.1.1 HNWI trend analysis

5.1.2 Wealth band trends

5.1.3 Demographic breakdown of HNWIs

5.1.4 HNWIs – job titles

5.1.5 HNWIs – industry breakdown

5.1.6 HNWIs – industry performance

5.1.7 HNWIs – breakdown by emirate

5.1.8 HNWIs – emirate population densities

5.2 UHNWIs

5.2.1 UHNWI volume trend analysis

5.2.2 UHNWI wealth trend analysis

5.2.3 Demographic breakdown of UHNWIs

5.2.4 UHNWIs – industry breakdown

5.3 UHNWIs – Billionaires

5.3.1 Billionaire volume trend analysis

5.3.2 Billionaire wealth trend analysis

5.3.3 Billionaire per capita net worth trend analysis

5.3.4 List of billionaires

5.4 UHNWIs – Centimillionaires

5.4.1 Centimillionaire volume trend analysis

5.4.2 Centimillionaire wealth trend analysis

5.4.3 Centimillionaire per capita net worth trend analysis

5.5 UHNWIs – Affluent Millionaires

5.5.1 Affluent millionaire volume trend analysis

5.5.2 Affluent millionaire wealth trend analysis

5.5.3 Affluent millionaire per capita net worth trend analysis

5.6 Core HNWIs

5.6.1 Core HNWI volume trend analysis

5.7 Core HNWIs – Mid-Tier Millionaires

5.7.1 Mid-tier millionaire volume trend analysis

5.7.2 Mid-tier millionaire wealth trend analysis

5.7.3 Mid-tier millionaire per capita net worth trend analysis

5.8 Core HNWIs – Lower-Tier Millionaires

5.8.1 Lower-tier millionaire volume trend analysis

5.8.2 Lower-tier millionaire wealth trend analysis

5.8.3 Lower-tier millionaire per capita net worth trend analysis

6 Analysis of UAE HNWI Investments

6.1 Analysis by Asset Class

6.1.1 Trends in alternative assets

6.1.2 Trends in ‘art, wine and wheels’

6.1.3 Trends of investment in real estate

6.1.4 Trends of investment in cash and deposits

6.1.5 Trends of investment in fixed-income

6.1.6 Investment trends in equity

6.1.7 Investments trends in business interests

6.2 Analysis of Foreign Investments

6.2.1 Investments in Europe

6.2.2 Investments in North America (including the US, Mexico and the Caribbean)

6.2.3 Investments in the Asia-Pacific

6.2.4 Investments in South America

6.2.5 Investments in the Middle East

6.2.6 Investments in Africa

6.3 Alternative Breakdown: Liquid vs. Investable Assets

6.4 Analysis of UAE UHNWI Investments

7 Competitive Landscape

7.1 Additional Components of the Wealth Sector in UAE

7.1.1 Domestic private banks

7.1.2 Foreign private banks

7.1.3 Wealth managers

7.1.4 Family offices

7.1.5 Financial advisors

7.2 Key Drivers

7.2.1 AED to US$ exchange rate

7.2.2 Real GDP growth

7.2.3 Per capita GDP

7.2.4 Domestic market capitalization

7.2.5 Commodity index

7.2.6 Foreign direct investments (FDI) – inflows and outflows

7.2.7 Inflation rate

7.2.8 Interest rate

7.2.9 Balance of payments

7.2.10 Government debt

7.2.11 Stock market performance

7.3 Wealth Breakdowns

8 About WealthInsight

List of Tables

Table 1: HNWI Wealth Band and Group Definitions

Table 2: UAE HNWIs – Volume Distribution (%), 2014

Table 3: UAE HNWIs – Wealth Distribution Wealth Pyramid (%), 2014

Table 4: UAE HNWIs – Industry Performance (%), 2010–2014

Table 5: UAE HNWIs – Populations by Emirate, 2014

Table 6: UAE HNWIs – Population Densities by Emirate, 2014

Table 7: UAE HNWIs – Sources of Wealth (%), 2014

Table 8: UAE UHNWIs – Gender Performance (%), 2010–2014

Table 9: UAE Billionaires Market Overview (US$) 2010–2019

Table 10: UAE Billionaires – Top Seven (US$), 2014

Table 11: UAE Billionaires – Wealth Growth (US$ and %), 2010−2014

Table 12: UAE Centimillionaires – Market Overview (US$), 2010–2019

Table 13: UAE Affluent Millionaires – Market Overview (US$), 2010–2019

Table 14: UAE Mid-Tier Millionaires – Market Overview (US$), 2010–2019

Table 15: UAE Lower-Tier Millionaires – Market Overview (US$), 2010–2019

Table 16: UAE HNWIs – Asset Allocations (%), 2010–2019

Table 17: UAE HNWIs − Holdings Growth (%), 2010–2019

Table 18: UAE HNWIs – Alternative Asset Composition (%), 2010–2019

Table 19: UAE HNWIs – Trends of Investments in Alternative Assets (%), 2010–2019

Table 20: UAE Trends in ‘Art, Wine and Wheels’, 2010–2014

Table 21: Global Prime Real Estate Prices per m2 (US$), 2014

Table 22: UAE HNWIs – Foreign Investment Allocations (%), 2010–2019

Table 23: UAE HNWIs – Liquidity Breakdown (US$ Billion), 2010–2019

Table 24: UAE HNWIs – Liquidity Breakdown (%), 2010–2019

Table 25: UAE UHNWIs – Allocations and Share of HNWI Assets (%), 2014

Table 26: AED to US$ Exchange Rate, 2010–2019

Table 27: UAE Real GDP Growth (%), 2010–2019

Table 28: UAE GDP per Capita (US$), 2010–2019

Table 29: UAE Domestic Market Capitalization (US$ Billion), 2010–2014

Table 30: UAE Commodity Indices, 2010–2019

Table 31: UAE Foreign Direct Investments (US$ Billion), 2010–2019

Table 32: UAE Inflation Rate (%), 2010–2019

Table 33: UAE Money Market Rate (%), 2010–2019

Table 34: UAE Balance of Payments (US$ Billion), 2010–2014

Table 35: UAE Government Debt as a Percentage of GDP (%), 2010–2019

Table 36: UAE Stock Market Performance (Index), 2010–2014

Table 37: UAE HNWI Wealth vs GDP Ratio (%), 2010–2019

Table 38: UAE HNWIs – Appendix One

Table 39: UAE HNWIs – Appendix Two

List of Figures

Figure 1: HNWI Wealth Band Definitions

Figure 2: Map of the UAE

Figure 3: UAE Asset Price Performance (%), 2010–2014

Figure 4: UAE HNWI Performance (US$ Billion and HNWI Volume), 2010–2019

Figure 5: UAE vs Global HNWIs (%), 2010–2019

Figure 6: UAE HNWIs – Growth Factor Correlation, 2010–2014

Figure 7: UAE HNWIs – Wealth Pyramid (Volume Distribution), 2014

Figure 8: UAE HNWIs – Wealth Pyramid (Volume Distribution), 2014

Figure 9: UAE HNWIs – Age Distribution (%), 2014

Figure 10: UAE HNWIs – Job Titles (%), 2010–2014

Figure 11: UAE HNWIs – Distribution by Industry (%), 2014

Figure 12: UAE UHNWIs – Wealth Share vs Volume Growth (%), 2010–2014

Figure 13: UAE UHNWIs – Population by Wealth Band, 2010–2019

Figure 14: UAE UHNWIs – Wealth by Wealth Band (US$), 2010–2019

Figure 15: UAE UHNWIs – Age Distribution (%), 2014

Figure 16: UAE UHNWIs – Distribution by Industry (%), 2014

Figure 17: UAE Billionaires – Market Overview (US$), 2010–2019

Figure 18: UAE Centimillionaires – Market Overview (US$), 2010–2019

Figure 19: UAE Affluent Millionaires – Market Overview (US$), 2010–2019

Figure 20: UAE Mid-Tier Millionaires – Market Overview (US$), 2010–2019

Figure 21: UAE Lower-Tier Millionaires – Market Overview (US$), 2010–2019

Figure 22: UAE HNWIs – Asset Class Composition (%), 2010–2019

Figure 23: UAE HNWIs – Trends in Alternative Assets (US$ Billion), 2010–2019

Figure 24: UAE Trends in ‘Art, Wine and Wheels’, 2010–2014

Figure 25: UAE HNWIs – Foreign Investment Allocation and Growth (%), 2014

Figure 26: UAE HNWIs – Global Distribution of Foreign Investments (%), 2010–2019

Figure 27: UAE HNWIs – Liquidity Breakdown (%), 2010–2019

Figure 28: UAE UHNWIs – Asset Class Composition (%), 2010–2019

Figure 29: UAE Exchange Rate – AED to US$, 2010–2019

Figure 30: UAE Real GDP Growth (%), 2010–2019

Figure 31: UAE GDP per Capita (US$), 2010–2019

Figure 32: UAE Domestic Market Capitalization (US$ Billion), 2010–2014

Figure 33: UAE Commodity Indices, 2010–2019

Figure 34: UAE Foreign Direct Investments (US$ Billion), 2010–2019

Figure 35: UAE Inflation Rate (%), 2010–2019

Figure 36: UAE Money Market Rate (%), 2010–2019

Figure 37: UAE Balance of Payments (US$ Billion), 2010–2014

Figure 38: UAE Government Debt as a Percentage of GDP (%), 2010–2019

Figure 39: UAE Stock Market Performance (Index), 2010–2014

Figure 40: UAE HNWI Wealth vs GDP Ratio (%), 2010–2019

Figure 41: UAE HNWIs – Volume by Wealth Band, 2010–2019

Figure 42: UAE HNWIs – Wealth by Wealth Band (US$ Billion), 2010–2019

Figure 43: UAE HNWIs – Wealth per Capita (US$ Million), 2010–2019

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