High-Net Worth Individuals (HNWIs) living and working in Qatar have accrued wealth at the fastest rate globally, a study revealed yesterday.
According to the Barclays Wealth Insights series global report, 98% of HNWIs in Qatar acquired their wealth in less than 20 years, with 38% of which successfully reaching the HNW status within less than 10 years.
The report, called “The Rise of The Global Citizen?”, was based on a global survey of more than 2,000 HNWIs comprising entrepreneurs, business leaders and investors.
Providing an in-depth study into the rise of the high-net worth global citizen, the report navigates the global landscape of wealth, examining where individuals today live, work, retire, and give their time and money.
“The majority of HNW respondents from Qatar indicated that they had increased their wealth, even during the recent economic downturn,” stated Cedric Lizin, head of Middle East and North Africa, and head of Business, Japan, Barclays Wealth and Investment Management.
“HNWI’s in Qatar were able to counter global trends and successfully managed to continue with their wealth accumulation throughout the recession,” he explained.
Further, HNWIs in Qatar approach their investments with a global view.
According to the global survey, nearly 90% of Qatar’s wealthy took the opportunity to explore new income opportunities during the global economic downturn.
Barclays Wealth Insights - Volume 18 observes that more than 80% of Qatar’s wealthy would like to continue to live in Qatar given the economic opportunities available and security the country provides.
It added that the wealthy view Qatar as a country that provides innumerable economic prospects for both business and the wider community, with a strong focus on the development of a comprehensive, high-quality health care system with ease of regulations encouraging individuals to start their own businesses.
While today’s HNWIs are living increasingly global lifestyles, spending more time in different countries, it is their offspring that could ascend to become a truly multinational generation. Over three-quarters (76%) of HNWIs in Qatar expect their children to live in more countries than they have done in their lifetime.
In terms of migration patterns and wealth flows, North America and Europe could see the biggest influxes of global HNWIs in the future. However regions such as Asia Pacific are also seeing over one in 10 (12%) HNWIs from Europe and one in 20 (6%) of those in North America looking to move there in the next five years, signalling the possible shift of wealth hot spots from West to East.
“Through Barclays’ track record, international presence, and first class research, we are able to provide our clients with access to niche investment opportunities around the globe,” Lizin pointed out.
He noted that Barclays’ on-ground operations in Doha, in addition to providing world-class financial solutions, serve as a window to the company’s global capabilities and international reach.
“We are committed to expanding our footprint in the region and shall continue to develop our on-ground capabilities to ensure our services continue to evolve in line with our clients’ evolving requirements,” Lizin added.
