The entrepreneurs in the Middle East are among the world’s most ambitious and dynamic communities given their business achievements and successes at such a young age and they lead the way in multiple businesses against their counterparts in other regions, according to newly released data from HSBC Private Banking’s Essence of Enterprise report.
More than 26% of entrepreneurs below (the age of) 54 years in the Middle East have active shareholding in more than five businesses, making them the most active investors globally, with Europe (12%) and the US (10%) next in line.
The report, which researched views of more than 3,700 successful entrepreneurs across eleven countries, revealed that the entrepreneurs in the Middle East tend to set up their businesses at a younger age against their global counterparts. Around 73% of Middle Eastern business owners get involved with their first company in their 20s, compared with a global average of 58%.
The Middle Eastern entrepreneurs are more successful at a younger age as evidenced by the size of their annual business turnover. Around 42% of the region's entrepreneurs generate an average annual turnover of $2mn before the age of 35, making them some of the youngest entrepreneurs globally.
The report also shows that 88% of business owners in the Middle East come from a background of business ownership, compared to 64% globally, and they are least likely to want to sell their companies (16% in Middle East against the global average of 29%).
"Understanding the diverse needs and characteristics of Middle Eastern entrepreneurs is essential in helping them achieve their aspirations and supporting their personal wealth journey,” according to Sobhi Tabbara, HSBC’s global market head of Private Banking for the Middle East.
