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QFC Authority and Campden Wealth launch Middle East wealth study

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The Qatar Financial Centre Authority (and Campden Wealth have published “Beyond Convention”, a report into Middle East wealth holders and how they interact with providers of financial services designed to meet their needs. 

 
The report found that wealthy families in the Middle East have a strong entrepreneurial spirit, want to play an active role in managing their money, scrutinise their wealth manager relationships more closely than a year ago, and have great confidence in the future of the region.
 
Yousuf Mohamed Al-Jaida (pictured), chief strategic development officer of the Qatar Financial Centre Authority, says: “The QFC Authority is proud to have supported this valuable study offering the most comprehensive insight to date into Middle East wealth holders and their interaction with providers of financial services. The Beyond Convention study is an important piece of research which shows the QFC Authority’s continuous commitment to thought leadership, benefiting the financial services industry in the Middle East as well as in Qatar. Moreover, the findings show that financial centres such as Qatar will increasingly be seen as attractive jurisdictions for family offices. The QFC is focused on offering a highly conducive environment for the development and growth of family offices, whether their ambitions are local, regional or global.”
 
Dominic Samuelson, chief executive of Campden Wealth, says: “Campden Wealth is very proud to have produced this inaugural Middle East Wealth Report, which brings to this dynamic and exciting region our unrivalled expertise in researching the needs and concerns of significantly wealthy families throughout the world. We are grateful for the support of the QFC Authority in this project.  It was fascinating to discover the breadth and diversity of the business activities evident among the participants in the research, as well as the strength of the entrepreneurial spirit shown in companies that have been active for generations.”
 
The report is based on quantitative research with 47 ultra-high net worth individuals from the GCC countries as well as Lebanon, Syria and Egypt. A significant number of these respondents agreed to take part in substantive one-on-one interviews to complement the quantitative data with more nuanced, anecdotal and qualitative information.
 
Of the respondents, 60 per cent were members of family businesses, reflecting the fact that family businesses control as much as 75 per cent of private sector economic activity in the GCC.  The research was conducted in the fourth quarter of 2012 and early in 2013.

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