MENA Wealth Management Market: Current Analysis and Forecast (2023-2030)

Wealth management encompasses a range of financial services tailored to the needs of affluent individuals, families, and institutions, aimed at preserving, growing, and transferring wealth. These services typically include investment advisory, portfolio management, estate planning, retirement planning, tax optimization, and philanthropic advisory. Wealth management firms provide personalized solutions that consider the client's financial goals, risk tolerance, and unique circumstances, with the ultimate aim of maximizing returns and achieving long-term financial success.

The MENA wealth management market is expected to grow at a steady rate of around 3.9%. this is mainly due to the economic development, rising wealth levels and a growing population of high-net-worth individuals are driving demand for sophisticated financial services. Moreover, demographic trends such as aging populations and intergenerational wealth transfer are creating a need for comprehensive financial planning and wealth management solutions. Additionally, the adoption of digital technologies, including robo-advisory services and online platforms, is reshaping the wealth management landscape, offering clients convenient access to personalized investment advice and portfolio management tools. These factors combined are contributing to the expansion of the wealth management market in the MENA region. For instance, Saudi Arabia-based fintech Hakbah has raised 5.1 million USD in Series A funding, bringing the company's funding raised to date to 9 million USD.

Based on the business model, the market is segmented into human advisory, robo-advisory, and hybrid advisory. Among them, the hybrid advisory is expected to grow at the fastest CAGR during the forecast period. Hybrid Advisory models combine the best of both human expertise and digital capabilities, offering a synergistic approach to wealth management in the MENA region. By integrating personalized advice from human advisors with the efficiency and accessibility of digital platforms, hybrid advisory services cater to a diverse clientele with varying preferences and needs. This model allows clients to benefit from the expertise and guidance of human advisors while leveraging technology for portfolio monitoring, rebalancing, and goal tracking.

Based on the Provider, the market is segmented into fintech advisors, Banks, traditional wealth managers, and others. Among them, the banks category is expected to grow at the fastest CAGR during the forecast period. Due to their extensive branch networks, trusted brand reputation, and diversified product offerings to attract and serve affluent clients. With deep-rooted relationships and local market expertise, banks in the MENA region offer a wide range of wealth management services, including investment advisory, portfolio management, estate planning, and private banking solutions.

For a better understanding of the market adoption of the MENA Wealth Management industry, the market is analyzed based on its worldwide presence in countries such as UAE, Saudi Arabia, Qatar, Kuwait, and the Rest of MENA Countries. Saudi Arabia is expected to dominate the wealth management market due to the country's Vision 2030 initiative, which aims to diversify the economy and promote financial literacy. With a large and affluent population, there is a growing demand for wealth management services, including investment advisory, estate planning, and retirement solutions. Moreover, the rise of fintech partnerships, collaborations, and the adoption of digital platforms are enhancing accessibility and convenience for investors, driving further growth in the market. For instance, Saudi Arabia-based fintech Hakbah has raised 5.1 million USD in Series A funding, bringing the company's funding raised to date to 9 million USD.

Some of the major players operating in the market include BNP Paribas; Goldman Sachs; Charles Schwab & Co., Inc.; Bank of America Corporation; Morgan Stanley; Citigroup Inc.; UBS; JPMorgan Chase & Co.; JULIUS BAER; CREDIT SUISSE