000000 Bahrainthismonth.com 50 October 2023 BAHRAIN’S FINANCIAL WEALTH TO REACH USD89.1 BILLION BY 2027 Bahrain’s financial wealth is predicted to experience a steady Compound Annual Growth Rate (CAGR) of 4.9 percent between 2022 and 2027 to reach USD89.1 billion, according to a new report by Boston Consulting Group (BCG). The BCG report titled ‘Global Wealth Report 2023: Resetting the Course’ indicates that equities and investment funds in Bahrain remain the largest asset class, with a 56 percent share of total personal wealth in 2022. Furthermore, life insurance and pensions are expected to have the fastest CAGR of 7.3 percent between 20222027, making it the fourth-largest asset class in the Kingdom by 2027. “Bahrain represents 1 percent of the region’s financial wealth in 2022. Growing by 6.3 percent per year from 2017, financial wealth has reached USD70.2 billion in 2022, with a projection of USD89.1 billion in 2027. This speaks volumes about the Kingdom’s calculated and measured approach leading to its economic growth,” said Managing Director and Senior Partner at BCG, Markus Massi. In 2022, 42 percent of Bahrain’s wealth came from Ultra High Net Worth (UHNW) individuals with more than USD100 million in worth, and this number is expected to remain consistent until 2027. Additionally, individuals’ worth between USD1 million - USD20 million held 16 percent of the wealth in Bahrain in 2022, which is also expected to remain the same in 2027. Furthermore, individuals with a net worth under USD 250,000 held 26 percent of the wealth in Bahrain, and this number is anticipated to increase to 27 percent by 2027. BAHRAIN BOURSE RECOGNISED AS “MOST SUSTAINABLE STOCK EXCHANGE IN THE GCC REGION - 2023” Bahrain Bourse, a licensed exchange by the Central Bank of Bahrain, has been accorded with the prestigious title of ‘Most Sustainable Stock Exchange in the GCC region – 2023’ by World Finance Magazine, reinforcing its commitment in driving an environmental, social, and governance (ESG) agenda within Bahrain’s capital markets. CEO of Bahrain Bourse, Shaikh Khalifa bin Ebrahim Al-Khalifa, comments: “The accolade of ‘Most Sustainable Stock Exchange in the GCC Region – 2023’ is a phenomenal achievement for Bahrain Bourse. It underlines our unwavering dedication to sustainability and sound business practices across the capital markets. We recognise the importance of sustainability, and believe that ESG is a strategic opportunity that will enhance credibility in the marketplace.” Since January 2020, Bahrain Bourse has taken the responsibility of driving ESG agenda by rolling out the ESG Voluntary Reporting Guideline for listed companies and by actively engaging in efforts aimed at encouraging ESG Disclosure across listed companies. In addition, Bahrain Bourse released its first Sustainability Report in May 2020, providing a comprehensive summary of the exchange’s sustainability strategy. The report is aligned with Global Reporting Initiative (‘GRI’) principles and the United Nations Sustainable Development Goals (SDGs).
RkJQdWJsaXNoZXIy Mjk0MTkxMQ==