Thu, 06 August 2020
According to a report, titled ‘Global Wealth 2020: The Future of Wealth Management—A CEO Agenda,’ 68.8 percent of Bahrain’s wealth was held by millionaires in 2019, while the country’s millionaires are expected to grow by 1.1 percent annually over the coming years.
The 20th annual study of global wealth management conducted by Boston Consulting Group (BCG) has taken a 20-20 view of the industry, looking back over the past two decades as well as ahead to 2040, to provide a detailed retrospective on wealth growth over the past 20 years and evaluate the potential long-term impact of the COVID-19 crisis.
“Despite the current economic decline and precarious outlook globally for the coming years, estimates indicate Bahrain will still record sustainable growth across several areas within the wealth segment,” said BCG Managing Director and Partner, Mustafa Bosca.
BCG findings suggest Bahrain represented 1.1 percent of the share of personal wealth pool in 2019 in the Middle East and Africa, having grown by 4.4 percent annually to USD 100 billion between 2014 and 2019. Equities and investment funds represented the country’s largest onshore asset class, accounting for 52.7 percent of total personal wealth in 2019, while life insurance and pensions are expected to grow the fastest at 5.7 percent through 2024