Nearly 98% of High Net Worth Individuals (HNWIs) in Qatar acquired their wealth in less than 20 years, with 38% of which successfully reaching the HNW status within less than 10 years. According to the latest global report in the Barclays Wealth Insights series, HNWIs living and working in Qatar accrued wealth at the fastest rate globally.
Launched today (15th September 2014) and based on a global survey of more than 2,000 High Net Worth Individuals (HNWIs) comprising entrepreneurs, business leaders and investors, the report, “The Rise of The Global Citizen?” provides an in-depth study into the rise of the high net worth global citizen. The report navigates the global landscape of wealth, examining where individuals today live, work, retire and give their time and money.
Commenting on these findings, Cedric Lizin, Head of Middle East and North Africa, and Head of Business, Japan, Barclays Wealth and Investment Management, said: “The majority of HNW respondents from Qatar indicated that they had increased their wealth, even during the recent economic downturn. HNWI’s in Qatar were able to counter global trends and successfully managed to continue with their wealth accumulation throughout the recession. According to the global survey, nearly 90% of Qatar’s wealthy took the opportunity to explore new wealth avenues and income opportunities globally during the global economic downturn.”
He added: “HNWIs in Qatar approach their investments with a global view. Through Barclays’ track record, international presence and first class research, we are able to provide our clients with access to niche investment opportunities around the globe. Our on-ground operations in Doha, in addition to providing world-class financial solutions, serve as a window to Barclays’ global capabilities and international reach. We are committed to expanding our footprint in the region and shall continue to develop our on-ground capabilities to ensure our services continue to evolve in line with our clients’ evolving requirements.”
Barclays Wealth Insights - Volume 18 observes that over 80% of Qatar’s wealthy would like to continue to live in Qatar given the economic opportunities available and security the country provides. The wealthy view Qatar as a country providing innumerable economic prospects for both business and the wider community, with a strong focus on the development of a comprehensive, high-quality health care system with ease of regulations encouraging individuals to start their own businesses.
An open map
In terms of migration patterns and wealth flows, North America and Europe could see the biggest influxes of global HNWIs in the future (see map below). However regions such as Asia Pacific are also seeing over one in 10 (12%) HNWIs from Europe and one in 20 (6%) of those in North America looking to move there in the next five years, signalling the possible shift of wealth hot spots from West to East.
While today’s HNWIs are living increasingly global lifestyles, spending more time in different countries, it is their offspring that could ascend to become a truly multinational generation. Over three-quarters (76%) of HNWIs in Qatar expect their children to live in more countries than they have done in their lifetime.