"Wealthy individuals in the Middle East and Africa saw the value of their assets rise by 9.1 percent to $4.8 trillion in 2012, a study by the Boston Consulting Group published Tuesday showed, as strong economies and rising equity markets fueled regional growth. If current trends continue, wealth in the region could rise to $6.5 trillion by 2017, said the survey.
Global wealth managers have flocked to the region in recent years, lured by its rich energy and commodity reserves, relatively higher economic growth and rising population.
Middle Eastern investors are also becoming more comfortable investing domestically even though the percentage of assets held offshore is relatively high, said Markus Massi, partner and managing director at BCG. Wealth held in equities grew by 18.3 percent in 2012 in the region, the survey showed."
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