GCC wealth: #Saudi, #UAE top the list; Bahrain marks fastest growth | ZAWYA MENA Edition

GCC wealth: Saudi, UAE top the list; Bahrain marks fastest growth | ZAWYA MENA Edition

Bahrain’s wealth is a fraction of Saudi Arabia’s $1 trillion, but the smaller kingdom has seen the GCC’s fastest wealth growth since 2015, according to a new report by Boston Consulting Group (BCG).

Global wealth continued to grow in 2020 despite the pandemic, according to BCG, and the Middle East was no different, growing eight percent to $11 trillion.

Mustafa Bosca, managing director and partner at BCG said there were a number of factors involved in the region’s wealth growth, including greater emphasis on savings as individuals stayed at home during the COVID-19 movement restrictions.

“First and foremost, the government support in terms of various ways, both through the banking system, through contribution through different parts of the economy,” Bosca said.

“The second thing is, also around the increased savings – as in other parts of the world. The Middle East citizens and residents could not engage in some of the major activities, going to restaurants, tourism travelling outside the region - that increased the savings.