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MANAMA: Women have become a sizeable economic force, and the next few years can represent a defining decade for women in wealth, according to a new report by Boston Consulting Group (BCG).
The report, titled ‘Managing the Next Decade of Women’s Wealth,’ urges wealth managers across the Middle East to personalise their approaches to meet the specific needs and priorities of individual clients, regardless of gender, and identify that the women’s segment is a massive business opportunity.
According to the BCG Global Wealth 2019 Market Sizing Database, women’s wealth segments in assets under management (AuM) are in a favourable position to experience substantial growth in the region during the years ahead.
Despite the ongoing economic impact of Covid-19, future growth is still expected to accelerate – with women’s wealth projected to strongly contribute to regional wealth growth over the next several years.
The continued growth is due to the likelihood of the pandemic creating an economic shock, which will see the displacement of output before growth eventually rebounds.
In this scenario, annual growth rates will fully absorb the impact – enabling continued growth acceleration.
This will be driven primarily by greater political and economic stability across the region, as well as continuous improvements in healthcare and educational access for women.
“The opening up of the Middle East is further evidence that expanded access to education and health care can have positive implications for women,” said Mustafa Bosca, managing director and partner, BCG.
Mr Bosca
With women’s wealth in the Middle East already accounting for $786 billion and CAGR estimated to rise by a further nine per cent by 2023, BCG projects that the coming decade will be a monumental period for women and wealth.
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