Millionaires Hold about 70% of Wealth in Bahrain (Boston Consulting Group Report)

2020-07-21 - 10:12 p

Bahrain Mirror: The twentieth annual study of global wealth management conducted by Boston Consulting Group (BCG) revealed that the year 2019 witnessed 68.8% of wealth being held by millionaires in Bahrain, while the study expected the number of millionaires in the Kingdom to grow by 1.1% annually in the coming years.

The annual report, entitled ‘Global Wealth 2020: The Future of Wealth Management-A CEO Agenda', 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.

According to the report, 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 $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.

"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 Mustafa Bosca, Managing Director and Partner, BCG.

 

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