Tiny Gulf state Qatar is home to 12 billionaires who hold $17bn in assets between them, a report by the Qatar Financial Centre Authority (QFCA) found.
The gas-rich country’s high-net-worth community is the fifth largest in the Middle East and North Africa, with approximately 300 ultra high net worth individuals (UNHWI) holding $45bn in assets.
Qatar’s UHNWI community is considered a key source of investment for fund managers, although the QFCA report found that many of the latter are struggling to gain traction within the country’s ultra-rich community, with most UNHWIs choosing to invest directly into private businesses instead.
“Those family offices who are diversifying family businesses by investing into new asset classes, were more inclined to invest directly rather than bear the extra layer of fees for mediated fund management services,” the QFCA report said. “Mutual fund managers expected this to shift over time, but expressed concerns that this wait for domestic HNWI money would be a long one.”
Qatar’s nominal GDP has doubled in three years, from $98bn in 2009 to $193bn last year. The country is expected to register average annual growth of 5.2 percent until 2017.
UAE shoppers have weak brand loyalty due to lack of reward programmes
Just 29% of UAE consumers feel that their custom and loyalty...
Gold hits 3-month peak on heightened political risk
Political worries spur safe-haven demand for bullion
UAE's Gulf Craft says to enter world's megayacht market
Luxury boat builder announces plans to start manufacturing...
Luxury retailer Rolex re-opens Mall of Emirates boutique
Swiss watch firm says the UAE remains a key market in the...
Recruitment firm targets UAE, inks deal to provide VIP butlers
Savoir Vivre says it is now working with VIP households...
Revealed: Dubai’s newest design hub Concept-Me
The design studio, store, and café is set to open in April...
Revealed: Dubai’s highest picnic
“Pure Picnic” is located at the 35 floor of Hilton Hotel...