The rise of family-owned businesses in the Middle East
The Middle East is experiencing remarkable growth, exemplified by the increasing confidence of wealthy families in the region. According to Knight Frank, Middle Eastern families rank as the most confident globally, with a score of 4.41 compared to the worldwide average of 3.86. This confidence has also led to a significant influx of ultra-high-net-worth individuals (UHNWI), growing 6.2% year-on-year to 18,790, the second-largest increase globally, after the US. By 2028, this number is expected to rise by a further 28.3%.
In this article, we explore how this increase in wealth has driven the rapid expansion of family-owned businesses in the Middle East and analyze their imperative to transform and diversify, particularly within the financial services sector, outlining key strategies and planning essentials for successful entry into this industry.
