More than eight in 10 High Net Worth (HNW) businesses in the Middle East have already internationalised compared with 58 percent in Asia and 42 percent in Africa according to a survey by Standard Chartered Private Bank.
The finance giant, in partnership with Campden Wealth Research, has launched “Business Before wealth”, a report on the wealth management needs and preferences of High Net Worth business owners in Asia, Africa and the Middle East.
The research surveyed stakeholders in family businesses with a 2012 turnover and family net worth in excess of $100 million, as well as stakeholders in non-family businesses with a 2012 turnover and individual net worth in excess of $25 million.
Michael Benz, Global Head, Private Banking Clients, Standard Chartered Private Bank, said: “Our footprint markets coincide with the fastest growing wealth pools in the world and entrepreneurs are a key driver of this economic growth and the creation of jobs in Asia, Africa and the Middle East.
“These emerging market entrepreneurs are fast becoming an ever-more crucial client segment. This research reveals the dynamics of business and personal wealth of this new segment of wealthy individuals, and hopefully generates thought and discussion on how private banks can adapt to serve them better.”
The report showed that growing their business remains the primary and dominant goal for HNW business owners in the Middle East.
An overwhelming majority (85 percent) of respondents are heavily involved in the daily management and financial affairs of their business. Together with the main focus on growing their business, this leaves less time for personal wealth strategies, including planning for the eventual transfer of wealth, thus giving companies such as Standard Chartered extensive opportunities to assist firms in this way.
To read the full report, please visit www.sc.com/privatebank/en/campden.html.