Amid a politically uncertain landscape, the main concerns for the world\u2019s and the Kingdom of Saudi Arabia\u2019s (KSA) most affluent people are wealth preservation, capital growth and succession planning, according to Knight Frank\u2019s annual Attitudes Survey, produced exclusively for The Wealth Report.<\/p>\n
The Survey looks at the most important factors for ultra-high-net-worth individuals (UHNWIs), canvassing the responses of almost 900 of the world\u2019s leading private bankers and wealth advisors, representing over 10,000 clients with a combined wealth of around $2 trillion.<\/p>\n
More than half of the respondents within the Middle East said that passing wealth onto the next generation was a major focus (51%), with wealth preservation (73%) and capital growth (61%) being top in regards to their concerns. This measured approach to wealth management is reflected by the prioritization of privacy (58%) minimizing risk (48%) rather than looking for innovative new ways to invest (19%). This is perhaps not surprising given the growing level of international political uncertainty.<\/p>\n
Stefan Burch, Head of Country, KSA, said: \u201cThe importance of passing wealth onto the next generation continues to be a key consideration for Saudi Arabian family businesses and their advisors. At time when the kingdom is undergoing wide-ranging reforms and given the number of family business in Saudi Arabia, it is unsurprising that persevering wealth and minimizing risk have been a high priority for respondents to the latest Attitudes Survey.\u201d<\/p>\n
Dana Salbak, Head of MENA Research, Knight Frank added: The Wealth Report delves deeper into some of the areas that are receiving increasing attention from the wealth industry, revealing some striking emerging trends in three key areas: travel, education and philanthropy.\u201d<\/p>\n
\u201cThe focus on the next generation identified in the survey is apparent in the increasing focus on education and their involvement in philanthropic causes, which help to shape their values from a relatively young age.\u201d<\/p>\n