Middle East North Africa (MENA) private
banking observers say Forbes’ annual billionaires list
significantly underestimates the number and wealth of billionaires
in the region.
Forbes listed a total of 26 billionaires with
wealth amounting to $108bn from the Middle East North Africa (MENA)
this year in its annual list of billionaires.
Go deeper with GlobalData
The list presented wealthy individuals from
Saudi Arabia, Egypt, Kuwait, Lebanon and the United Arab
Emirates.
In an interview for an upcoming article on the
MENA private banking market, Citi Private Bank MENA managing
director Muwaffak Bibi said that Forbes cannot capture the true
amount of billionaires in MENA.
“The number of MENA billionaires you see in
Forbes is the tip of the iceberg because there are many more that
don’t even want to be close to Forbes or to be publicly known as
billionaires,” said Bibi.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHidden money?
Emirates NBD, chief investment officer, Gary
Dugan highlighted that some of the wealth is hidden money and so
publicising this segment would be damaging.
Bibi added: “It is hard to track figures;
there is no complete transparency and the client cultural base is
very shy of any publicity”.
“In the US, Forbes will probably capture about
90 percent of the true billionaires because they can go through tax
returns but MENA is different,” said Bibi, as most MENA countries
boast zero tax on income and gains.
Saudi Arabia on top, Qatar goes
unmentioned
Ranking highest on the Forbes list of Middle
Eastern billionaires is Prince Alwaleed Bin Talal Alsaud from Saudi
Arabia, who is number 26 on the list and has $19.6bn sourced from
investments.
But the list fails to mention any wealthy
individuals Qatar, despite the country being hailed as an ultra
high net worth client hub by the industry.
“Qatar is sitting on 200 years of natural gas
reserves in very few hands,” said JP Morgan Private Bank Middle
East head, Paolo Moscovici.
