Mubasher: Women currently represent 13% of the Middle East wealth segment, with dramatic growth to be seen in the region during the coming years, according to a recent report by the Boston Consulting Group (BCG).
Women's wealth in the Middle East has accounted for $786 billion and is estimated to rise by 9% by 2023, noted the report titled "Managing the Next Decade of Women's Wealth".
In the UAE and Saudi Arabia, women's wealth has reached $103 billion and $224 billion, respectively, and an expected growth of 8.3% and 5.1% will be witnessed up to 2023.
Meanwhile, the Middle East is forecast to grow by a Compound Annual Growth Rate (CAGR) of 9% by 2023, attributed to the political and economic stability and improvements in women's educational access.
The report noted that female rates of primary and secondary education participation are now similar to those of males, while women outnumber men at the university level in 15 of 22 Arab countries.
Moreover, women in leadership positions in the UAE increased by 2.4%, while in Saudi Arabia, females in entrepreneurial activities and labour force participation grew by 1% and 0.5%, respectively.
The managing director and partner of BCG, Mustafa Bosca, said: "Labor force participation, leadership positions, entrepreneurial activities, and economic empowerment all play important roles in economic advancement, which will, in turn, contribute to further growth in women's wealth over the next decade."
Bosca concluded: "Examining preconceptions about female investors, moving beyond labels to treat the individual, and adopting an objective-based and evidence-backed advisory approach will enable wealth managers to ensure the full potential of women is realized in the decade ahead."