Emirates Investment Bank's 2019 GCC Wealth Insight Report shows that high net worth individuals (HNWIs) in Gulf Cooperation Council (GCC) countries are more optimistic about economic conditions in the GCC than they were over the past three years. HNWIs are defined as individuals with $2m or more in investable assets. In fact, the survey noted that 71% of HNWIs consider that economic conditions in the GCC region have improved significantly, compared to 31% of participants in the 2018 survey, 20% of surveyed HNWIs in the 2017 report, and 17% of respondents in the 2016 survey. It also pointed out that 96% of surveyed HNWIs are optimistic about economic prospects in the GCC in the next five years, compared to 69% of respondents who had similar views in the previous survey. It added that the confidence of HNWIs in the GCC region's strong growth prospects for 2019 has prompted them to invest locally, especially in their own businesses. In fact, it said that 75% of respondents indicated that they are focused on local investment opportunities rather than on investing globally. It added that 40% of surveyed HNWIs prefer investing in their own business, relative to 31% of participants in the 2018 survey. In addition, the survey shows that currency fluctuations have a significant impact on the investment decisions of 79% of HNWIs, followed by global oil price movements (76% of surveyed participants) and the introduction of the value-added tax in GCC countries (73% of respondents).
Source: Emirates Investment Bank