Reuters file photo / Eddie Keogh
DOHA: The high net worth individuals (HNWIs) in the GCC is optimistic about the global economy and the regional economy. More regional HNWIs are optimistic about the GCC economy in 2018 versus 2017. Growth drivers such as government supported economic programs, adoption of transformational technologies are examples of influences that are expected to impact growth prospects in 2018 and beyond, an independent study conducted by Emirates Investment Bank has revealed. Emirates Investment Bank has a diverse range of high net worth individual (HNWI) clients from across the Gulf Cooperation Council (GCC) and around the world.
Emirates Investment Bank (EIBank) has a diverse range of high net worth individual clients from across the Gulf Cooperation Council (GCC) and around the world, which provides the banks with a unique perspective on investor sentiment and capital allocation trends, the bank said yesterday.
2017 was certainly a surprising year. The global economy’s performance surpassed even the most optimistic forecasters. Equity markets reached record highs, propped up by loose monetary policy, and oil prices recovered to close to US$70/bbl. Moreover, supportive fiscal policies, low inflation and strong global trade supported broad based growth, across both developed and emerging markets. Many expect momentum to continue this year.
In addition, HNWI expressed more caution in their investment strategies, compared to the previous years. A higher proportion of HNWIs are focused on preserving their wealth, rather than pursuing a strategy to grow it.
Among the reasons cited behind their cautious approach are economic and political instability, as well as uncertainty and fear about the present environment.
The GCC Wealth Insight Report 2018 indicates that more HNWIs are keeping their assets closer to home. GCC HNWIs seem to be increasing their exposure to regional markets. While the region’s wealthy continue to allocate sizable assets towards their own businesses and cash deposits, more are inclined to rotate assets into real estate in 2018.
