UAE's financial wealth grows to $600b in 2020 despite pandemic

The UAE financial wealth is expected to witness strong growth of 4% to reach $700b by 2025, a $100b increase from 2020

The UAE financial wealth grew by a Compound Annual Growth Rate (CAGR) of 3% from 2015 to reach a high of $600 billion in 2020 – 69% of which is investable wealth – as the country showed resilience in the face of the protracted COVID-19 pandemic, according to a new report by Boston Consulting Group (BCG).

The report, titled ‘Global Wealth 2021: When Clients Take the Lead’, reveals that despite the pandemic’s enduring financial impact, global prosperity and wealth grew significantly throughout the crisis and are likely to continue to expand significantly over the next five years, in line with the emerging economic recovery.

“Although the COVID-19 pandemic has posed many challenges, the UAE’s wealth segment has proven to be resilient in the face of adversity, hence the growth it has recorded. The National Agenda has driven economic activity, empowering the country to operate in an economy that continues to become increasingly global. As a result, growth in wealth has been recorded despite the mass disruption, placing the UAE in a favorable position for the years ahead,” said Mustafa Bosca, Managing Director, and Partner at BCG.