This statistic shows gross domestic product (GDP) of the MENA countries in 2024. The MENA region in North Africa and the Middle East comprises the countries Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates, and Yemen. In 2024, the GDP of Saudi Arabia amounted to approximately 1.085 trillion U.S. dollars.

This statistic shows gross domestic product (GDP) of the Arab world in 2023. In 2023, GDP of Algeria amounted to approximately 247.79 billion U.S. dollars.

As of 2022, the share of national wealth held by the richest ** percent in middle-income countries in the Middle East and North Africa (MENA) amounted to **** percent of the total. In comparison, the share of national wealth for the richest ** percent in 2000 in MENA middle-income nations was **** percent.

This statistic depicts the number of ultra high net worth individuals in the Middle East and North Africa, by selected countries in 2013. During this time period, the number of ultra high net worth individuals in Oman was ***.

According to Cognitive Market Research, the global Insurance For Insurance For High Net Worth Individual (HNWIs) market size was estimated at USD 103514.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 2,05 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031..

The GCC Countries Insurance For Insurance For High Net Worth Individual (HNWIs) market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 886.08 million in 2024. Insurance For Insurance For High Net Worth Individual (HNWIs) sales flourish due to the presence of major market players.
The Egypt Insurance For Insurance For High Net Worth Individual (HNWIs) market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 217.38 million in 2024.
The South Africa Insurance For Insurance For High Net Worth Individual (HNWIs) market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 327.10 million in 2024. Insurance For Insurance For High Net Worth Individual (HNWIs) sales flourish in South Africa due to growing financial services sector are boosting awareness.
The Turkey Insurance For Insurance For High Net Worth Individual (HNWIs) market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 178.04 million in 2024.
The Nigeria Insurance For Insurance For High Net Worth Individual (HNWIs) market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 217.38 million in 2024.
The Rest of MEA Insurance For Insurance For High Net Worth Individual (HNWIs) market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 244.29 million in 2024.

Latin America's Insurance For Insurance For High Net Worth Individual (HNWIs) market will be USD 5175.71 million in 2024 and is estimated to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031. The Middle East and Africa region is growing in the insurance market for high-net-worth individuals (HNWIs) due to the rising wealth in countries like the UAE and South Africa. The increasing number of affluent individuals is driving demand for tailored insurance products to protect luxury assets, including real estate and art. Additionally, economic diversification efforts and the region's growing financial services sector are boosting awareness and adoption of specialized insurance solutions.

The report covers MENA Wealth Management Market Growth and it is Segmented by Client Type (HNWI, Retail/ Individuals, Mass Affluent, and others), by Provider (Private Bankers, Fintech Advisors, Family Offices, and others), and by Country (Saudi Arabia, Algeria, Egypt, United Arab Emirates, and Others). The market Size and forecasts are provided in terms of value (USD million) for all the above segments.

As of 2022, the average personal wealth in middle-income countries in the Middle East and North Africa (MENA) amounted to **** thousand U.S. dollars. In comparison, the average personal wealth in MENA middle-income nations in 2000 was about five thousand U.S. dollars.

United Arab Emirates AE: Total Natural Resources Rents: % of GDP data was reported at 15.268 % in 2016. This records an increase from the previous number of 13.106 % for 2015. United Arab Emirates AE: Total Natural Resources Rents: % of GDP data is updated yearly, averaging 19.836 % from Dec 1975 (Median) to 2016, with 42 observations. The data reached an all-time high of 51.340 % in 1979 and a record low of 9.043 % in 1998. United Arab Emirates AE: Total Natural Resources Rents: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Arab Emirates – Table AE.World Bank: Land Use, Protected Areas and National Wealth. Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted Average;

United Arab Emirates AE: Oil Rents: % of GDP data was reported at 14.550 % in 2016. This records an increase from the previous number of 12.261 % for 2015. United Arab Emirates AE: Oil Rents: % of GDP data is updated yearly, averaging 19.340 % from Dec 1975 (Median) to 2016, with 42 observations. The data reached an all-time high of 50.961 % in 1979 and a record low of 8.645 % in 1998. United Arab Emirates AE: Oil Rents: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Arab Emirates – Table AE.World Bank: Land Use, Protected Areas and National Wealth. Oil rents are the difference between the value of crude oil production at regional prices and total costs of production.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted Average;

United Arab Emirates AE: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider, Richest 60%: % of Population Aged 15+ data was reported at 91.680 % in 2017. This records an increase from the previous number of 88.017 % for 2014. United Arab Emirates AE: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider, Richest 60%: % of Population Aged 15+ data is updated yearly, averaging 88.017 % from Dec 2011 to 2017, with 3 observations. The data reached an all-time high of 91.680 % in 2017 and a record low of 64.511 % in 2011. United Arab Emirates AE: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider, Richest 60%: % of Population Aged 15+ data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Arab Emirates – Table AE.World Bank.WDI: Bank Account Ownership. Account denotes the percentage of respondents who report having an account (by themselves or together with someone else) at a bank or another type of financial institution or report personally using a mobile money service in the past 12 months (richest 60%, share of population ages 15+).; ; Demirguc-Kunt et al., 2018, Global Financial Inclusion Database, World Bank.; Weighted average; Each economy is classified based on the classification of World Bank Group's fiscal year 2018 (July 1, 2017-June 30, 2018).

LTE is commercially present in about 20 countries in Africa and the Middle East. In the wealthy Gulf countries almost all mobile operators use LTE as their new basis of competition for mobile subscriptions, whereas in Africa the use of LTE is mostly limited to fixed-use cases for broadband access, following WiMAX migrations. Mobile operators in Africa are waiting for the digital dividend, scheduled for mid-2015, and the release of frequencies in the sub-1GHz spectrum before aggressive LTE deployments. Until then, pure broadband LTE companies have a window of opportunity to expand their subscriber bases, while Internet companies, such as Microsoft and Google, will have time to lobby for the utilization of TV white spaces. In the Gulf markets, pricing of mobile data is often uniform across 3G and LTE networks, while in Africa, the arrival of LTE broadband brought with it a wave of segmentation in the packaging and pricing of mobile data, for instance through data sharing and time-of-day packages. Although network sharing or wholesale LTE networks are possibilities, unfavorable competitive dynamics in most AME markets hamper the development of such cost-effective deployment models. In the Gulf markets, LTE will account for 30% of mobile subscriptions by 2018, while the figure will be in the 2-5% range across African markets due to late entries by mobile operators. This is in line with African regulators who raise concerns that the mobile operators should gain more experience with 3G. Read More

Insurance for High Net Worth Individuals (HNWIs) Market Outlook

In 2023, the global market size for insurance targeting High Net Worth Individuals (HNWIs) was valued at approximately $21.5 billion. With an impressive Compound Annual Growth Rate (CAGR) of 7.6%, this market is projected to reach around $40.6 billion by 2032. The steady growth of this market can be attributed to the increasing number of HNWIs worldwide, driven by economic growth in emerging markets and the proliferation of new wealth through innovation and entrepreneurship. As these individuals accumulate more assets and wealth, there is a rising demand for tailored insurance products that cater specifically to their unique needs and lifestyle risks.

A key growth factor in the insurance market for HNWIs is the complexity and variety of assets owned by this demographic. HNWIs typically possess a diverse portfolio that may include luxury homes, high-value vehicles, art collections, and even private yachts and aircraft. Standard insurance policies often fall short of adequately covering these diverse and high-value assets. As a result, there is a growing demand for specialized insurance products that offer comprehensive coverage tailored to the unique risk profiles of HNWIs. Additionally, the increasing volatility in global economic conditions and climate change-induced natural disasters further elevate the need for robust insurance solutions that can provide peace of mind to wealthy individuals concerned about the protection of their valuable assets.

Another significant factor fueling the growth of the HNWI insurance market is the evolving perception of risk management among affluent individuals. As wealth grows, so does the awareness of potential liabilities and the importance of safeguarding legacy planning and wealth transfer strategies. This has led to a higher emphasis on purchasing insurance products not only to protect tangible assets but also to mitigate personal and business risks. For example, life insurance is increasingly being used as a tool for estate planning, ensuring that wealth is efficiently transferred to future generations while minimizing tax liabilities. This strategic approach to risk management reinforces the demand for sophisticated insurance products specifically designed for HNWIs.

Technological advancements and the digital transformation of financial services are also pivotal in shaping the HNWI insurance market. Today's high net worth individuals expect the same level of personalization and convenience from their insurance providers as they receive from other service sectors. Insurers are leveraging cutting-edge technologies such as artificial intelligence and big data analytics to offer bespoke insurance solutions and streamlined services that cater to the discerning tastes of HNWIs. These innovations enable insurers to better assess risks, personalize coverage, and enhance customer experiences, thus driving market growth. Furthermore, the rise of digital platforms and online customer engagement tools provides greater accessibility and transparency, making it easier for HNWIs to explore and purchase insurance products.

The regional outlook for the HNWI insurance market indicates significant variations in growth trends and opportunities. North America currently holds the largest share of the market, driven by the substantial number of HNWIs and the mature financial services infrastructure in the region. However, the Asia Pacific region is expected to witness the highest growth rate, attributed to the rapid economic expansion and increasing wealth generation in countries like China and India. These emerging markets present significant opportunities for insurers aiming to capture the burgeoning demand for HNWI-focused insurance solutions. In Europe, the market is characterized by strong regulatory frameworks and a high concentration of wealth, particularly in countries like Switzerland and Germany, while the Middle East & Africa region sees growth driven by the rising number of ultra-high-net-worth individuals and family offices seeking bespoke insurance services.

Product Type Analysis

The insurance market for high net worth individuals (HNWIs) can be segmented by product type, with significant focus on property and casualty insurance, life insurance, health insurance, and specialty insurance. Property and casualty insurance is fundamental for HNWIs due to the diverse range of high-value assets such as luxury homes, vehicles, and collectibles they often own. This type of insurance provides tailored protection that covers not only the physical damage or loss but also liabilities that could arise from ownersh

The Latin America, Middle East and Africa Wealth Management Software Market would witness market growth of 15.5% CAGR during the forecast period (2025-2032). The Brazil market dominated the LAMEA Wealth Management Software Market by Country in 2024, and would continue to be a dominant market till

United Arab Emirates AE: Natural Gas Rents: % of GDP data was reported at 0.718 % in 2016. This records a decrease from the previous number of 0.845 % for 2015. United Arab Emirates AE: Natural Gas Rents: % of GDP data is updated yearly, averaging 0.534 % from Dec 1975 (Median) to 2016, with 42 observations. The data reached an all-time high of 1.334 % in 2012 and a record low of 0.077 % in 1976. United Arab Emirates AE: Natural Gas Rents: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Arab Emirates – Table AE.World Bank: Land Use, Protected Areas and National Wealth. Natural gas rents are the difference between the value of natural gas production at regional prices and total costs of production.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted Average;

United Arab Emirates AE: Mineral Rents: % of GDP data was reported at 0.000 % in 2016. This stayed constant from the previous number of 0.000 % for 2015. United Arab Emirates AE: Mineral Rents: % of GDP data is updated yearly, averaging 0.000 % from Dec 1975 (Median) to 2016, with 42 observations. United Arab Emirates AE: Mineral Rents: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Arab Emirates – Table AE.World Bank: Land Use, Protected Areas and National Wealth. Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. Minerals included in the calculation are tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted Average;

United Arab Emirates AE: Average Precipitation in Depth data was reported at 78.000 mm/Year in 2014. This stayed constant from the previous number of 78.000 mm/Year for 2012. United Arab Emirates AE: Average Precipitation in Depth data is updated yearly, averaging 78.000 mm/Year from Dec 1962 (Median) to 2014, with 12 observations. The data reached an all-time high of 78.000 mm/Year in 2014 and a record low of 78.000 mm/Year in 2014. United Arab Emirates AE: Average Precipitation in Depth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Arab Emirates – Table AE.World Bank.WDI: Land Use, Protected Areas and National Wealth. Average precipitation is the long-term average in depth (over space and time) of annual precipitation in the country. Precipitation is defined as any kind of water that falls from clouds as a liquid or a solid.; ; Food and Agriculture Organization, electronic files and web site.; ;

Variable code and recode in the 11 East African country DHS dataset.

As of 2022, the share of national wealth held by the poorest 50 percent in middle-income countries in the Middle East and North Africa (MENA) decreased to *** percent of the total. In comparison, the share of wealth for the bottom half of the population in MENA middle-income nations in 2000 was *** percent.

The adoption of the wealth management platform market is expected to record a CAGR of 10.0% during the forecast period. The wealth management platform market size is anticipated to rise from US$ 3.3 billion in 2023 to US$ 8.56 billion in 2033.

Attribute	Details
Wealth Management Platforms Market Estimated Size (2023)	US$ 3.3 billion
Wealth Management Platforms Market CAGR (2023 to 2033)	10.0%
Wealth Management Platforms Market Forecasted Size (2033)	US$ 8.56 billion

Scope of the Report

Attribute	Details
Growth Rate	CAGR of 10.0% from 2022 to 2033
Base Year of Estimation	2023
Historical Data	2017 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in US$ billion and Volume in Units and F-CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis
Key Segments Covered	Advisory Mode Application End User By Region
Regions Covered	North America Latin America Europe East Asia South Asia The Middle East & Africa Oceania
Key Countries Profiled	United States Canada Brazil Mexico Germany Italy France United Kingdom Spain Russia China Japan India GCC Countries Australia
Key Companies Profiled	SS & C Technologies, Inc. Fiserv Inc. FIS Profile Software Broadridge Financial Solutions, Inc. InvestEdge, Inc. Temenos Headquarters SA InvestCloud SEI Investments Company Comarch SA Dorsum Limited Avaloq Group AG
Customization & Pricing	Available upon Request

As of 2022, the average personal wealth in high-income countries in the Middle East and North Africa (MENA) amounted to almost 100 thousand U.S. dollars. In comparison, the average personal wealth in MENA high-income nations in 2000 was **** thousand U.S. dollars. High-income countries here refer to Gulf Coordination Council countries.