A recent qualitative report sponsored by Citi and conducted by Nielsen, a leading global provider of information and insights into what consumers watch and buy, studied the personality of high net worth individuals (HNWI) in the UAE. The results of the research revealed the different needs that they believe are impacting their disposition towards wealth management and analyzed their attitudes towards investments. The participants were represented by a small group of locals and expatriates living in the UAE, namely in Dubai and Abu Dhabi.
“The wealth management business represents a significant growth opportunity for Citi in the UAE due to rapidly expanding affluent and emerging affluent customer segments,” said Dinesh Sharma, Head of Consumer Banking for the Middle East at Citi. “We continue to focus on building our wealth value proposition to further strengthen the consumer franchise in the region by providing innovative solutions and developing lasting relationships to help our clients build investment portfolios that can create wealth in a sustainable way.”
“UAE is a constantly evolving market when it comes to expectations of a “premium & high end lifestyle” by the higher end segment. Financial tools for this segment are seen as enablers of life experiences. Their experience expectations are benchmarked to those offered by high end service providers. Citi has a great opportunity in this space with their international products & solutions,” said Divya Radhakrishnan, Head of Qualitative Research, Middle East Pakistan at Nielsen.
The research concluded five live themes that HNWI believe are impacting their disposition on wealth and wealth management. This includes access to information, need for exclusivity, indulging in experience, focusing on family and maximizing time.
The research also revealed attitude towards Wealth Management. First is to invest back home that is an attitude dominant in many Asian and Western expats. This category of consumers is also focused in managing wealth locally and investing globally, invest in insurance and believe that wealth belongs to family. They opt for tailored products that suit their needs, according to the study.
