Middle East WealthTech Landscape Report 2023

This report analyzes the evolving wealth management landscape in the Middle East, particularly focusing on the growing mass affluent population. It identifies a significant shift in wealth managers' strategies from primarily serving Ultra-High-Net-Worth Individuals (UHNWIs) to recognizing the potential of the mass affluent segment, which consists of individuals with investable assets between US$250,000 and US$1 million. The report highlights that affluent individuals collectively hold a substantial wealth of US$27 trillion, making them a critical market for wealth managers. The document discusses the importance of leveraging technology, particularly conversational AI, to enhance customer experiences and engagement with this segment. It notes that only 27% of wealth management firms currently serve mass affluent customers, indicating a market opportunity. The report outlines how wealth managers can utilize AI and machine learning to provide personalized services, improve operational efficiency, and meet the evolving expectations of younger generations seeking data-driven financial advice.