The wealth management landscape in the Middle East is increasingly using technology to meet increasing demand, according to Mika Kastenholz, head of products, services and investments at LGT Private Banking.
Speaking to FT Adviser, Kastenholz discussed how wealth management firms in the Middle East were using AI to meet the demand generated from the large influx of UHNWIs entering the region.
He said: “The UAE alone was expected to see 6,700 new millionaires move to the region in 2024, and as the Middle East’s infrastructure continues to come on leaps and bounds, this rate is not expected to slow.
“For those who built their wealth in the region, single family offices are becoming increasingly popular vehicles, driven by the need to centralise family investments, manage financial risk, formalise succession planning, and improve the organisation of family assets.”
UK vs Middle East
Kastenholz explained how both the UK and the Middle East were increasingly integrating AI into wealth management but in different ways, guided by variances in market maturity, client expectations, regulatory developments and technological infrastructure.
