Qatar is pursuing its vision of becoming a leading wealth management destination as it diversifies its economy beyond hydrocarbons, aiming to reshape the region’s financial landscape. The wealth management sector, with its potential to attract international capital and expertise, is a key pillar of this economic transformation.
Qatar’s wealth management sector is upwardly mobile, fuelled by an expanding high-net-worth individual (HNWI) demographic, robust economic growth and a sophisticated investment environment. With assets under management (AuM) expected to increase to $35.97bn by 2029, Qatar is positioning itself as a pivotal hub for wealth management in the Gulf Cooperation Council (GCC) and beyond.
One of the most compelling drivers of growth is the increasing number of high-net-worth individuals (HNWIs). By 2028, the number of HNWIs in Qatar is projected to grow by 23.8 per cent, from 44,140 in 2024 to 54,650. This demographic shift reflects not only the country’s wealth accumulation, but also a flourishing entrepreneurial ecosystem that is creating new opportunities for investment, innovation and wealth creation.
A key enabler of this growth is the Qatar Investment Authority (QIA), the national sovereign wealth fund with assets exceeding $526bn. The QIA is the world’s ninth-largest sovereign wealth fund by asset size and a central pillar in Qatar’s wealth management sector. By attracting top-tier financial talent and fostering institutional expertise, the QIA plays a pivotal role in shaping Qatar’s financial landscape. Its involvement in both local and international markets enables a wide range of investment opportunities for private wealth clients looking for diversified and high-yield avenues.
Qatar’s wealth trajectory stands out globally. According to UBS’s Global Wealth Report 2024, the emirate recorded one of the most impressive growth rates in wealth per adult globally – nearly 20 per cent between 2022 and 2023. Only Turkey recorded stronger growth during the same period. The figures from UBS correlate with Qatar’s longer-term personal wealth growth, which rose by 157 per cent between 2010 and 2023 – an average annual growth rate of 8 per cent.
Economic resilience and the path forward
The strength of Qatar’s wealth management sector is underpinned by its economic resilience. The International Monetary Fund (IMF) projects Qatar’s real GDP growth to average 5.5 per cent in the medium term, driven by an expansion in liquefied natural gas (LNG) production and the early-stage benefits of economic reforms under the Third National Development Strategy. These strategic reforms align with Qatar’s National Vision 2030, which aims to diversify the economy and enhance global competitiveness.
As the nation looks to its future, the country’s wealth management industry stands to benefit from these macroeconomic trends. Investors, both domestic and international, are finding opportunities in a market that combines stable returns with innovative investment products and clear regulatory frameworks. “Qatar offers a wealth of tailored investment opportunities specifically designed for family enterprises and high-net-worth individuals,” says Mohamed Benbouadi, Managing Director of the Professional Services Sector at Qatar Financial Centre (QFC). These opportunities span multiple sectors, including private equity funds, exclusive real estate investments and the burgeoning start-up and venture capital ecosystems.
In addition, QFC offers specialised corporate solutions to help manage the diverse needs of HNWIs. These include wealth management, succession planning, financial and estate planning, and philanthropy-related services. Qatar’s growing network of financial advisers and legal experts positions the country as a destination for comprehensive wealth management solutions.
Succession planning in Qatar
Family-owned businesses contribute about 60 per cent of GDP across the GCC and employ more than 80 per cent of the labour force. Yet succession planning remains a challenge, with 31 per cent of next-generation workers in family businesses reporting no succession plans in place, and 19 per cent uncertain whether such plans exist – figures that surpass global averages.
Piers Master, Partner and Head of International Private Client at Charles Russell Speechlys, highlights the critical need for careful planning: “Generational succession, particularly for family businesses, is an urgent consideration for GCC families. The amount of wealth tied up in family enterprises is in the trillions, and ensuring a smooth and stable transition is essential – not just for individual businesses, but for the economic health of the region as a whole.”
As Qatar’s wealth management sector matures, succession planning is set to become a cornerstone of its offerings, allowing family businesses to preserve wealth across generations while ensuring long-term economic continuity.
Embracing digital innovation and Islamic finance
Qatar’s wealth management sector combines traditional values with technological advancement. The market shows growing demand for Sharia-compliant investment products, including sukuk (Islamic bonds) and tailored wealth management services that adhere to Islamic principles.
Qatar is actively embracing digital innovation to enhance its financial services sector. The launch of the QFC Digital Assets Framework 2024, in collaboration with the Qatar Central Bank, establishes the legal and regulatory foundation for a variety of use cases, including tokenisation, smart contracts and digital asset custody.
“The QFC offers a modern, streamlined regulatory environment that significantly reduces bureaucratic hurdles for wealth management firms,” says Benbouadi. “The licensing process allows family offices and their operating companies to enter the market quickly, enabling them to capitalise on emerging opportunities both locally and internationally.”
Qatar’s wealth management sector is expanding alongside the country’s broader economic transformation. New investment opportunities are emerging in renewable energy, technology and tourism sectors, providing fresh avenues for portfolio diversification. These developments align with Qatar’s strategy to attract international capital while developing local expertise. The combination of economic stability, regulatory innovation and strategic infrastructure investment creates a strong foundation for wealth management services.
As Qatar’s wealth management sector evolves, it continues to develop its offerings for HNWIs and family offices. Master highlights a key advantage of Qatar’s approach: “Making sure that it’s an attractive place to live – with good schools and the like – that’s happening too, and it is all going to be very important.” Qatar is creating an environment to attract and retains global wealth through a combination of regulatory frameworks, technological innovation and strategic government support. This comprehensive approach positions the country to meet the sophisticated needs of HNWIs and family offices while contributing to the region’s economic diversification.
