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The rise in women’s wealth is transforming the Middle East and North Africa (MENA) economies, according to a report by FAB Private Banking. The report, titled Winning Women in MENA: How Wealth Managers Can Help Further Female Empowerment focuses on the growing number of women now claiming their place at the forefront of economic prosperity.
Along with education, the report mentions that opportunities created by technology and start-up culture are key factors in increasing women’s economic role. This comes with the idea that digital channels have given women greater access to information and provided them with a means to participate in employment.
Female entrepreneurship is also skyrocketing in the region, with women leading a third of new businesses. The report further states that women are seen as a “safe pair of hands” when running a family business, outperforming the preference of their male counterparts.
Regarding meeting women’s wealth management needs, contributors to the study confirmed that women tend to share particular needs and preferences that the wealth management industry cannot ignore. To achieve the needs of the women in MENA, the cultural aspects and values need to be well-understood, meaning that wealth managers must develop a deep understanding of evolving business and family dynamics.
Additionally, wealth managers play a vital role in fostering the ecosystem that supports female entrepreneurship and female-led companies. This support is not limited to banking services. It goes above and beyond to work with investment firms, regional associations, and networks to drive the participation, training, and inclusion of women at all levels of the economy.