Feminine wealth – a hidden economic force
Women in the UAE, both Emirati and from other Arab countries, control a mountain of wealth estimated at Dh250 billion, while their annual income is around Dh20 billion with a great potential for growing, a recent survey concluded.
Dubai: Women in the UAE, both Emirati and from other Arab countries, control a mountain of wealth estimated at Dh250 billion, while their annual income is around Dh20 billion with a great potential for growing, a recent survey concluded.
The survey was conducted as a follow-up to the recently-published global research "Women Want More", which was carried by The Boston Consulting Group (BCG) – a global management consulting firm. One of BCG's 66 offices around the globe is based in Dubai.
Findings are based on multi sources and a survey covering a sample of 600 women in the UAE, Mohammad Badi, Principal in BCG's Dubai and New York offices said.
While there are a side range of estimates of wealth controlled by Middle Eastern women, BCG's regional additional survey concluded that "women in the UAE control approximately AED 250 billion ($68 billion) in household assets. Seventy per cent of female controlled household assets are owned by Emirati women or Arab women expats. Some of this is family wealth." But a good part is also from women's earnings from working, it added.
Earlier, some western financial institutions estimated Gulf women's wealth at nearly $40 billion.
Meanwhile, feminine wealth in the UAE has great potential for growth from its current level of Dh20 billion a year, BCG said.
Growing financial female powers in the Arab region increases the importance of their segment as both financial decision-makers and consumers, researchers noted.
"Women Want more" argues that the future of the global economy is in women's hands. While there are nearly one billion female workers world wide.
With a projected $5 trillion under their control, women consumers, including educated and working females, "are expected to be the greatest single force for economic recovery,"- bigger than the rise of the consumer economies of both China and India combined - the survey concluded.
Meanwhile, Badi noted that among the similarities between women in the UAE and the rest of the world are the missing of customisation of financial products and services for women, as well as "not much" sales and marketing services provided for women.
