The next generation of high-net-worth women will transform family and banking dynamics as they achieve higher levels of education and become more involved in family businesses, according to a new research report.
Up to 82 per cent of women from wealthy families are expected to inherit huge sums of wealth over the next two decades, making them significant beneficiaries of an estimated $5 trillion that will be transferred to the next generation by 2030, the Smarter Succession survey by Barclays Private Bank said on Monday.
Despite the increased wealth among women, 41 per cent of respondents said they were not involved in the financial decision making of their family businesses, according to the survey, which polled more than 400 global HNW family members in countries including France, Germany, India, Saudi Arabia, the UAE and UK.
Forty-six per cent of women surveyed said they are involved in the day-to-day running of family businesses compared with 60 per cent of men, the study added.
However, social and cultural changes have started to change the dynamics of HNW families, with 54 per cent of women holding stakes in family businesses compared with 57 per cent of men, while 43 per cent of HNW women have postgraduate qualifications compared with just 14 per cent of their parents.
“The fact that female ownership of family businesses does not equate to high levels of day-to-day involvement potentially leaves female voices less heard in family business board rooms,” the report said.
However, the tide across the Gulf is changing for women in HNW families and also within family businesses, according to Rahim Daya, head of Barclays Private Bank for the UAE and Middle East.
“Increased access to higher levels of education is having powerful implications for women in the Middle East and family offices in the region are increasingly professionalising their boards," Mr Daya added.
“We are seeing women take more leadership positions and become increasingly involved in all financial decisions.”
While 83 per cent of male respondents said they are the decision makers for family wealth, the survey found that 29 per cent of both men and women turned to their sons on matters of wealth, finance and investment compared with just 14 per cent who sought advice from their daughters.
However, a cultural shift is occurring and younger generations have a less traditional outlook on life, it added.
“As traditional family roles change and more women hold prominent positions in international business, their growing global influence is going to be a major economic force over the next decade, redefining areas that have historically been focused on, and dominated by, men,” Rasha Badawi, director at Barclays Wealth and Investment Management Middle East, said.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Killing of Qassem Suleimani
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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Killing of Qassem Suleimani
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Final: England v South Africa, Saturday, 1pm
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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Ship name: MSC Bellissima
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Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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