He points to political and regulatory developments, such as the recent Berne Financial Services Agreement, which serves to facilitate business between the two jurisdictions, strengthening cooperation and increasing competition.
Global expertise
Technological developments are key to the rise of alternative markets, as with technological innovation comes new products, services and ways of engaging HNWIs globally.
According to Green: "Financial advisory firms specialising in international solutions are at the forefront of this change. They are seeing a growing demand from clients seeking guidance on relocating both their wealth and their personal lives."
These firms play a vital role in helping HNWIs navigate the intricacies of international tax law, residency rules, and investment strategies, ensuring their clients can seize new opportunities while managing risks.
The future of global wealth will be determined by the decisions made by HNWIs and the responses from governments around the world.
Janoudi says: “Additionally, the rise in private wealth has stimulated innovation within the sector, leading to the development of new investment products and services that cater specifically to the preferences and requirements of UHNWIs.
"The growth of family offices and private banking services further underscores the sector's adaptation to the evolving needs of affluent clients.”
But it's not just about tech or innovation: there's also the fact that professionalism is growing in leaps and bounds, with members of chartered financial organisations growing in number outside of London and New York.
A spokesperson for the Chartered Institute for Securities and Investment states: "There has been a notable rise in professionals across MENA, particularly in Saudi Arabia, pursuing qualifications from the CISI."
She says that, in particular, the CISI International Certificate in Wealth Management has become a benchmark qualification for wealth managers and advisers in the region.
According to the CISI, enrolments in CISI’s advanced qualifications, such as the Investment Advice Diploma and the International Certificate in Advanced Wealth Management, have "surged in the MENA region". Five times the number of CISI ICWIM exams have been taken over the past year than five years ago.
The CISI spokesperson states: "This trend reflects the growing demand for highly skilled professionals in the wealth management sector."
Figures also show growth in CISI's membership in the region, with a 126.8 per cent increase over the past eight years, particularly among wealth managers and wealth advisers.
Membership in India has more than tripled. CISI exams have increased tenfold in the past five years, while the body has been launching a variety of initiatives across Africa. Moreover, there is a particular focus on the wealth management pathway in Kenya, Nigeria and South Africa, where it has seen its membership grow to more than 1000 professionals.
