GCC: Rich Families Shift Focus to Sustainable Investing

GCC: Rich Families Shift Focus to Sustainable Investing

Almost three in five (59 percent) older generations of high-net worth families in the GCC say millennials are leading their family toward more sustainable investing, according to a report from Barclays Private Bank.

It found that ESG investing has been brought into wealthy families' consideration by younger generations, leading to increased family allocations to sustainable assets.

The research, undertaken by global intelligence business Savanta, revealed 58 percent of high-net worth (HNW) individuals of all ages and generations in the Middle East agree that responsible investing is now important to them.

For around four in five of each of the studied age groups, investing responsibly is important to them to some extent, with 81 percent of under 40-year-olds, 77 percent of 41 to 60-year-olds and 86 percent of over 60-year-olds agreeing.

"The report findings reflect that 76 percent of all respondents in the Middle East state that responsible investing is important to their family,“ said Rahim Daya, head of private banking at Barclays in the Middle East.

"This demonstrates that business leaders across the generations are deeply committed to adding value to the societies in which they live.

"While differing life outlooks and values may determine discrepancies in risk investment appetites across the generations, it is encouraging