Saudi Arabia’s financial wealth grows to $1 trillion despite challenges from the pandemic

Saudi Arabia’s financial wealth grows to $1 trillion despite challenges from the pandemic

RIYADH — The Kingdom of Saudi Arabia’s (KSA) financial wealth grew by a Compound Annual Growth Rate (CAGR) of 4.1% from 2015 to reach a high of $1 trillion in 2020 – 84% of which is investable wealth — as the Kingdom’s market show resilience in the face of the protracted COVID-19 pandemic, according to a new report by Boston Consulting Group (BCG). The report, titled ‘Global Wealth 2021: When Clients Take the Lead’, reveals that despite the pandemic’s enduring financial impact, global prosperity and wealth grew significantly throughout the crisis and are likely to continue to expand significantly over the next five years, in line with the emerging economic recovery. “Saudi Arabia’s growth of wealth has proven to be robust, springing back from challenges presented by the COVID-19 pandemic. The Kingdom’s Vision 2030 has been a driving force to increasing economic productivity, which also is allowing Saudis to participate in an ever-more-global economy which has enabled growth in wealth despite the many economic disruptions that have occurred in recent times,” said Mustafa Bosca, managing director and partner at BCG. KSA, which represented 45% of the Gulf Cooperation Council’s (GCC) financial wealth in 2020, is expected to witness strong growth