How women in the Gulf are moving beyond inheritance to become wealth creators

They are increasing affluence through careers, entrepreneurship, investments and savvy wealth management

The GCC’s affluent women are taking a strategic approach to wealth accumulation, engaging in diverse financial activities. Getty Images

One-third of the world’s private wealth is held by women, according to the Boston Consulting Group. This trend also applies in the Gulf countries, which are witnessing a sharp rise in affluent women actively shaping the region’s economic future.

Historically, high-net-worth women in the GCC were perceived primarily as inheritors of family wealth. However, today, they are key drivers of economic transformation, accumulating wealth through careers, entrepreneurship, investments and savvy money management.

Key drivers of growth

Access to higher education, professional training and government-led reforms promoting female workforce participation and business ownership have propelled women’s economic empowerment.

Female entrepreneurship is particularly thriving in the region. More women than men have started companies in the UAE in the past decade, with the last five years revealing similar trends in Saudi Arabia and Kuwait, according to the Visa Women SMB Digitalisation Index.

In fact, the UAE ranks among the top five economies globally for supporting female entrepreneurship, according to the Global Entrepreneurship Monitor 2023-2024. A NAMA Women Advancement and UN Women study found that 25,000 Emirati women entrepreneurs contribute Dh60 billion ($16.3 billion) to the UAE economy annually.

Programmes such as the Dubai Business Women Council and SheTrades Mena provide mentorship, training and networking opportunities for female entrepreneurs. Saudi Arabia’s Vision 2030 has significantly increased female workforce participation, with women now owning 45 per cent of small and medium enterprises in the kingdom.

However, it is not only entrepreneurship that is driving female wealth. Government initiatives in the UAE and Saudi Arabia are increasing the number of women in leadership roles by encouraging female board representation in publicly traded companies.

The UAE’s Securities and Commodities Authority requires listed public joint-stock companies to have at least one female member on their boards. This has driven a record increase in women’s representation in leadership, rising 200 per cent in three years to 141 board seats in 2024 from 47 seats in 2021.

Strategic investments

Affluent women in the region are taking a strategic approach to wealth accumulation, engaging in diverse financial activities.

Many invest in real estate locally and internationally, viewing it as a stable asset. They also engage in private equity and venture capital investments. Women own 30 per cent of real estate portfolios in the UAE, according to the Dubai Land Department.

As more wealthy women become financially independent and literate, they are increasingly trading stocks, exchange-traded funds (ETFs) and leveraging financial advisory services for wealth management.

Despite considerable progress, female entrepreneurs still face barriers, including limited access to investor networks and venture capital funding

Initiatives like the Dubai Blockchain Strategy 2023 open opportunities for entrepreneurs and tech-savvy female investors to explore digital finance opportunities.

Also, with longer life expectancies, women are prioritising long-term financial security. They are investing in pension funds to secure their financial future. The Abu Dhabi Pension Fund recorded a 41 per cent increase in female enrolments within the first six months of its introduction last year. High-net-worth women are working with financial advisers to develop customised investment plans.

Affluent women are reshaping the economic and social landscape of the GCC: female entrepreneurs are reinvesting wealth into start-ups, job creation and innovation. An example is the Women’s Angel Investment Network, an investor network for women in the Middle East and North Africa region.

As more women take seats on corporate boards, they increasingly influence decision-making and corporate social responsibility policies.

However, despite considerable progress, female entrepreneurs still face barriers, including limited access to investor networks and venture capital funding. This is a global challenge. In 2022, companies founded exclusively by women received only 2.1 per cent of total venture capital funding in the US, according to the US VC Female Founders Dashboard by PitchBook.

Addressing these disparities through policy reforms and targeted funding initiatives will be crucial for sustained growth.

As the GCC continues its economic diversification and sustainable growth, women’s wealth will play an increasingly central role. Educational initiatives are equipping the next generation with an entrepreneurial mindset, while continuing reforms create a more inclusive business ecosystem.

Women are not only driving economic progress but also shaping industries, supporting start-ups and fostering sustainable growth. With an increasingly favourable regulatory and investment landscape, female entrepreneurs and investors are poised to shape the region’s financial future for generations to come.

Nadège Lesueur-Pène is head of wealth management – developing markets at UBP