The US Shadow Economy is Larger Than Australia's GDP...and Growing

The US Shadow Economy is Larger Than Australia's GDP...and Growing

Gulf News

Dubai Women in the UAE, both Emirati and from other Arab countries, control a mountain of wealth estimated at Dh250 billion and their annual income of about Dh20 billion holds great potential for growth, a recent survey revealed.

The survey was conducted as a follow-up to the recently-published global report "Women Want More", featured by The Boston Consulting Group (BCG) — a global management consulting firm.

One of BCG's 66 offices is based in Dubai.

The findings are based on multiple sources and a survey covering a sample of 600 women in the UAE, Mohammad Badi, principal in BCG's Dubai and New York offices, said.

While there is a wide range of estimates of wealth controlled by Middle Eastern women, BCG's regional survey concluded that "women in the UAE control approximately $68 billion (Dh250 billion) in household assets.

Seventy per cent of female-controlled household assets are owned by Emirati women or female Arab expatriates. Some of this is family wealth."

But a good part is also from women's salaries, it added.

Earlier, some western financial institutions estimated Gulf women's wealth at nearly $40 billion.

Meanwhile, women's wealth in the UAE has great potential for growth from its current level of Dh20 billion a year, BCG said. Growing financial female power in the Arab region increases the importance of their segment as both financial decision-makers and consumers, researchers noted.

The report argued that the future of the global economy is in women's hands, as there are nearly one billion female workers worldwide.

Greatest force

With a projected $5 trillion under their control, women consumers, including educated and working women, "are expected to be the greatest single force for economic recovery," — bigger than the rise of the consumer economies of both China and India combined — the survey concluded.

Meanwhile, Badi noted that among the similarities between women in the UAE and across the world, what is missing is customisation of financial products and services for women, and "not many" sales and marketing services are provided for women.

By Jumana Al Tamimi

© Gulf News 2009. All rights reserved.