emirates7 - DIFC Innovation Hub, the largest innovation ecosystem in the region, along with Julius Baer, the global Swiss wealth management firm, and Euroclear, the world’s leading financial markets infrastructure provider, has released a whitepaper discussing how technology is reshaping wealth transfer and exploring opportunities to streamline the process, especially in the Middle East.
The whitepaper, titled *Navigating the Future of Inheritance*, focuses on the challenges of inheritance at a time when the region is on the brink of a historic transfer of US$1 trillion (AED3.67 trillion) in wealth to heirs and extended families. This includes a 20 percent growth in the assets of High Net Worth Individuals in the UAE, which have reached US$700 billion since 2022.
Technologies such as Artificial Intelligence, Smart Contracts, Distributed Ledger Technology, and Tokenization offer potential solutions to reduce friction, increase transparency, and ensure secure, efficient asset transfers.
However, despite the advancements, the report reveals that only 24 percent of High-Net-Worth Individuals currently have a complete estate plan, highlighting the urgent need for better inheritance processes. Over half of families (53 percent) find it too complex and time-consuming to gather, record, and plan asset allocation for large families.
The report emphasizes the importance of collaboration between wealth managers, family offices, regulators, and service providers to a strong platform for wealth transfer and encourage widespread adoption.
Mohammad Alblooshi, CEO of DIFC Innovation Hub, commented, “We are at a pivotal moment in the Middle East’s generational wealth transfer, with increasingly complex wealth portfolios and growing investments in digital assets. This report, a result of our collaboration with Julius Baer and Euroclear, aims to leverage this moment to drive meaningful change in inheritance practices. Our goal is to use emerging digital technologies to unlock opportunities and position the Middle East as a leader in wealth transfer best practices.”
Alireza Valizadeh, CEO of Julius Baer (Middle East) Ltd, stated, “Generational wealth transfer is accelerating in the UAE and across the region, and Julius Baer is uniquely positioned to advise our clients, given our family business roots. As we work closely with current and future generations, it’s crucial to account for the evolving landscape, particularly with the rise of digital assets. We see significant potential in technologies like blockchain and tokenization for enabling a secure and transparent wealth transfer process.”
Isabelle Delorme, Global Head of Product Strategy and Innovation at Euroclear, added, “We are excited to partner with DIFC Innovation Hub and Julius Baer to launch this report, aimed at explaining the changing inheritance landscape and its transformative potential. Together, we’ve created a detailed guide to address the region’s unique challenges and vast opportunities. Our goal is to empower financial stakeholders and policymakers to embrace innovation, improve efficiency, and build a future-ready inheritance framework for future generations.”
The whitepaper, titled *Navigating the Future of Inheritance*, focuses on the challenges of inheritance at a time when the region is on the brink of a historic transfer of US$1 trillion (AED3.67 trillion) in wealth to heirs and extended families. This includes a 20 percent growth in the assets of High Net Worth Individuals in the UAE, which have reached US$700 billion since 2022.
Technologies such as Artificial Intelligence, Smart Contracts, Distributed Ledger Technology, and Tokenization offer potential solutions to reduce friction, increase transparency, and ensure secure, efficient asset transfers.
However, despite the advancements, the report reveals that only 24 percent of High-Net-Worth Individuals currently have a complete estate plan, highlighting the urgent need for better inheritance processes. Over half of families (53 percent) find it too complex and time-consuming to gather, record, and plan asset allocation for large families.
The report emphasizes the importance of collaboration between wealth managers, family offices, regulators, and service providers to a strong platform for wealth transfer and encourage widespread adoption.
Mohammad Alblooshi, CEO of DIFC Innovation Hub, commented, “We are at a pivotal moment in the Middle East’s generational wealth transfer, with increasingly complex wealth portfolios and growing investments in digital assets. This report, a result of our collaboration with Julius Baer and Euroclear, aims to leverage this moment to drive meaningful change in inheritance practices. Our goal is to use emerging digital technologies to unlock opportunities and position the Middle East as a leader in wealth transfer best practices.”
Alireza Valizadeh, CEO of Julius Baer (Middle East) Ltd, stated, “Generational wealth transfer is accelerating in the UAE and across the region, and Julius Baer is uniquely positioned to advise our clients, given our family business roots. As we work closely with current and future generations, it’s crucial to account for the evolving landscape, particularly with the rise of digital assets. We see significant potential in technologies like blockchain and tokenization for enabling a secure and transparent wealth transfer process.”
Isabelle Delorme, Global Head of Product Strategy and Innovation at Euroclear, added, “We are excited to partner with DIFC Innovation Hub and Julius Baer to launch this report, aimed at explaining the changing inheritance landscape and its transformative potential. Together, we’ve created a detailed guide to address the region’s unique challenges and vast opportunities. Our goal is to empower financial stakeholders and policymakers to embrace innovation, improve efficiency, and build a future-ready inheritance framework for future generations.”