According to these estimates, Muslims account for 23% to 28% of mankind. Whatever be the health of these estimates, it is realistic to assume that every fourth person on the planet is Muslim. However, the vast majority of them happen to be among the poorest in the world. An estimated 40% of the population in the OIC block lives under poverty line.
However, there is a growing middle class in the Muslim world, including Pakistan, of which the upper sub-segment called the ‘mass affluent’ may potentially be relevant to wealth creation and subsequently to the business of wealth management.
According to Net World Wealth, Islamic wealth is estimated to be $11.3 trillion, which is only a fraction of the global wealth of $107.3 trillion. The private wealth held by high-net-worth individual (HNWI) stood at $57.83 trillion at the end of 2014, and can easily reach the mark of $60 trillion by the end of 2015. Read more → (736)