• Between 2023 and 2024, Kuwait’s financial wealth grew by 4.2%, rising from $271 billion to $282 billion.
  • Real assets saw a decrease of 2.1%, reaching $293 billion.
  • Liabilities remained stable at $37 billion.
  • BCG projects investable wealth to rise from $221 billion in 2024 to $267 billion by 2029, growing at a CAGR of 3.8%
  • Most firms today rely on market performance, M&A, and advisor recruitment to capture revenue; however, they must have the ability to innovate and build internal capabilities to outperform peers.

Kuwait City: Kuwait’s financial wealth grew by 4.2% between 2023 to 2024, rising from $271 billion to $282 billion. Real assets saw a decline of 2.1%, valued at $293 billion, with projected growth to $330 billion by 2029. Liabilities remained stable at $37 billion.

The Global Wealth Report 2025: Rethinking the Rules for Growth by Boston Consulting Group reveals that investable wealth is projected to grow from $221 billion in 2024 to $267 billion by 2029, with a 3.8% CAGR growth. Non-investable wealth, currently at $61 billion, is expected to grow at 3.5% CAGR to reach $72 billion by 2029.

Wealth continues to grow steadily but the dynamics behind that growth are shifting and the implications for firms are profound. Most firms have leaned heavily on market performance, M&A, and advisor hiring. While these levers remain important, they're not enough. The limiting factor for many firms isn't opportunity, but their ability to capture it from within.

The firms gaining traction are investing in the capabilities that matter most: a clearer market presence, more deliberate client acquisition, better-equipped advisors, and earlier, more relevant engagement with rising generations. Technology plays a central role in scaling these capabilities.

Lukasz Rey, Managing Director and Partner, said: "Kuwait's wealth management sector is entering a new phase where organic growth capabilities will separate leaders from followers. Despite short-term headwinds in real assets, the fundamentals remain strong, and firms that invest in advisor development, digital transformation, and next-generation client strategies will capture disproportionate value in this evolving market."

The key Kuwait findings of BCG's new proprietary analysis are:

  • Financial wealth totals $282 billion in 2024, with strong growth projected to reach $339 billion by 2029 (3.8% CAGR)
  • Real assets amount to $293 billion in 2024, expected to rise to $330 billion by 2029 (CAGR: 2.4%)
  • Liabilities remained stable at $37 billion in 2024, with growth projected to $42 billion by 2029 (CAGR: 2.8%)
  • Equities & Currency & Deposits are the dominant asset classes in 2024, valued at $97 billion and $68 billion, respectively. They are projected to grow to $113 billion and $91 billion by 2029, with CAGRs of 3.1% and 5.9%.
  • Bonds, Life Insurance & Pensions reported a value of $1 billion in 2024, and are projected to grow by 2.6% CAGR and 1.6% CAGR, respectively, by 2029.
  • Other assets (e.g., alternative investments) are substantial at $115 billion in 2024, with a projected increase to $133 billion by 2029, reflecting diversified portfolios (CAGR: 3%).

Strategic Imperatives

According to the report, organic growth is moving to the center of the performance agenda. The report identifies four high-impact levers for firms looking to elevate their organic growth engines:

  • Brand Differentiation: Building trust and relevance through clear identity and messaging while strengthening digital marketing
  • GenAI-Driven Client Acquisition: Using agentic AI to identify high-potential prospects, build comprehensive profiles, and enable highly personal outreaches
  • Data-Driven Recommendation Systems: By integrating data across all business lines, wealth managers can build a comprehensive view full of signals about what a client might need next
  • Next-Gen Client Engagement: Personalizing the client journey for younger investors with digital-native expectations

"Kuwait's wealth management industry stands at an inflection point. While traditional asset classes face headwinds, the diversification into alternative investments and the strong performance in currency and deposits signal a maturing market. Companies that adopt AI for prospecting, tailor the onboarding experience, and leverage digital tools to enhance productivity are poised to lead the next growth surge," added Nabil Saadallah, Managing Director and Partner at BCG.

About Boston Consulting Group

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders, empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.