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Securing legacies: succession planning for wealthy GCC and expat families
key takeaways.
The Gulf is entering one of the world’s largest intergenerational wealth transfers, shifting focus from wealth creation to governance and preservation
Fewer than one in five family businesses in the Gulf Cooperation Council (GCC) have a formal succession plan, and fewer than one in six have governance frameworks in place
Heirs are redefining wealth management with an emphasis on innovation, purpose, and digital access – and they expect advisors who reflect these values
With assets and heirs often spread across borders, expatriate families face additional succession challenges that require tailored estate planning.
Article published in Economy Middle East, 28 October 2025.
The Gulf is on the cusp of one of the largest intergenerational transfers of wealth in modern history. In the coming years, the baton will pass from today’s patriarchs and matriarchs to their heirs, shaping not only the future of individual families but also the broader economies of the region. The real challenge is no longer how wealth is created but how it is preserved, governed, and reimagined for generations to come.
The reality of succession in the GCC
Globally, around 70 percent of family businesses fail to survive beyond the second generation. The Gulf is no exception. Our own research shows that fewer than one in five family businesses in the region have a formal succession plan in place. Awareness is high, but meaningful action sometimes lags. The biggest barriers are rarely technical. Four in ten families say they struggle to reach consensus or lack specialist guidance. Others wrestle with how to reconcile long-standing traditions with the modern leadership styles of their children.
Our insightful new guide explores succession readiness in the Gulf and the evolving challenges local families face as they prepare to transfer wealth to the next generation. Discover practical insights to ensure a seamless transition and protect your family’s legacy for generations to come.
This so-called “next generation” is not waiting patiently in the wings. Many are entrepreneurs in their own right, driving change in areas like AI, fintech, and e-commerce. Women are stepping into more prominent roles, bringing new perspectives and expanding leadership at the family table.
Families that ignore this shift risk alienating the very people who will one day carry their legacy forward
The younger generation is also reshaping expectations. They are more selective in their choice of advisors, looking for partners who share their values and can provide access to private markets and digital solutions. Traditional portfolio advice alone is no longer enough. Heirs want their ambitions, appetite for innovation, and sense of purpose reflected in the guidance they receive. Families that ignore this shift risk alienating the very people who will one day carry their legacy forward.
Yet some resistance remains. Almost half of the families we surveyed reported that senior members were reluctant to hand over responsibilities. The willingness to transition is there, but the frameworks to make it seamless are too often missing.
Good governance is not about bureaucracy – it is the backbone of continuity
That is why governance matters. Good governance is not about bureaucracy – it is the backbone of continuity. Family constitutions, advisory boards, and family offices all provide clarity and reduce the risk of conflict. In Saudi Arabia, nearly 70 percent of wealthy families now have a family office. In the UAE, the figure is about half. Yet fewer than one in six family businesses in the region have a formal governance framework in place. Without structure, leadership transitions are left to chance at a time when clarity has never been more critical.
Expatriate families, who play such an important role in the region’s wealth creation, face an added layer of complexity. Many have assets and heirs spread across several countries, where inheritance rules differ sharply. In the UAE, most expatriates still lack a formal estate plan, leaving them exposed to unintended consequences that may not reflect their wishes. While, in the UAE, Sharia-based inheritance laws no longer automatically apply, the default legal framework can still lead to unintended consequences – especially in the absence of a registered will or clear declaration of applicable law. Moveable assets such as shares or artworks are typically governed by the law of residence, while immovable assets like property usually fall under the laws of the country where they are located. Without careful planning, families can find themselves dealing with drawn-out disputes or the fragmentation of estates across jurisdictions.
Succession is not a single event but an ongoing process – one that, done well, can transform potential conflict into unity
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So, what should families do? For Gulf families, the priority is to formalise governance – to treat it not as a formality but as the very foundation of continuity. Open dialogue, family constitutions, and clearly agreed decision-making processes all help preserve unity while making space for the next generation’s ideas.
For expatriates, clarity is everything. Take the time to put estate plans in place that account for the different jurisdictions where assets are held, and ensure heirs understand how local inheritance laws interact with global holdings.
Succession is not a single event but an ongoing process – one that, done well, can transform potential conflict into unity and safeguard both cultural and financial legacies. Whether you are a Gulf family balancing heritage with innovation or an expatriate navigating multiple jurisdictions, the goal is the same: to protect what has been built and empower the next generation to carry it forward.
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