Leo Charitos, the head of wealth planning at LGT in the Middle East, stated that the region is currently experiencing a significant transformation in wealth management, shifting from the traditional focus on asset preservation to exploring the purpose of wealth and its role in shaping future generations.
Charitos clarified that “wealth is no longer just numbers in financial records; it embodies generational stories and a human legacy that reflects the values and aspirations families aim to establish over time.” He noted that this shift indicates an increasing awareness among wealthy families regarding the importance of connecting financial success with social responsibility and long-term sustainability.
He added that the Middle East stands on the brink of a pivotal historical phase, where it is anticipated that nearly one trillion USD will transfer from one generation to the next in Gulf countries by 2030. He characterized this period as “one of the largest wealth transfers in modern history, not only in terms of scale but also regarding its profound impact on redefining success itself.”
Charitos pointed out that “the new generation of wealth owners does not view legacy as an endpoint but rather as a beginning of a new phase.” He explained that this generation is looking to diversify investments, innovate new business models, and create a positive impact that extends beyond the family to society and the economy as a whole.
He emphasized that “the rising generation is not content with merely preserving what their parents and grandparents built; they aspire to develop and utilize it in smarter and more impactful ways,” noting that wealth is now seen as “a bridge connecting the past to the future, between individual ambition and collective responsibility.”
In this context, Charitos highlighted that the role of wealth managers is undergoing a fundamental change, no longer limited to managing investment portfolios, but also involving guiding families in crafting their long-term vision, setting goals, and translating their values into clear financial strategies.
He stated, “Modern wealth management in the Middle East has become an ongoing dialogue about purpose, family governance, and the transfer of values alongside the transfer of assets,” adding that families are increasingly focused on issues such as sustainability, responsible investing, and strategic philanthropy.
Moreover, he explained that several wealthy families in the region have begun redefining the concept of legacy, emphasizing that it should not solely be about the size of inherited wealth, but also about social impact, building institutions, and empowering future generations with knowledge and decision-making capabilities.
Charitos affirmed that this transformation necessitates early preparation and meticulous planning, stating, “The success of wealth transfer is not solely measured by the smoothness of legal and financial procedures, but by the next generation’s ability to understand wealth, respect it, and use it as a tool for building a better future.”
He concluded by saying, “The future of wealth management in the Middle East will belong to those who recognize that wealth is not an end in itself but a means to create sustainable impact.” He added that the region has a unique opportunity to reshape a new global model for wealth management that integrates economic growth, cultural identity, and responsibility towards future generations.