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GCC Wealth Management Embraces Diversification and Growth

The world is creating more wealth than ever before but protecting and growing it has become increasingly challenging.

To put this into perspective, BCG’s Global Wealth Report 2026 1 found that global financial wealth increased by 10.7% in 2025 to US$333 trillion, its highest rate of growth since 2021. The Gulf Cooperation Council (GCC) is also becoming more prominent within this evolving landscape. The region’s total wealth reached an estimated US$8.6 trillion in 2024, while EY’s GCC Wealth Management Industry Report 2025 2 estimated that more than 200,000 individuals across the region qualify as ‘high net worth’ (HNW).

Amid this trend, around half of the private wealth in the GCC remains tied to real estate, highlighting an opportunity for greater diversification across assets and markets.

We see this among QNB’s private banking and wealth management clients, with a move beyond traditional equity and fixed income allocations towards broader diversification strategies. For example, interest is growing in alternative investments, international opportunities and actively managed solutions that can respond to changing market conditions.

The GCC’s Growing Role in Global Wealth

The GCC’s emergence as an international wealth hub reflects the broader transformation taking place across its economies. Investment in technology, infrastructure, financial services, tourism and advanced industries is widening the range of opportunities available to investors and strengthening the region’s connections with markets across Asia, Africa and Europe.

The development of financial centres, deeper capital markets and national economic transformation programmes is also creating a more sophisticated regional investment ecosystem. These initiatives are strengthening the region’s position not only as a source of capital, but also as a destination for private wealth and a platform through which investors can access international markets.

From Portfolio Allocation to Active Stewardship

As the investment universe expands, diversification is no longer limited to simply holding a mixture of listed equities and fixed income instruments. Investors increasingly require portfolios diversified across geographies, currencies, sectors, asset classes and investment horizons.

This is driving demand for alternative investments as investors look for new sources of return and greater portfolio resilience.

According to EY’s GCC Wealth Management Industry Report 2025 3, 69% of wealthy clients in the Middle East hold alternative investments. This supports what we are seeing among QNB’s clients, with growing interest in private markets, structured solutions and thematic opportunities that can enhance diversification and provide attractive risk-adjusted returns.

These investments can provide access to opportunities that are not always available through public markets. However, they can also introduce liquidity constraints, longer investment horizons, valuation complexity and varying levels of transparency. Access alone is therefore not enough.

Each allocation also requires rigorous due diligence and a clear understanding of how it contributes to the objectives, liquidity requirements and risk profile of the overall portfolio.

For HNW individuals and family offices, their objectives often extend beyond investment performance. These may include capital preservation, liquidity planning, succession, or the responsible stewardship of family assets.

Such priorities are becoming more pronounced. EY estimates that approximately 500,000 older individuals across the GCC could transfer around US$438 billion to their heirs by 2030, increasing the importance of multigenerational wealth planning.

Combining Global Access with Regional Expertise

To meet the evolving needs of HNW individuals, global reach provides access to a wider universe of investments, specialist expertise and institutional relationships. At the same time, regional knowledge allows advisers to understand local market structures, emerging opportunities and individual client priorities.

Together, these capabilities support portfolio strategies that are globally diversified while remaining relevant to each client’s circumstances.

QNB Group is well positioned at the intersection of these dynamics. As a leading financial institution in the Middle East and Africa, with a presence in over 28 countries across Asia, Europe and Africa, the Group combines international market access with deep regional knowledge. This enables QNB to provide tailored wealth-management solutions informed by a strong understanding of market opportunities and client needs.

However, scale and access are only part of effective wealth management. Clients increasingly expect advice that reflects their individual circumstances, risk appetite and ambitions. This requires bespoke portfolio strategies, data-driven market insights and robust governance, supported by relationships built on trust and discretion.

A More Active Approach to Long-term Wealth

The next phase of wealth management will be more globally diversified, actively managed and advisory-led.

This degree of monitoring is essential; while investors will continue to seek wider access to international and alternative opportunities, they will also require greater discipline in how those opportunities are evaluated and integrated into their portfolios.

The GCC is well placed to play a growing role in this evolution. Its expanding wealth base, economic transformation, financial capacity and international connectivity are strengthening its position as both a destination for capital and a centre for long-term wealth creation.

Ultimately, successful wealth management depends on the ability to combine global access with regional understanding and investment opportunity with disciplined stewardship. Institutions that combine these capabilities will play an increasingly important role in helping clients preserve their wealth, navigate complexity and create enduring value across generations.

Read more about QNB Group’s wealth management capabilities and solutions here.

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México Canta: Binational music competition embraces Mexican Americans

Long gone are the days of Mexican Americans’ alienation from Mexico — at least, if the Mexican government can help it.

On Sunday, hundreds of spectators gathered inside the Orpheum Theatre in downtown Los Angeles to watch the United States semifinals for “México Canta,” a binational music competition for rising artists from the U.S. and Mexico, organized by the latter’s Ministry of Culture.

Seven participants of Mexican descent from across the U.S. braved the stage with original songs, in what can only be described as a heartfelt singing contest, without the scorn of nitpicky judges or behind-the-scenes melodrama, but rather a zealous crowd made up of all age groups.

Voting was handed over to the public, as the segment broadcast live on public television across the United States and Mexico. Over 300,000 individuals tuned in to cast a vote to advance the top three contestants: Tiffany Galaviz, Joshua Soto and Rosalba Valdez. They will go on to compete in the grand finale of México Canta on Sept. 13 at the Auditorio Nacional in Mexico City for a chance at a record deal.

“There’s always that saying that if you’re Mexican American, you’re not Mexican enough, but I think that’s wrong,” said 18-year-old Soto, a Bronx native whose musical theater background and deep R&B groove gave depth to the bilingual country-corrido “Terco Callejero.”

“Ever since I was little, my parents always showed me my culture, my roots. It’s in my blood. It’s in the traditions that I follow and the music that I listen to every day,” added Soto, who is enrolled in New York University’s vocal performance program in music theater.

For 27-year-old semifinalist Valdez — a Chicagoan whose signature red hair and bedazzled fringe fit distinguished her onstage, as she sang her merengue-infused tune “Por Bonita” — being Mexican American is both a huge privilege and responsibility.

“When I was younger, I used to think the opposite, because of what our community went through,” said Valdez. “Now I see it as a superpower. [Being Mexican American is] something that I want more people to understand has power. We can create a lot of change when we realize the power that we have.”

Joshua Soto, Tiffany Galaviz and Rosalba Valdez

Over 300,000 individuals tuned in live to cast a vote for the top three contestants: Joshua Soto, Tiffany Galaviz and Rosalba Valdez

(Ronaldo Bolanos / Los Angeles Times)

Speaking to The Times, Mexico Secretary of Culture Claudia Curiel de Icaza, stressed the importance of binational programming — adding that she believed that the singing contest can unite young people across the U.S.-Mexico border.

“We cannot think that we are merely divided by territory. Culture transcends borders, music transcends borders,” she said. “We are separated, but ultimately there is an extremely intimate and rich cultural development because culture has been the space of resistance, of resilience.”

As host and singer, Majo Aguilar — granddaughter of Mexican film and music legends Antonio Aguilar and Flor Silvestre — ushered vocalists on and off the stage. Large screens lit up with educational stories of the legacy of Mexican nationals, such as Pedro J. González, one of the first Spanish radio broadcasters in the U.S.

The show also paid homage to American-born individuals who have elevated Mexican music: including Texas-born Gloria Ríos, who helped pioneer rock ’n’ roll in Mexico in 1956 and Arizona-born Linda Ronstadt, whose 1987 album “Canciones de Mi Padre” became the bestselling non-English language record in U.S. history.

This year, the contest placed an emphasis on música mexicana. According to Spotify, global streams of the genre have grown by 295% since 2021; in the U.S. alone, its popularity has grown by 162% since 2021.

In large part, its popularity has been driven by corrido tumbados, or songs which blend traditional Mexican folk with trap, often underscoring street life, “the hustle” and the riches that can follow.

Its most prominent acts include Junior H, Fuerza Regida and Peso Pluma. These were the biggest streaming Latin musicians in the U.S. in 2024, just below reggaeton superstar Bad Bunny — yet none of these popular música mexicana artists were recognized during the competition.

“Mexican music is among the most consumed worldwide and it’s a matter of choosing a genre where young people feel identified and music that transcends borders,” said Curiel de Icaza. “And no, we are not censoring it.”

México Canta began in 2025 as state-sponsored programming to promote musical narratives beyond themes of violence and drug-trafficking.

Besides banning the use of artificial intelligence and other audio alterations, the contest did not permit “songs that glorify violence or drug use.” Failure to comply with the rules would result in disqualification for contestants.

“More than banning, it’s about educating, guiding, and getting young people to stop listening to that music,” President Claudia Sheinbaum said in a news conference last year when the program was first introduced.

President of Mexico Claudia Sheinbaum speaks during the daily morning briefing at Palacio Nacional.

President of Mexico Claudia Sheinbaum speaks during the daily morning briefing at Palacio Nacional on Aug. 6, 2025, in Mexico City.

(Manuel Velasquez / Getty Images)

The singing competition comes at a time when 10 out of 32 Mexican states have implemented bans or limitations on corridos in public spaces; namely narcocorridos, or ballads that recount or glamorize elements of drug culture or organized crime.

Some lawmakers assert that the lyrics in these songs promote violence, including Mexico City lawmakers who, in May, passed a law barring the songs from being played at public events.

“The bans, which come amid President Trump’s hyper-focus on drug trafficking in Mexico, have sparked debates here about freedom of expression and state censorship and have raised provocative questions: Do narcocorridos merely reflect reality in a nation gripped by powerful drug gangs? Or do they somehow shape it?” wrote Times correspondent Kate Linthicum in a May 2025 article.

In May, the second edition of México Canta was announced during Sheinbaum’s daily news conference, generating online buzz when famed corrido tumbado singer Junior H vocalized support for the contest — while also lamenting his past musical choices.

“In my initial [career], some of the stories that I shared in my music didn’t add to the positive message that reflect my current compositions,” said Junior H, whose real name is Antonio Herrera Pérez, in the news conference. “I kept growing and I learned that music, besides being a form of expression, also implies a responsibility when millions of people hear you worldwide.”

The 25-year-old rose to fame through popular narcocorridos such as 2023’s “El Azul,” which is believed to be about Sinaloan drug lord Juan Jose Esparragoza Moreno; as well as his 2022 banda-fused track, “El Hijo Mayor,” which some speculate to be about the son of Joaquín “El Chapo” Guzmán.

“When you grow up, you have a career path and you see that you have an impact on young people, you start to mature and evolve your career,” Curiel de Icaza said of Junior H. “And you realize you want to go in a different direction, that’s when he understood and decided that it was better to focus on something else.”

During the news conference, Sheinbaum denounced the idea that the music contest was a form of censorship. Curiel de Icaza also refuted those claims: “We’re not prohibiting anything. Music will continue to exist, different voices exist and we’re not prohibiting or censoring songs.”

To help amplify the values of México Canta, organizers enlisted the help of Los Tigres del Norte, one of the most successful regional Mexican acts in the U.S. The night before the semifinals in L.A., Los Tigres performed with Gustavo Dudamel at the Hollywood Bowl.

The band closed Sunday’s competition with a performance of “México Sigue De Pie,” a new song that underscores the grit of the Mexican community. “They’re legendary,” Curiel de Icaza said of the band.

Coincidentally, the esteemed guests were early pioneers of narcocorridos: including their 1974 song “Contrabando y Traición,” which details a fictional drug trade tale of Emilio Varela and Camelia la Texana, as well as their 1978 track “La Banda del Carro Rojo,” which describes cocaine trafficking across the state lines.

But over the last decade, the band, too, has been advised by concert organizers in Mexico to avoid playing these types of songs when performing in certain venues, leading them to voice concern over the criticism of corridos — which they argue provide listeners with details over real-life truths, in the same way journalists engage in storytelling.

“We’re narrators of people’s lives,” bandleader Jorge Hernández told El País last year.



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