As families face the largest wealth transfer in history, succession planning in the GCC is no longer a distant concern but an urgent one. That was the clear message from a panel discussion titled Family Dynamics: Navigating succession planning and wealth transfer challenges in the GCC, held on 9 December at the Spear’s Summit at Jumeirah Saadiyat Island Resort in Abu Dhabi.
The session, in association with Apeiron, was chaired by Spear’s head of research Aisha Alli and featured Tim Searle, CEO of HNWTAX, Yasmine Omari, head of family office and wealth advisory (DIFC) at Bank of Singapore, Justin Man, CEO of Apeiron Group and Joud Aboud, EVP of strategy and corporate affairs at Ghassan Aboud Holding.
Opening the discussion, Searle set out the scale of what lies ahead, describing the Great Wealth Transfer as ‘one of the largest transfers of wealth in history’, estimating it at between ‘$30 to $100 trillion over the coming period’. In the GCC, he said, this shift is already under way, as first-generation founders begin passing assets to younger family members who often have very different priorities and expectations.
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But the gap between awareness and action persists. Omari told the audience that family preparedness across the region varies widely. ‘There are some families that are completely well structured and set up. Others are beginning at ground zero,’ she said, adding that it is often smaller families (not the wealthiest) that have clearer governance in place. In many cases, succession is discussed but postponed, as families focus on day-to-day business decisions rather than what she described as ‘the tougher, more emotional conversations’.
A recurring risk highlighted by the panel is the fragmentation of wealth. Without a shared vision, Omari warned, wealth is more likely to splinter as assets pass to the next generation. ‘We would like to see the wealth maintained collectively,’ she said, ‘but we’ll often see the next gen just taking their share and doing their own thing.’ While that is not always a failure, she noted, it can weaken long-term sustainability.
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However, technical structures alone cannot prevent family breakdowns. Drawing on his experience advising families and as a second-generation business leader himself, Man said the biggest risks are often human rather than financial. ‘We can’t underestimate the value and the force of human nature and what it has on families globally,’ he told the audience, noting that ‘60 plus per cent of families actually break apart because of family issues’, not tax.
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That human element, the panel agreed, is why early education and communication matter as much as legal or financial planning. Aboud shared how exposure to governance practices outside the region helped shape her approach after joining her family’s business. ‘I saw the importance of governance,’ she said, adding that planning conversations in her own family only began once she pushed for them.
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But the dynamics within GCC families are changing. Aboud pointed to the growing role of women in leadership and inheritance, saying women are ‘much more empowered by the government itself’ and now have a real ‘chance at becoming the inheritors’.
While succession has its specific challenges – and advantages – for Middle Eastern families, it clearly emerged that delay in planning remains one of the main risks. Searle warned that, when planning is left too late, ‘all chaos breaks loose’. The families that fare best, the panel suggested, are those willing to start the conversation early, while all generations are still around the table.
