Oman’s wealth set to reach $135 billion by 2029, report finds

MUSCAT -

Oman’s financial wealth is on a steady growth path, with total assets projected to rise from $115 billion in 2024 to $135 billion by 2029, according to the latest Global Wealth Report by Boston Consulting Group (BCG).

The report, titled “Global Wealth Report 2025: Rethinking the Rules for Growth,” highlights that real assets currently valued at $197 billion are expected to increase to $223 billion by 2029, despite a slight 0.2 percent decrease in compound annual growth rate (CAGR) in recent years. Liabilities have remained relatively stable at $13 billion, with a moderate rise to $15 billion forecast over the next five years.

Investable wealth in Oman is projected to grow from $79 billion in 2024 to $94 billion by 2029, a 3.7 percent CAGR, while non-investable wealth, after a small dip in 2024, is expected to recover with 1.9 percent annual growth through 2029. Equities and currency deposits dominate Omani portfolios, with life insurance, pensions, and alternative investments also expected to see steady increases.

Lukasz Rey, Managing Director and Partner at BCG, said the report underscores a shift in Oman’s wealth management sector.

“The key to success today is no longer merely about gaining market exposure or hiring senior bankers; it’s about fostering internal growth,” he said.

“Companies that strategically prioritise advisor development, strengthen their brand identity, and embrace next-generation client strategies are positioned to capture the growing wealth in this dynamic market.”

The report identifies four strategic imperatives for wealth managers in Oman: building a differentiated brand, leveraging AI for client acquisition, integrating data-driven recommendation systems, and engaging younger investors through personalised digital experiences.

“Oman’s wealth management landscape is evolving as local investors become more sophisticated and seek diversified opportunities,” Rey said.

“Firms that adopt AI-driven prospecting, tailor the onboarding experience, and leverage digital tools to enhance productivity are best placed to capture the growing opportunities in this market,” he added.

With a total projected growth trajectory firmly in place, BCG’s analysis highlights the importance of aligning organisational capabilities with market dynamics to ensure sustainable success in Oman’s rapidly evolving financial sector.