A major new international report from HSBC Private Bank reveals that the Middle East is home to the highest proportion of millennial entrepreneurs globally.
The research among more than 2,800 active business owners, worth between $250,000 and $20 million, finds that the Middle East also has the youngest average age of entrepreneurship at just 26 years old.
On average, an entrepreneur in the Middle East, China, Hong Kong and Singapore employs 100 staff and generates revenues of more than $10 million.
These figures are approximately double the equivalent results for enterprises in the United States, the UK, France and Germany.
The journey to entrepreneurship begins for 46 percent in the Middle East at school or college, which ranks the highest of any country or region.
For 25 percent, their journey begins while in a professional career. As a region, the desire to setup in business is strong, but many entrepreneurs seek some professional experience before going it alone.
Entrepreneurs in the Middle East, China, Hong Kong and Singapore define value creation not so much by personal fortune but by the size of the businesses that individuals have managed to create.
By contrast, in the United States, the UK, Germany and France, personal wealth is a more important marker of entrepreneurial success.
Sobhi Tabbara, global market head of private banking, Middle East, said: “Young people are among the Middle East’s biggest assets. Their entrepreneurial drive is reshaping and redefining the future of the Middle East's economies. Now is a great time to be a millennial entrepreneur in the Middle East."
Ahmed Abdelaal, regional head of corporate banking and structured finance, HSBC MENA, said: “Among businesses in the Middle East, we see a real hybrid of young entrepreneurs involved either in the family business or breaking out to prove their own business concepts.”
Middle East millennials lead the way globally in entrepreneurship
