Saudi Arabia to Attract 300 Millionaires in 2024, Henley & Partners

Riyadh, Saudi Arabia: Saudi Arabia is emerging as a new destination for the world’s wealthy, with a projected arrival of 300 millionaires in 2024. This influx highlights the Kingdom’s growing appeal among high-net-worth individuals (HNWIs).

Shifting Tides in Global Wealth

A recent report by Henley & Partners, a global citizenship and residence advisory firm, predicts a record-breaking year for millionaire migration. An estimated 128,000 millionaires are expected to relocate worldwide, driven by factors like geopolitical tensions and economic uncertainty. This trend signifies a significant shift in the global distribution of wealth.

Saudi Arabia’s Rising Star

The report identifies Saudi Arabia’s capital, Riyadh, and the coastal city of Jeddah as becoming increasingly popular with immigrant millionaires, particularly those from North Africa and the Middle East. Henley & Partners analysts see potential for these cities to rival Dubai and Abu Dhabi in attracting wealthy expats.

Factors Fueling the Move

While the UAE retains its top spot for attracting millionaires in 2024, Saudi Arabia’s growing appeal is undeniable. Factors like the Kingdom’s strategic location, economic diversification efforts, and development projects are likely contributing to this shift.

The report underscores a broader trend of millionaire migration with far-reaching consequences. The decisions of HNWIs to relocate can have a significant impact on the economies of both their home and host countries. For Saudi Arabia, this influx of wealth presents an opportunity to further develop its economy and infrastructure.

Beyond the Numbers

The report’s findings extend beyond mere statistics. The increasing number of millionaires choosing Saudi Arabia as their new home reflects growing global confidence in the Kingdom’s future. This trend could have a ripple effect, attracting further investment and talent to the region.

While Saudi Arabia’s rise as a magnet for millionaires is a positive development, the report also highlights the challenges faced by other nations. Understanding the reasons behind HNWI migration allows policymakers to implement measures that can enhance their countries’ attractiveness to this important demographic.

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