Saudi Arabia expects increase in millionaires in next decade

The Kingdom now houses 58,300 millionaires, including 195 centi-millionaires and 22 billionaires, a 32 percent increase since 2013.

The Kingdom of Saudi Arabia (KSA) is expected to see a more than 105 percent increase in wealth per capita over the next decade between 2023 and 2033, according to the Henley & Partners BRICS Wealth Report.

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The anticipated increase in wealth is a result of Saudi Arabia’s Vision 2030, a strategy to diversify the economy away from the oil industry.

Currently, the average wealth per capita in the Kingdom is 54,000 dollars (Rs 44,77,275).

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Saudi Arabia ranks sixth in the BRICS bloc for high-net-worth individuals, according to a report.

The Kingdom now houses 58,300 millionaires, including 195 centi-millionaires and 22 billionaires, a 32 percent increase since 2013.

The report showed that India ranks first in per capita wealth list, projected to increase by 110 percent over the next decade from 6,800 dollars (Rs 5,63,818).

The UAE’s average wealth per capita is predicted to increase by 95 percent by 2033, surpassing China and Ethiopia at 85 percent nd 75 percent, respectively.

“These countries exhibit divergent economic conditions: Saudi Arabia and the UAE enjoy robust economies, while Egypt confronts systematic economic challenges,” Robert Mogielnicki, a senior resident scholar at the Arab Gulf States Institute in Washington, said in a statement.

He added, “There are also major differences in each country’s respective positions in the international order and how senior government actors therein pursue political and diplomatic interests on the world stage.”

Top 10 countries in wealth growth forecats

RankCountryWealth growth (percent) 10-year forecast
1India110 percent
2Saudi Arabia105 percent
3United Arab Emirates95 percent
4China85 percent
5Ethiopia75 percent
6South Africa60 percent
7Egypt55 percent
8Brazil45 percent
9Russian Federation25 percent
10Iran25 percent

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