The Kingdom of Saudi Arabia (KSA) is expected to welcome up to 300 millionaires in 2024 as the Kingdom continues to attract high-net-worth individuals (HNWIs).
British consulting firm Henley & Partners said in a report that the Riyadh and Jeddah are gaining popularity among millionaire immigrants, especially from North Africa and the Middle East.
It added, “In our opinion, these two cities have the potential to attract large numbers of wealthy expatriates in the future.”
The head of the private clients group at Henley & Partners, Dominic Volek, said that the year 2024 will be a watershed moment in the migration of global wealth.
In 2024, 128,000 millionaires worldwide are expected to migrate to new countries, with the United Arab Emirates (UAE) and the US being the top destinations.
“As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers,” said Volek.
He added, “In many respects, this great millionaire migration is a leading indicator, signaling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.”
