Saudi Arabia to Attract 300 Millionaires in 2024

Saudi Arabia is set to welcome as many as 300 millionaires in 2024, as the Kingdom becomes increasingly attractive to high-net-worth individuals (HNWIs), according to Henley & Partners’ Wealth Migration Report 2024.^[1]  

Saudi Vision 2030 is driving the kingdom's ambitions to lead in industries as diverse as gaming, fight sports, and real estate. 

The report revealed that Riyadh and Jeddah are growing in popularity among immigrant millionaires, particularly from North Africa and the Middle East. The British consultancy firm believes that these two cities have the potential to attract large numbers of wealthy expatriates, similar to Dubai and Abu Dhabi.

The study also indicates that the UAE continues to be the top destination for HNWIs, with an estimated 6,700 millionaires expected to flock to the country by the end of 2024 boosted by large inflows from the UK and Europe.

Factors such as the UAE's tax-free income, golden visa residency program, and strategic geographic location contribute to its appeal for migrating millionaires.

A growing number of wealthy Indians prefer to reside in the UAE, particularly in Dubai. Henley & Partners said that as many as 4,300 millionaires from India will emigrate this year, and the majority will go to the UAE.

Many wealthy Indians prefer establishing family offices in other countries, and the most popular ones are Dubai, Singapore, and London. This move is usually spearheaded by the youths who, after being educated in foreign countries, or who have developed their own companies outdo this move.

Interestingly, Indians make up more than 30% of Dubai's startup community.

Dominic Volek, Group Head of Private Clients at Henley & Partners, noted that 2024 is turning out to be a crucial year for the global migration of wealth. An estimated 128,000 millionaires are expected to relocate worldwide this year, surpassing the previous record of 120,000 set in 2023. He attributed this figure to the geopolitical tensions, economic uncertainty, and social upheaval that will push a record number of millionaires to relocate.

Following the UAE, the top destinations for millionaires include the US and Singapore, with 3,800 and 3,500 HNWIs expected to move to these countries, respectively. Canada ranks fourth with 3,200 millionaires, followed by Australia and Italy with 2,500 and 2,200 millionaires, respectively. Switzerland is projected to attract 1,500 millionaires, while Greece and Portugal are set to welcome 1,200 and 800 HNWIs, respectively.

The report also highlights a significant net loss of millionaires in the UK, with an unprecedented 9,500 expected to leave in 2024, making it the second highest globally after China. China is forecasted to see a net exit of 15,200 HNWIs this year, up from 13,800 in 2023.