Saudi Arabia Set to Welcome 300 Millionaires by 2024
Get ready, Saudi Arabia! A whopping 300 millionaires are expected to flock to the Kingdom by 2024 as it continues to attract high-net-worth individuals, according to a study conducted by Henley & Partners.
Riyadh and Jeddah: The New Hotspots for Immigrant Millionaires
The latest report from Henley & Partners reveals that Saudi Arabia’s capital, Riyadh, and the bustling city of Jeddah are gaining popularity among immigrant millionaires, especially from North Africa and the Middle East. The British consultancy firm predicts that these two cities have the potential to become the next Dubai and Abu Dhabi in terms of attracting wealthy expats.
UAE Continues to Lead as Wealth Magnet
The UAE remains the top destination for high-net-worth individuals, with an estimated 6,700 millionaires expected to call the country home by the end of 2024. The tax-free income, golden visa residency program, and strategic location of the UAE make it a favorite choice for migrating millionaires.
Global Wealth Migration in 2024
According to Dominic Volek, Group Head of Private Clients at Henley & Partners, 2024 is set to witness a historic movement of wealth across the globe. A record-breaking 128,000 millionaires are projected to relocate this year, signaling a significant shift in global wealth distribution and power dynamics.
Top Countries for Millionaire Migration
Following the UAE, the United States and Singapore are expected to host 3,800 and 3,500 millionaires, respectively, by the end of 2024. Canada, Australia, Italy, Switzerland, Greece, and Portugal are also among the top destinations for migrating high-net-worth individuals.
UK and China Face Major Millionaire Exodus
On the flip side, the UK is anticipated to experience a notable net loss of 9,500 millionaires in 2024, second only to China globally. China is projected to see the highest number of millionaire exits, with 15,200 high-net-worth individuals expected to leave the country this year.