20 Jun 2024
RIYADH: As many as 300 millionaires will flock to Saudi Arabia in 2024 as the Kingdom continues to attract high-net-worth individuals, according to a study.
In its latest report, Henley & Partners said that Saudi Arabia’s capital Riyadh as well as Jeddah are becoming “increasingly popular” with immigrant millionaires,especially from North Africa and the Middle East.
“In our view, these two cities have the potential to mimic Dubai and Abu Dhabi in attracting large numbers of wealthy expats in the future,” said the British consultancy firm in the release.
According to the analysis, the UAE is continuing its run as the top destination of choice for HNWI, with an estimated 6,700 millionaires expected to make the country their home by the end of 2024.
“For the third year running, the UAE looks set to take first place as the world’s leading wealth magnet, with a record-breaking 6,700 moneyed migrants expected to make the Emirates home by the end of the year, significantly boosted by large inflows from the UK and Europe,” said the British consultancy.
According to the report, the UAE’s tax-free income, golden visa residency program, and geographic location have made it a favorite destination for migrating millionaires.
The Group Head of Private Clients at Henley & Partners, Dominic Volek, said that 2024 is shaping up to be a watershed moment in the global migration of wealth.
“An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023. 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.”
The UAE is followed by the US and Singapore, with 3,800 and 3,500 millionaires set to live in these countries by the end of this year.
Canada grabbed fourth place in the list, with a projected 3,200 HNWI flocking to the country, followed by Australia and Italy with 2,500 and 2,200 millionaires coming to these nations, respectively.
Switzerland came in the sixth spot in the list, with an estimated 1,500 millionaires relocating to the country, followed by Greece and Portugal at 1,200 and 800, respectively.
The report highlighted that the UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024 — second only to China worldwide and more than double the 4,200 who left the country last year.
According to the analysis, China is expected to be the biggest millionaire loser globally, with an anticipated net exit of 15,200 HNWIs this year, compared to 13,800 in 2023.