Saudi Gazette Report

RIYADH — Henley & Partners, the British consulting company, forecasts that up to 300 millionaires will move to Saudi Arabia in 2024, highlighting the Kingdom's continued appeal to high-net-worth individuals.

According to their latest report, Riyadh and Jeddah have emerged as increasingly popular destinations among millions of immigrants, particularly from North Africa and the Middle East.

Dominic Volek, head of private clients at Henley & Partners, described 2024 as a pivotal moment in global wealth migration. He noted, "An unprecedented 128,000 millionaires are expected to relocate worldwide this year, surpassing the previous record of 120,000 set in 2023. As the world grapples with a storm of geopolitical tensions, economic uncertainty, and social unrest," Volek said.

Volek emphasized that the migration of these millionaires signifies a significant shift in the global wealth and power landscape, with profound implications for both the countries they leave and those they choose as their new homes.

The report ranks the UAE as the top destination, followed by the US and Singapore, which are expected to host 3,800 and 3,500 millionaires, respectively, by the end of 2024.

Canada ranks fourth, with an expected influx of 3,200 wealthy individuals, followed by Australia and Italy with 2,500 and 2,200 millionaires, respectively.

Switzerland is sixth on the list, expecting 1,500 millionaires to relocate, followed by Greece and Portugal with 1,200 and 800, respectively.

In contrast, the UK is expected to see a significant net loss of millionaires in 2024, with 9,500 expected to leave, second only to China globally and more than double the 4,200 who left last year.

China is projected to be the biggest loser of millionaires globally, with an expected net outflow of 15,200 wealthy individuals this year, compared to 13,800 in 2023.