Riyadh, June 21, 2024 — British consultancy firm “Henley & Partners – The Firm of Global Citizens®” has forecasted that up to 300 millionaires will relocate to Saudi Arabia this year, drawn by the Kingdom’s appeal to high-net-worth individuals.
In its latest report, Henley & Partners highlighted Riyadh and Jeddah as increasingly popular destinations for migrating millionaires, particularly from North Africa and the Middle East. The firm stated, “These two cities hold significant potential for attracting wealthy expatriates in the future.”
Dominic Volek, Head of Private Clients at Henley & Partners, emphasized that 2024 represents a pivotal year for global wealth migration. “An estimated 128,000 millionaires are expected to move to new locations worldwide, surpassing the previous record of 120,000 set in 2023. This trend occurs amidst geopolitical tensions, economic uncertainty, and social upheaval,” Volek explained.
He added, “The massive migration of millionaires serves as a leading indicator, signaling a profound shift in the global distribution of wealth and power, with far-reaching implications for both the countries they leave behind and those they choose as their new home.”
📈 Saudi Arabia ranks tenth globally in attracting millionaires, reflecting significant growth in its ability to draw affluent individuals in the future.
Notable Losses:
📉 China: The analysis predicts that China will experience the largest net outflow of millionaires globally in 2024, with 15,200 wealthy individuals leaving the country, compared to 13,800 in 2023.
📉 United Kingdom: The UK is projected to face an unprecedented net loss of 9,500 millionaires in 2024, more than double the 4,200 who departed last year, making it the second-largest loss after China.
Saudi Arabia’s allure for millionaires underscores its emergence as a key player in global wealth migration.
