300 Millionaires to Move to Saudi Arabia in 2024
According to British Investment Migration Consultancy Henley & Partners, Riyadh and Jeddah have the potential to mimic Dubai and Abu Dhabi in attracting large numbers of wealthy expats.
A recent study by London-based British Investment Migration Consultancy Henley & Partners revealed that Saudi Arabia is poised to welcome as many as 300 millionaires in 2024, as the Kingdom emerges as an increasingly attractive destination for high-net-worth individuals (HNWIs). According to the report, Riyadh and Jeddah have seen a surge in interest from immigrant millionaires, particularly from North Africa and the Middle East. Henley & Partners highlighted Riyadh and Jeddah's potential to emulate Dubai and Abu Dhabi in becoming hubs for wealthy expatriates, underscoring Saudi Arabia's strategic efforts to bolster its appeal among global investors and entrepreneurs. Meanwhile, the UAE continues to lead as the top global destination for HNWIs, with an estimated 6,700 millionaires expected to relocate there by the end of 2024. Factors contributing to the UAE's attractiveness include tax-free income, a robust golden visa residency program, and its strategic geographic location. The report also highlighted other countries attracting significant numbers of HNWIs, including the US, Singapore, Canada, Australia, Italy, Switzerland, Greece, and Portugal. Conversely, the UK and China are expected to experience significant net losses of millionaires in 2024, reflecting shifting global economic landscapes. Saudi Arabia's proactive measures to attract wealth and investment align with its broader economic diversification goals, positioning the Kingdom as a key player in the global wealth migration landscape.
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