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Saudi Arabia Expects to Welcome 300 Millionaires in 2024

A new global study has demonstrated the major developments that the Kingdom of Saudi Arabia is witnessing in the current period, confirming that the country is preparing to receive up to 300 millionaires in 2024, reported Sabq.

The British investment immigration consultancy Henley & Partners, based in London, revealed that the Kingdom is emerging as an increasingly attractive destination for high-net-worth individuals.

Riyadh and Jeddah have witnessed a significant increase in interest from millionaire immigrants, especially from North Africa and the Middle East.

In the same context, international press reports confirmed that the proactive measures taken by the Kingdom to attract wealth and investments are in line with its broader goals of economic diversification, which places the Kingdom as a major player in the global wealth migration scene.

It is noteworthy that the number of people whose wealth exceeds one million dollars in the Kingdom currently amounts to about 58 thousand individuals. The wealth of 195 people exceeds 100 million dollars.

The number of people whose wealth exceeds one billion dollars is 22 people, while the number of millionaires in Saudi Arabia has increased by 35% over the past decade.

Luxurious Lifestyle in Saudi Arabia

Reports indicated that the luxurious lifestyle of the wealthy in the Kingdom is shaped by several prominent factors, including:

  1. Luxury Real Estate

The Kingdom has a vibrant market for luxury real estate, including palaces, villas and hotel apartments. These infrastructures are distinguished by their architectural sophistication, the inclusion of smart home technologies, and local cultural and heritage influences.

2. Affluent consumer base

The Kingdom is home to a large number of millionaires and high-net-worth individuals, fueling significant demand for luxury goods and experiences. As of 2022, the number of millionaires in the Kingdom reached 117,000, confirming the strong economic backdrop that supports the luxury goods markets.

3. Luxury tourism and events

The Kingdom is actively working to strengthen its position as a leading global destination for luxury tourism.

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