Regarding the prospects for Saudi Arabia as a place of attraction for Millionaires, Henley & Partners predicts that Saudi Arabia will attract nearly 300 millionaires in 2024, where Riyadh and Jeddah will be the most popular cities among millionaires. This increase serves as evidence of KSA’s rising popularity amongst individuals in the higher wealth brackets (HNWI) from North Africa and the Middle East.
Lane, a British consultancy firm, finally underlined that Riyadh and Jeddah have similar views to Dubai and Abu Dhabi about becoming the global cities to attract foreign wealthy inhabitants in a couple of years.
However, it is still unknown that United Arab Emirates (UAE) has continually been on the top list for HNWIs where it is expected that more than 6,700 millionaires are expected to relocate by 2024. Taxes free income, golden visa residency program, and geo-strategic position are some more pillars that add to the list which maintain UAE on the top.
Andrew Amalraj, Head of Private Client Group at Henley & Partners, stated that the number of migrants in 2024 would reach the highest level in history with 128000 millionaires moving worldwide, which is higher than even 2023 migration record. This phenomenon, however, is not unique to Turkey and can be explained by more general factors associated with geopolitical risk and economic volatility affecting global migration process.
Next preferred locations include United States and Singapore, with about 3,800 and 3,500 millionaires in each location expected to migrate. The report also indicates that other countries that rank high in beach destinations for HNWIs include Canada, Australia, Italy, Switzerland, Greece, and Portugal.
On the other hand, the United Kingdom has predicted to lose 9,500 millionaire in the year 2024 making it the second biggest loser or HNWIs after china which is expected to lose 15,200 HNWIs.
To sum up, Henley & Partners’ insights highlight the fluidity of the Wealth Puzzle configuration as well as the transformative effects it has in origin and destination countries alike.
