Saudi Arabia is set to attract nearly 300 millionaires in 2024, with Riyadh and Jeddah emerging as the most popular cities among relocating high-net-worth individuals (HNWIs), according to the Henley & Partners Private Wealth Migration Report. The forecast underscores the Kingdom's rising appeal among wealthy individuals from North Africa and the broader Middle East.
Saudi Arabia's Growing Pull for HNWIs
Henley & Partners notes that Riyadh and Jeddah are increasingly being compared to Dubai and Abu Dhabi as global cities capable of attracting affluent foreign residents. The Kingdom's growing popularity reflects a broader shift in regional wealth dynamics, as Saudi Arabia accelerates economic diversification under Vision 2030 and positions itself as a competitive hub for international capital.
The UAE, however, continues to lead the region by a wide margin. More than 6,700 millionaires are expected to relocate to the UAE in 2024, driven by its zero personal income tax, the Golden Visa residency programme, and its strategic geographic position bridging East and West.
Read more: UAE to Attract Record 6,700 New Millionaires in 2024 Due to Golden Visas and Zero-Income Tax
Record Global Millionaire Migration in 2024
Andrew Amalraj, Head of Private Client Group at Henley & Partners, stated that the number of millionaires relocating globally in 2024 is expected to reach a historic high of 128,000 — surpassing even the previous record set in 2023. This wave of migration is being driven by widespread geopolitical risk and economic volatility, pushing wealthy individuals to seek more stable or tax-efficient environments.
After the UAE, the next most popular destinations for millionaire migration in 2024 are the United States (approximately 3,800 net inflows) and Singapore (around 3,500). Other top-ranking destinations include Canada, Australia, Italy, Switzerland, Greece, and Portugal — each offering lifestyle appeal alongside favourable residency and tax conditions.
Countries Losing the Most Millionaires
The report also highlights significant millionaire outflows from major economies. China is projected to suffer the largest net loss, with approximately 15,200 HNWIs expected to leave in 2024. The United Kingdom is the second-biggest loser, forecast to shed around 9,500 millionaires this year — a trend linked to tax policy uncertainty and shifting residency regulations.
The Broader Wealth Migration Puzzle
The Henley & Partners findings illustrate how fluidly global wealth now moves across borders. For origin countries, the loss of high-net-worth residents carries real consequences — reduced tax revenue, diminished investment, and a weakened entrepreneurial base. For destination countries like Saudi Arabia and the UAE, attracting even a modest number of ultra-wealthy newcomers generates outsized economic benefits in investment, spending, and job creation.
Saudi Arabia's figure of 300 millionaires may appear modest beside the UAE's 6,700, but it signals a clear directional shift. As Riyadh and Jeddah continue to invest in infrastructure, entertainment, and quality of life, the Kingdom is building the foundations to compete more directly for global wealth in the years ahead.
