Saudi Arabia Anticipates a Surge in Millionaires Amidst Economic Growth

Saudi Arabia is on the brink of a remarkable economic transformation, with expectations of a staggering 105% surge in average wealth per person over the next decade. This surge is anticipated to translate into a substantial increase in the number of millionaires within the Kingdom.

According to the BRICS Wealth Report by Henley & Partners, Saudi Arabia secures the sixth position within the bloc concerning high-net-worth individuals. The report unveils that the Kingdom is currently home to 58,300 millionaires, which includes 195 centi-millionaires (individuals with assets surpassing $100 million or Dh367 million) and 22 billionaires. This marks a significant 32% increase since 2013.

Another report, conducted by Britain's Knight Frank real estate consultants, projects an even more robust growth, estimating the number of millionaires in Saudi Arabia to reach 185,325 by the year 2027. This forecast comes on the heels of the Kingdom's impressive 9.6% increase in the number of millionaires in 2022.

Factors Fueling Wealth Accumulation in Saudi Arabia

1. Vision 2030

The driving force behind this unprecedented surge in wealth is attributed to Saudi Arabia's Vision 2030. This ambitious plan aims to diversify the economy away from oil dependency, prompting increased investments in sectors such as tourism, entertainment, and technology. These strategic investments, in turn, are creating new and lucrative opportunities for wealth generation.

2. Stock Market Reforms

Economic reforms within the Saudi market, notably the opening of the stock market to international investors, are playing a pivotal role in enhancing the country's appeal for foreign investment. This increased accessibility is contributing to the overall attractiveness of Saudi Arabia as a destination for financial opportunities, fueling the surge in wealth accumulation.

As Saudi Arabia continues to chart its course toward economic diversification and innovation, the substantial growth in the number of millionaires reflects the success of Vision 2030 and the Kingdom's commitment to creating a thriving, dynamic economy.