Saudi Arabia Poised To Welcome 300 Millionaires In 2024, Says Henley & Partners
Henley & Partners, a British consulting firm, predicts that up to 300 millionaires will relocate to Saudi Arabia in 2024. This highlights the Kingdom's growing appeal to high-net-worth individuals.
Global Wealth Migration Trends
Dominic Volek, head of private clients at Henley & Partners, described 2024 as a pivotal moment in global wealth migration. He noted, "An unprecedented 128,000 millionaires are expected to relocate worldwide this year, surpassing the previous record of 120,000 set in 2023. As the world grapples with a storm of geopolitical tensions, economic uncertainty, and social unrest," Volek said.
Volek emphasized that the migration of these millionaires signifies a significant shift in the global wealth and power landscape. This has profound implications for both the countries they leave and those they choose as their new homes.
The report ranks the UAE as the top destination for millionaires. The US and Singapore follow closely, expecting to host 3,800 and 3,500 millionaires respectively by the end of 2024. Canada ranks fourth with an expected influx of 3,200 wealthy individuals. Australia and Italy follow with 2,500 and 2,200 millionaires respectively. Switzerland is sixth on the list, expecting 1,500 millionaires to relocate. Greece and Portugal follow with 1,200 and 800 respectively.
Countries Losing Millionaires
In contrast, the UK is expected to see a significant net loss of millionaires in 2024. About 9,500 are expected to leave, second only to China globally. This is more than double the 4,200 who left last year. China is projected to be the biggest loser of millionaires globally. An expected net outflow of 15,200 wealthy individuals is anticipated this year compared to 13,800 in 2023.
The shifting patterns of millionaire migration reflect broader trends in global economic stability and geopolitical dynamics. Countries attracting these wealthy individuals may see significant economic benefits.
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