RIYADH: A study predicts that if Saudi Arabia continues to draw wealthy people, up to 300 millionaires will move there in 2024. According to Henley & Partners’ most recent report, Saudi Arabia’s capitals, Riyadh and Jeddah, are becoming “increasingly popular” among immigrant millionaires, particularly those from the Middle East and North Africa.
The British consulting firm stated in the release that “in our view, these two cities have the potential to mimic Dubai and Abu Dhabi in terms of attracting large numbers of wealthy expats in the future.
With a record-breaking 6,700 wealthy migrants anticipated to settle in the Emirates by year’s end, greatly aided by substantial inflows from the UK and Europe, the UAE appears poised to reclaim its top spot as the world’s wealthiest migration destination for a third consecutive year, according to a British consultancy.
According to the report, the UAE is a popular destination for migrant millionaires owing to its tax-free income, golden visa residency program, and strategic location. Dominic Volek, Group Head of Private Clients at Henley & Partners, believes 2024 will be a turning point in the movement of wealth around the world.
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