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RIYADH: Up to 300 millionaires will flock to Saudi Arabia in 2024 as the Kingdom continues to attract high-net-worth individuals, a study suggests.

In its latest report, Henley & Partners said Saudi Arabia’s capital Riyadh and Jeddah are becoming “increasingly popular” among immigrant millionaires, especially from North Africa and the Middle East.

“In our view, these two cities have the potential to mimic Dubai and Abu Dhabi in attracting large numbers of wealthy expatriates in the future,” the British consultancy said in the release.

The UAE continues its run as the top destination for HNWIs, with around 6,700 millionaires expected to settle in the country by the end of 2024, according to the analysis.

“For the third year in a row, the UAE looks set to take the top spot as the world’s leading wealth magnet, with a record number of 6,700 moneyed migrants expected to reach the Emirates home by the end of the year, significantly boosted by large inflows from the UK and Europe,” the British consultancy said.

According to the report, the UAE’s tax-free income, golden visa residency program and geographical location have made it a favorite destination for migrant millionaires.

Dominic Volek, head of the Private Clients group at Henley & Partners, said 2024 is shaping up to be a watershed moment in the global migration of wealth.

“An unprecedented 128,000 millionaires are expected to move in around the world this year, surpassing the previous record of 120,000 set in 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social upheaval , millionaires are voting with their feet in record numbers,” Volek said.

He added: “In many respects, this great millionaire migration is an important indicator, signaling a profound shift in the global landscape and in the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of nations left behind behind or that they leave behind. the ones they make their new home.

The United Arab Emirates is followed by the United States and Singapore, with 3,800 and 3,500 millionaires expected to live in these countries by the end of this year.

Canada took fourth place on the list, with an expected 3,200 HNWIs flocking to the country, followed by Australia and Italy with 2,500 and 2,200 millionaires arriving in these nations respectively.

Switzerland came in sixth place on the list, with around 1,500 millionaires moving to the country, followed by Greece and Portugal with 1,200 and 800 respectively.

The report highlights that the UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024, second only to China globally and more than double the 4,200 who left the country last year.

According to the analysis, China is expected to be the biggest millionaire loser globally, with a projected net outflow of 15,200 HNWIs this year, up from 13,800 in 2023.

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