Saudi Arabia set to welcome a surge in millionaire migration

Recent forecasts suggest Saudi Arabia is poised for a dramatic increase in high-net-worth individual (HNWI) inflows. According to Henley & Partners, the Kingdom is set to attract 2,400 millionaires in 2025, an approximate eightfold increase from the 300 expected in 2024. While the UAE continues to remain the leader in terms of numbers of millionaire arrivers, with an estimated 9,800 relocating to the jurisdiction next year, Saudi Arabia’s acceleration marks the fastest growth rate of any jurisdiction worldwide.

This surge in millionaire migration reflects a strategic pivot by the Kingdom to position itself as a global wealth hub at the crossroads of Asia, Europe, and Africa.

Vision 2030 drives opportunity beyond oil

The projected influx is underpinned by Saudi Arabia’s "Vision 2030" programme, an ambitious roadmap to diversify its economy beyond its traditional oil dependency. Central to this transformation are so-called "giga-projects" such as NEOM, the $500 billion smart city promising sustainable living and technological innovation, and The Line, an architecturally innovative linear city designed to accommodate nine million residents. Alongside these are extensive investments in sectors seen as engines of future growth: housing, tourism, hospitality, logistics, entertainment, and fintech.

Complementing these economic reforms are newly-established residency and investor visa programmes, designed to attract foreign talent, entrepreneurs and investors to help sustain and continue growth, mirroring successful models in neighbouring UAE and Qatar.

These measures signal the government’s intent to create an open, competitive, and investor-friendly business landscape in the Gulf.

Strategic stability and a competitive proposition

However, the Kingdom’s appeal extends beyond its economic ambitions alone.

As Juerg Steffen, CEO of Henley & Partners, notes, there is a growing perception among the world’s wealthy that greater opportunity, freedom, and stability lie elsewhere. Saudi Arabia’s political stability, large sovereign reserves, and strategic location make it an attractive gateway for investments into both the Gulf and broader MENA region.

Additionally, as global tensions reshape wealth strategies, Saudi Arabia’s steadfast neutrality in geopolitical affairs has bolstered its reputation as a safe jurisdiction for wealth preservation and global enterprise. Its competitive tax environment, absence of personal income tax, and significant government spending on infrastructure create a compelling proposition for UHNWIs seeking diversification.

Global millionaire migration reshaped

This trend sits within a wider global reconfiguration of wealth migration. Henley & Partners predict that 142,000 millionaires will relocate worldwide in 2025, surpassing pre-pandemic levels. Notably, amid rising taxes, tighter non-dom rules, and political uncertainty, the projected outflow of millionaires in the UK is a whopping 16,500 – more than double China’s projected net loss.

A new nexus for next-generation wealth

Capgemini’s World Wealth Report highlights the growing influence of next-generation HNWIs in shaping global trends. Younger wealth holders are increasingly favouring jurisdictions with economic resilience, geopolitical security, and opportunities for innovation. Saudi Arabia’s push towards digitisation, entrepreneurship, and future-focused sectors is resonating with this demographic, positioning the Kingdom as an emerging nexus for next-generation global wealth.

Furthermore, Gulf Cooperation Council (GCC) states, particularly Saudi Arabia and the UAE, are capitalising on shifting trade routes, energy transitions, and new technologies to cement their status as pivotal hubs for wealth, commerce, and connectivity between East and West.

Implications for advisors and families

For families considering diversification or global relocation, Saudi Arabia’s emergence as a wealth hub is a significant development. Advisors will need to ensure clients’ succession planning, family governance structures, and tax strategies are aligned with this evolving landscape. Equally, with the UK experiencing a marked HNWI outflow, this moment invites a reassessment of how and where families structure their assets and futures.

At Boodle Hatfield, we work closely with international families to navigate the complexities of global relocation, succession planning, and asset protection. As Saudi Arabia and the wider Gulf continue to attract global wealth, our private wealth team is well positioned to advise clients on structuring their affairs to align with opportunities in these dynamic markets, ensuring their legacies are protected for generations to come.