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Saudi expected to have 185,000 millionaires by 2027

May 22, 2023 at 11:52 am

A man counts Saudi riyal banknotes at a market in Riyadh, Saudi Arabia. [Fayez Nurdeline /AFP/Getty Images]

A real estate and wealth management firm expects the number of millionaires to rise by 79 per cent in Saudi Arabia and 15.5 per cent in the UAE by 2027.

Britain’s Knight Frank real estate consultants said that they expect the number of millionaires in Saudi Arabia to reach 185,325 in 2027, after the kingdom achieved a 9.6 per cent increase in the number of millionaires last year.

The Middle East region ranked first in the world in terms of the growth in the number of ultra-wealthy individuals in 2022, with 8,844 millionaires, an increase of 16.9 per cent compared to the previous five years.

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This comes despite the decline in the global ultra-wealthy population by 3.8 per cent in 2022, after a record high of 9.3 per cent in 2021, as the investment portfolios of the wealthy in stocks and bonds were affected by the global economic slowdown and repeated price hikes, according to the consultants.

Knight Frank noted that despite the high level of uncertainty, ultra-high-net-worth individuals (UHNWIs) remain willing to advance, which creates opportunities for them to grow.

The report suggested that the US would maintain its global dominance with the largest number of ultra-wealthy individuals by 2027, with a growth of 24.6 per cent to reach 253,354 millionaires.

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