RIYADH: Saudi Arabia is projected to attract 2,400 high-net-worth individuals in 2025, marking a sharp increase from the 300 millionaires estimated to have relocated to the Kingdom in 2024. 

This eightfold rise positions Saudi Arabia as the fastest climber in the Henley Private Wealth Migration Report 2025, published by Henley & Partners in collaboration with New World Wealth. 

Across the Gulf, the UAE continues to lead globally, forecast to attract 9,800 millionaires this year, the highest net inflow worldwide, followed by the US with 7,500. 

HNWIs are relocating to the Kingdom due to its ambitious Vision 2030 agenda, pro-business reforms, and growing investment opportunities. The surge in inbound wealth reflects the region’s growing appeal to both returning nationals and international investors, particularly in Riyadh and Jeddah. 

Saudi Arabia has also introduced attractive residency programs, tax incentives, and a push to diversify the economy beyond oil. 

Juerg Steffen, CEO of Henley & Partners said that 2025 marks a “pivotal moment” for global wealth migration, adding: “It reflects a deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.”

Mega projects like NEOM, improved infrastructure, and a focus on tourism and fintech are drawing international interest. 

Additionally, the Kingdom offers political stability, regional influence, and a strategic location, making it an increasingly attractive destination for global wealth. 

Henley & Partner’s report aligns with a recent study by consulting firm Capgemini, which highlighted the Middle East’s growing appeal to next-generation high-net-worth individuals, citing geopolitical security and economic stability as key drivers of investment interest in the region. 

The analysis, published earlier in June, pointed specifically to Saudi Arabia’s aggressive efforts to attract global wealth through its economic diversification strategies, positioning the Kingdom as a rising center for international capital. 

Capgemini also noted that the UAE is capitalizing on the same trend, with both Gulf economies drawing increased interest from global investors seeking high-growth markets and stable financial environments. 

UK biggest loser amid global shift

Henley & Partner’s recent report predicts that an unprecedented 142,000 millionaires across the world are expected to relocate in 2025. 

While Gulf countries and select European destinations see rising inflows, several traditional wealth hubs are witnessing record outflows. 

The UK is forecast to lose 16,500 high-net-worth individuals, the highest on record, more than doubling China’s projected outflow of 7,800. 

This reversal comes after years of the UK being a net destination for wealth, with recent tax reforms — including increases to capital gains and inheritance taxes and tighter regulations on non-domiciled residents — prompting an accelerated departure. 

“Since 2014, the number of resident millionaires in the UK dropped by 9 percent compared with the W10’s global average growth of 40 percent,” said Trevor Williams, chair and co-founder at FXGuard, a digital foreign exchange risk manager, according to the report. 

The shift is part of a broader trend in Europe, where France, Spain, and Germany are also expected to experience net outflows of wealthy individuals. 

In contrast, Southern Europe is emerging as a new hub for global wealth. 

Switzerland is projected to gain 3,000 millionaires, while Italy is set to receive 3,600.

Portugal and Greece are expected to receive 1,400 and 1,200, respectively. 

Smaller markets such as Malta, Montenegro, and Latvia are also benefiting from favorable tax regimes and investment migration programs. 

Beyond Europe, Thailand and Japan are increasingly preferred by wealthy individuals in Asia. 

Thailand is forecast to gain 450 millionaires, and Japan 600, driven by political stability and high-end real estate.

Hong Kong is also showing signs of recovery, with inflows from mainland Chinese executives linked to the region’s growing tech sector. However, South Korea is set to see a significant outflow of 2,400 millionaires, reflecting broader economic and political uncertainty. 

Other countries in Asia and the Middle East, including Vietnam, Pakistan, Iran, and Lebanon, are expected to see continued outflows of wealthy individuals, many relocating to the UAE or the US. 

Misha Glenny, rector at the Institute for Human Sciences in Vienna, said recent geopolitical developments, including tensions in the Middle East, are contributing to a reshuffling of wealth migration patterns, according to the report. 

In the Americas, Central American and Caribbean jurisdictions such as Costa Rica, Panama, and the Cayman Islands are expected to attract record numbers of high-net-worth individuals. 

Despite a lower-than-usual forecast for inflows, the US remains a top destination for relocating millionaires. 

Parag Khanna, founder and CEO of AlphaGeo, an AI-powered predictive analytics platform for investing, noted the ongoing role of Asia in shaping global wealth trends. 

“Asia’s wealth landscape is a dynamic blend of ambition and caution. Singapore and Japan are solidifying their reputations as global wealth havens, while China and India are balancing domestic opportunity with the desire for diversification,” Khanna was quoted as saying in the report.

RIYADH: Saudi Arabia’s health, military, and infrastructure sectors led an 18.75 percent rise in government information and communications technology contracts in 2024, reaching SR38 billion ($10.13 billion), official data showed. 

According to the Government Spending Report 2024, published by the Digital Government Authority, the value of contracts climbed from SR32 billion in 2023, with the health and social development sector receiving SR6.54 billion through 1,085 contracts. 

The report said that 2024 spending priorities focused on artificial intelligence, emerging technologies, and cloud computing, positioning these areas as central to enhancing operational performance across public sector entities. 

The government’s sustained push to bolster digital services underscores Riyadh’s growing investment in digital infrastructure, part of its Vision 2030 strategy to diversify the economy and modernize public services. 

The report added that activating national framework agreements significantly contributed to these outcomes, enabling improved negotiation capabilities and more effective financial planning. 

“These tools have enabled government entities to obtain goods and services more quickly, efficiently, and at lower cost,” the report said. 

“They also highlight the added value achieved by enhancing supply chains and improving the quality of procurement, which in turn raises the efficiency of government entities in managing expenditures in contracts and agreements,” it also said. 

Among other sectors, the military received SR5.16 billion across 1,125 contracts, while infrastructure and transport saw investments totaling SR5.26 billion. The education sector was allocated SR4.37 billion, followed by economic resources at SR3.42 billion, and public administration at SR2.39 billion. 

There was a 157 percent increase in purchase orders through national framework agreements, amounting to SR4.47 billion through 9,457 orders. The report said these tools helped accelerate service delivery and improve procurement quality. 

Government agencies achieved an estimated SR1 billion in savings during 2024 by improving spending efficiency and optimizing procurement and budgeting practices. 

Saudi Arabia also continued to demonstrate global leadership in digital government performance. It ranked sixth globally and first regionally in the 2024 UN E-Government Development Index, climbing 25 places from 2022. 

It also topped the Government Electronic and Mobile Services Maturity Index for the third consecutive year, achieving a score of 96 percent. 

According to the report, and based on data from global research firm Gartner, Saudi Arabia led all countries in government ICT spending as a share of total ICT expenditure in 2024, reaching 34.1 percent.