Saudi Arabia to Witness Surge in Number of Millionaires in Next Decade

The Kingdom of Saudi Arabia is likely to witness a surge in its number of millionaires according to the Henley & Partners BRICS Wealth Report, which predicted a 105% surge in the average wealth of people in Saudi Arabia over the next decade.

Currently the average wealth per capita in the Kingdom is USD 54,000. Specifically in terms of the number of high-net-worth individuals, the report stated that Saudi Arabia ranks sixth behind several other countries in the BRICS bloc. The Kingdom is currently estimated to host 58,300 millionaires, including 22 billionaires, marking a significant 32% climb since 2013.

India topped the list in the reports predictions for greatest per capita wealth growth this decade, at 110%, though the current figure is far lower than Saudi Arabia at USD 6,800. Average wealth in the UAE is expected to rise by 95%, China by 85%, Ethiopia by 75%, and Egypt by 55%.

There are currently 1.6 million individuals in BRICS bloc countries with investable assets exceeding USD 1 million; nigh on 1.2 million of these individuals are hosted by China and India, with 862,400 and 326,400 millionaires respectively.