Saudi expected to have 185,000 millionaires by 2027

0 0

Get real time updates directly on you device, subscribe now.


Feeding the poor and needy is an act that draws us closer to Allah. We earn His forgiveness, mercies and blessings through this act of charity.

“Anyone who looks after and works for a widow and a poor person is like a warrior fighting for Allah?s cause, or like a person who fasts during the day and prays all night. (Bukhari)

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.

READ: Israel: normalisation with Saudi Arabia a ‘matter of time’

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.

READ: Syria President to attend Arab summit in Saudi Arabia




(function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); = id; js.src = ""; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));

Middle East Monitor

Subscribe to our newsletter
Sign up here to get the latest news, updates delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy