Saudi Arabia foresees a millionaire surge over the next decade

A recent study by Henley & Partners' BRICS Wealth Report reveals that Saudi Arabia is poised for a significant surge in average wealth per person, anticipating a 105 percent increase over the next decade from the current $54,000.

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The Kingdom presently ranks sixth within the BRICS bloc concerning high-net-worth individuals.

Saudi Arabia currently hosts 58,300 millionaires, comprising 195 centi-millionaires and 22 billionaires. The report notes a substantial 32 percent increase in this affluent demographic since 2013. Centi-millionaires, individuals with assets exceeding $100 million, contribute to this growing segment.

India leads the per capita wealth list, with a projected 110 percent increase in assets over the next decade, rising from the current $6,800. The UAE follows with an expected 95 percent rise, with China and Ethiopia projecting increases of 85 percent and 75 percent, respectively. South Africa is predicted to grow by 60 percent, and Egypt is anticipated to increase by 55 percent by 2033.

Robert Mogielnicki, a senior resident scholar at the Arab Gulf States Institute in Washington, notes the divergent economic conditions among these countries, with Saudi Arabia and the UAE enjoying robust economies while Egypt faces systematic economic challenges.

The report discloses that the total investable wealth in the BRICS bloc currently amounts to $45 trillion, with the millionaire population expected to surge by 85 percent in the next decade. Presently, there are 1.6 million individuals in BRICS countries with investable assets exceeding $1 million, including 4,716 centi-millionaires and 549 billionaires.

China stands out in private wealth growth, experiencing a substantial 92 percent increase over the last decade. China hosts 862,400 millionaires, including 2,352 centi-millionaires and 305 billionaires. India closely follows with an 85 percent increase in private wealth, boasting 326,400 millionaires, over 1,000 centi-millionaires, and 120 billionaires.

While the UAE has witnessed a 77 percent surge in millionaires since 2013, South Africa experienced a 20 percent decline, and Iran saw a 38 percent reduction during the same period.

In terms of cities, Beijing leads with the highest number of high-net-worth individuals, hosting 125,600 millionaires, followed by Shanghai and Dubai with 123,400 and 72,500 millionaires, respectively.

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