LONDON: Riyadh and Jeddah are among the fastest-growing cities globally for millionaires, according to the World’s Wealthiest Cities Report 2025 by New World Wealth for Henley & Partners.
The report highlighted that both Saudi cities ranked among the top 30 cities where the number of high-net-worth individuals (HNWIs) has increased the most over the past decade.
Riyadh saw a 65% increase in millionaires from 2014 to 2024, with over 20,000 HNWIs now residing in the Saudi capital, including 77 centi-millionaires and 11 billionaires.
Jeddah experienced a more than 50% increase, with 10,400 millionaires.
This surge in wealthy individuals aligns with Saudi Arabia's Vision 2030 economic reforms, which aim to diversify the economy and attract international companies to the Kingdom.
Other Middle Eastern cities on the list included Dubai and Abu Dhabi, with Dubai’s millionaire population doubling over the past 10 years.
The report noted that these shifts in wealth reflect the region's growing role as a global financial center, with Middle Eastern cities becoming key hubs for wealth and enterprise.
Meanwhile, traditional wealth centers like London and Moscow saw a decline in millionaire populations.
London, in particular, experienced a 12% decrease, attributed to high taxes, economic challenges, and political factors like Brexit.
