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17% increase in rate of Saudi ultra-high-net-worth individuals in 2022


May 21, 2023
17% increase in rate of Saudi ultra-high-net-worth individuals in 2022


Saudi Gazette report

RIYADH — The ranks of Saudi ultra-high-net-worth individuals (Ultra HNIs), with a net worth of $30 million and more, recorded an increase of 17 percent in 2022 and are estimated to rise by 10.4 percent during the year 2024.

According to the annual report by the global real estate giant Knight Frank company, Saudi Arabia emerged the leading country in the Middle East in terms of the number of Ultra HNIs.

The report showed that the Middle East region ranked first in the world in the growth of the number of ultra-wealthy people as their numbers increased by 16.9 percent during the last year 2022, as their net assets amounted to more than $30 million per capita.

The report indicated that Saudi Arabia will achieve an annual growth rate of 10.4 percent in the process of making wealthy people.

According to the report, India is recording a skyrocketing rise in the number of the ultra-wealthy. The report predicted that the number of wealthy Indians would grow by 58.4 percent over the next five years. The report predicted that the number of wealthy people in India would reach 19,119 in 2027, compared to 12,069 in 2022. The number of billionaires in India is expected to rise to 195 in 2027, compared to 161 in 2022.

Knight Frank, headquartered in London, is a leading international property consultant. Its annual report showed thathe international population of the ultra-wealthy shrunk by nearly four percent in 2022. The number of people with that amount of wealth fell by almost 23,000 to 579,625, a figure that included 2,629 billionaires. However, the decline was small considering that 2021 saw a nine percent increase in the ultra-wealthy population.

“The global population of the super-rich decreased by 3.8 percent in 2022, after a record increase of 9.3 percent in 2021, as the wealth and investment portfolio of the wealthy were affected by the global economic slowdown, repeated price hikes, and the increasing state of insecurity,” the report pointed out.


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