Riyadh and Jeddah Among World’s Fastest-Growing Cities for Millionaires
Riyadh and Jeddah are recognized as two of the fastest-growing cities globally for millionaires, according to the World’s Wealthiest Cities Report 2025 by New World Wealth for Henley & Partners.
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Significant Increases in Wealth
Riyadh saw a remarkable 65% increase in its millionaire population over the past decade, with over 20,000 high-net-worth individuals now residing in the Saudi capital.
This figure includes 77 centi-millionaires and 11 billionaires. Meanwhile, Jeddah experienced a growth of more than 50%, bringing its millionaire count to approximately 10,400.
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Impact of Vision 2030
This surge in wealth is closely linked to the Vision 2030 economic reform program, initiated in 2016 by Crown Prince Mohammed bin Salman. The initiative aims to diversify the Kingdom’s economy and attract international companies to establish their regional headquarters in Riyadh.
Regional Comparisons
Alongside Riyadh and Jeddah, other Middle Eastern cities such as Dubai and Abu Dhabi also ranked among the fastest-growing for millionaires.
Dubai’s millionaire population doubled over the past decade, positioning it as the 18th wealthiest city worldwide.
According to the report, this wealth shift in the Middle East reflects a strategic move towards becoming global financial centers.
Dominic Volek from Henley & Partners noted that cities in the UAE and Saudi Arabia have become pivotal in contemporary wealth networks, driven by political and financial developments that favor stability and growth.
Global Wealth Trends
The report highlighted that many other rapidly growing cities are located in the US, China, and India, while traditional wealth hubs like London and Moscow have seen declines in their millionaire populations.
London has lost 12% of its high-net-worth residents, attributed to high taxes, a sluggish tech sector, and economic challenges post-Brexit.
In contrast, Shenzhen in China recorded the fastest growth in millionaires, evolving from a fishing community to a global tech innovation center.
Meanwhile, New York, San Francisco, Tokyo, and Singapore remain the richest cities by millionaire count, with London dropping out of the top five.
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