Wealth and business destination

That the most reliable specialized analysis in the world is likely to be Saudi Arabia, among the list of destinations that will attract wealth during 2024, it is not Strange, which appeared in the report “Private Wealth Migration 2024” issued by Henley & Partners on Tuesday, June 18, 2024, and predicted that Saudi Arabia will attract until the end of the current year 2024, about 300 millionaires of great wealth, who will move to Saudi Arabia from around the world to Saudi Arabia, due to the availability of a developed business environment, and that Riyadh and Jeddah are two of the cities that are increasingly popular for migrant millionaires, and the most successful during the past eight years since the launch of the “Saudi Vision 2030”, and that Be a natural haven for them.

The fact that an unprecedented number of millionaires around the world are moving their wealth and businesses to Saudi Arabia this year confirms that Saudi Arabia is witnessing a profound transformation in the local and global economic landscape, and it has far-reaching implications for the future course of the nations they leave behind, or those they intend to be a new stable for them, and this indicates that Saudi Arabia’s ability to attract these riches means more power, prestige and influence, and represents an unquestionable testimony to the strength of its economic structure.

There is no doubt that all the economies of countries have aspects that distinguish them from the rest of the countries, but there are seven connotations, reasons or features that made it the destination of wealth and business for capital flowing to Saudi Arabia without other countries, namely :

1-unique investment opportunities provided by the kingdom within the framework of the “Saudi Vision 2030”, and distinct possibilities and opportunities for investors through a number of mega projects in nine investment sectors available to investors.

2-a series of ambitious reforms: during the past years, the kingdom has witnessed a series of unprecedented structural reforms, from the enactment of laws, regulations and regulations to international organizations, to enable economic transformation, which in turn contributed to making the kingdom a pioneer of reform in the business environment, where it achieved a qualitative leap in ease and speed and start doing business, to achieve the vision targets of 3 trillion dollars worth of investments planned within the projects of the “Kingdom Vision 2030”.

3-strategic geographical location: the kingdom has sought to invest its geographical location, which is located in the middle of three continents, through a package of major projects launched by it to enhance integration in the logistics system and modern modes of transport, in addition to the kingdom’s strong and advanced digital infrastructure, which contributed significantly to accelerating the digital transformation process in it, through excellent networking internally and internationally by 13%؜ of global maritime trade through the Red Sea, including ten seaports that constitute the largest maritime networks in the Middle East.

4-attractive economic cities: the kingdom of Saudi Arabia has developed industrial and economic cities aimed at developing local areas and contributing to economic diversity, and the kingdom has provided more than 35 industrial and economic cities at competitive prices.

5-a young workforce and efficiency: approximately 58% of Saudis are under the age of 35, and this young category has high talents and competencies and is distinguished by its high educational level and the continuous support provided by the government to them about 50 billion dollars for the education sector in 2021.

6-improving the quality of life: the kingdom of Saudi Arabia is one of the safest countries in the world, in addition to providing high-quality healthcare services, it contributes to many initiatives and strategic goals that it has set in building and developing the necessary environment to develop more vital options that enhance positive lifestyles and increase the interaction of citizens and residents in society by providing salaries without taxes.

7-distinguished financial sector: the kingdom of Saudi Arabia is distinguished by its solid banking system and its leading financial sector that supports its national economy and contributes to diversifying its sources of income, as the Kingdom occupies the second place among the group of twenty countries for the ratio of bank capital to assets, and the fifteenth place globally in the financial safety of banks in 2019, with a ratio of 36% of non-cash equity transactions in 2020 of total transactions, 88% of banking sector assets to GDP in 2019, and 60% of bank credits in the private sector gross domestic product, more than 60 fintech startups in the Saudi market.