Saudi Arabia saw its m’naire population grow by some 2.8% in 2024, adding around 9k new high-net-worth individuals to become the highest in the region with some 340k m’naires, according to the Global Wealth Report (pdf). The growth rate was outpaced by the UAE, which logged a 5.8% rise. The report calculates wealth in USD-terms.

The breakdown: Wealth in Saudi Arabia is primarily held in financial and non-financial assets, with financial instruments accounting for some 60% of gross personal wealth. Non-financial assets, such as property, also make up a significant portion, while debt levels are “extremely low”, remaining below 10% and hovering around the 6% mark, according to the report.

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Wealth equality saw a marginal decrease by one percentage point between 2019 and 2024, with a Gini coefficient of 0.78 — marking a slight improvement. However, the Kingdom still ranked fifth in wealth inequality, following the UAE in fourth place.

SOUND SMART- The Gini Coefficient is a statistical measure of income or wealth distribution within a group, ranging from 0 (perfect equality) to 1 (perfect inequality). A lower coefficient indicates more equal distribution, while a higher one signifies greater inequality.

GLOBALLY- Private wealth rose 4.6% in 2024, buoyed by equity market gains and a stable USD. The US led the charge, adding over 379k m’naires—more than 1k per day—and now accounts for nearly 40% of all m’naires worldwide. UBS forecasts that the US and Greater China will be the main drivers of continued wealth growth through 2029.

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