Continued High Net-Worth Migration Expected in UAE and Saudi Arabia Following Key Visa and Policy Reforms
The UAE and Saudi Arabia are projected to see further increases in the number of high net-worth individuals relocating this year, driven by initiatives to attract foreign investment and talent, a finance industry expert told Arabian Business.
Both Gulf countries have cemented their status as regional hubs for business and innovation. The UAE, and Saudi Arabia more recently, have opened medium- to long-term visa opportunities for high net-worth individuals, investors and talented people to attract foreign talent and investment as they look to continue diversifying their economies away from oil.
The UAE’s Golden Visa and Saudi’s Premium Residency visas as well as consistent policy reforms to ensure the ease of business are attracting millionaires and billionaires in record numbers. In the UAE alone, 2023 saw the migration of 4,500 UHNWIs – the second-largest wave globally.
