The number of ultra high net worth individuals (UHNWIs) in Saudi Arabia is projected to grow by 15 percent between 2018 and 2023, according to the Knight Frank Wealth Report 2019.

 

The number of UHNWIs - an individual with net worth of over $30 million - will rise to 1,097 by 2023 from 950 last year.

 

The number of millionaires - an individual with a net worth of over $1 million - in the Kingdom is forecast to grow by 14 percent from 51,360 to 58,510 over the same period.

 

The global UHNWI population is forecast to rise by 22 percent over the next five years, Knight Frank said.

 

However, the number of billionaires will remain static at 10, the same figures as in 2017, it added.

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