More than 224,000 millionaires live in Saudi Arabia, the most in the Middle East.

Saudi Arabia ranked 17th worldwide in the number of millionaires in the World Wealth Report 2022, published by the Capgemini Research Institute for Financial Services. As of 2021, there were 224,000 millionaires in Saudi Arabia, an increase of 6.7 per cent compared to 2020. 

Kuwait followed with a 6.1% increase in millionaires from 205,000 to 217,000. After Saudi Arabia, Kuwait ranks 18th globally.

According to the report, the Middle Eastern Middle class has grown by 5.5% while their wealth has grown by 6,3% mainly because of technology and a recovery in crude oil prices. In response to a rise in the stock market, the wealthiest people's incomes increased by 7.8% to 8%.

US, Japan, Germany, and China were the top-four countries in 2021, accounting for 63.6 per cent of the global high net worth population (HNWI), up from 62.8 per cent in 2020.

Global population growth and wealth growth were led by ultra-high-net-worth individuals ($30m+), respectively, at 9.6% and 8.1%. Those living in the Millionaires Next Door ($1-5m) group grew at a slower rate (7.7%) and gained the least wealth (7.8%).

The population and wealth of the Mid-Tier Millionaires ($5-30m) increased to 8.5% and 8.4%, respectively.