Riyadh, Jeddah among world’s fastest-growing cities for millionaires

The number of millionaires based in Riyadh increased by 65% since 2014. (AFP/File)
Short Url
Updated 09 April 2025
Follow

Riyadh, Jeddah among world’s fastest-growing cities for millionaires

  • World’s Wealthiest Cities Report shows number of high-net-worth individuals based in Saudi capital increased by 65% since 2014
  • Dubai’s millionaire population doubled over 10 years

LONDON: Riyadh and Jeddah are among the fastest-growing cities in the world for millionaires, according to a report on global wealth.

The Saudi hubs were both listed among the 30 cities in which the number of high-net-worth individuals has increased the most over the last 10 years.

Riyadh had 65 percent more millionaires in 2024 than it did in 2014, according to the World’s Wealthiest Cities Report 2025 by New World Wealth for Henley & Partners.

The report showed more than 20,000 people with liquid investable wealth of $1 million or more are now based in the Saudi capital. This included 77 centi-millionaires and 11 billionaires.

Jeddah saw an increase of more than 50 percent, with 10,400 millionaires now living there.

The increase in wealthy individuals in the Kingdom’s cities coincides with the extensive Vision 2030 economic reform program launched in 2016 by Crown Prince Mohammed bin Salman.

Efforts to diversify the Kingdom’s economy have included a push to attract international companies to base their regional headquarters in Riyadh.

The other cities from the Middle East to be included in those “fastest growing” were Dubai and Abu Dhabi.

Dubai saw its millionaire population double over 10 years to make it the 18th wealthiest, according to the report.

“This Middle East wealth shift reflects the region’s strategic pivot towards becoming global financial centers,” the report said.

Dominic Volek, from Henley & Partners, said: “Middle Eastern cities, especially within the UAE and Saudi Arabia, have established themselves as pivotal connections in contemporary wealth networks.

“Such movements mirror larger political and financial developments, as affluence increasingly concentrates in stable, enterprise-friendly environments providing both protective measures and expansion opportunities.”

Many of the other fastest-growing cities were based in the US, China, and India.

There were also dramatic shifts in traditional global wealth hubs.

London and Moscow were the only two cities to see a reduction in the number of millionaires since 2014.

London has lost 12 percent of its high-net-worth residents with the drop blamed on high taxes, a slow tech sector and a struggling economy after the 2008 financial crisis and Brexit.

The government last year ended the non-domiciled tax regime, which allowed wealthy foreigners living in the UK to avoid paying tax on many of their overseas assets. This has reportedly led to an exodus of millionaires from the UK.

Shenzhen in China saw the fastest growth in the number of millionaires of all cities, thanks to its explosive growth from a fishing community to a global center for technology innovation.

New York, San Francisco, Tokyo, and Singapore are considered the richest cities by the number of millionaires, with London dropping out of the top five.


Saudi king, crown prince condemn shooting that killed 10 students in Austrian school

Updated 6 sec ago
Follow

Saudi king, crown prince condemn shooting that killed 10 students in Austrian school

 

RIYADH: Saudi Arabia's King Salman and Crown Prince Mohammed bin Salman on Thursday offered condolences to Austria over a shooting attack that killed 10 and injured 11 at a secondary school, according to the Saudi Press Agency, or SPA.

In a message to Austrian President Alexander van Deir Beilin, King Salman condemned the attack as a "disgraceful criminal act" and expressed "deepest condolences and sincere sympathy" to the people of Austria and relatives of those killed, and wishes for "a speedy recovery" for those injured.

Crown Prince Mohammed bin Salman, who is also prime minister of the Kingdom, sent a similar message to the Austrian leader.

Austrian police said the shooter, armed with a shotgun and a pistol, attacked the Dreierschuetzengasse secondary school in Graz region on June 10 over still unknown reasons.

The shooter was a 21-year-old former pupil at the school in Graz region, but never finished his studies there, local media quoted a preliminary police probe as saying.
 


Expert sheds light on historic mosques in Makkah that remain unknown to many

Scattered throughout the city are historic mosques that witnessed pivotal moments in Islamic history. (SPA)
Updated 11 June 2025
Follow

Expert sheds light on historic mosques in Makkah that remain unknown to many

  • Al-Dahas highlighted the significance of Namirah Mosque in Arafat, where the Prophet delivered his sermon during the Farewell Pilgrimage

MAKKAH: In Makkah, the holiest city in Islam, spiritual significance extends far beyond the Grand Mosque. Scattered throughout the city are historic mosques that witnessed pivotal moments in Islamic history.

Yet, amid the dense crowds and the rapid pace of modern development, many pilgrims and Umrah performers remain unaware of these sacred sites, quietly tucked away within the city’s expanding urban landscape.

Fawaz Al-Dahas, professor of history at Umm Al-Qura University, said that Makkah is home to several mosques of profound historical and religious value, yet they remain largely overlooked, receiving neither the media attention nor the organized religious visits they merit.

Al-Dahas highlighted the significance of Namirah Mosque in Arafat, where the Prophet delivered his sermon during the Farewell Pilgrimage. He said that this mosque was not merely a physical structure, but a sacred site where the foundational principles of Islam were proclaimed. He also referenced the Bay’ah Mosque in Mina, which commemorates the pivotal moment when the Ansar pledged allegiance to the Prophet, paving the way for the Hijrah and the establishment of the Islamic state.

According to Al-Dahas, the importance of these mosques transcends their geographic locations, reflecting their profound political and religious significance in Islamic history.

Al-Dahas shed light on Al-Rayah Mosque: “Located in the Jarwal neighborhood, where the Prophet’s banner was raised on the day of the Conquest of Makkah, a powerful symbol of victory tempered by forgiveness.”

He also drew attention to Al-Hudaibiya Mosque, situated west of Makkah, where the historic Bay’at Al-Ridwan pledge took place, an event referenced in the Holy Qur’an. He said that while the mosque still stands on the original site of the Treaty of Hudaibiya, it remains largely unknown, with few visitors aware of its exact location.

Mohammed Al-Joud, a Hajj and Umrah specialist, said that these mosques were not merely historical structures, but vital educational landmarks that enrich a pilgrim’s understanding of the deeper spiritual dimensions of Hajj. He pointed to Al-Khayf Mosque in Mina, where the Prophet and prophets before him are believed to have prayed, as a powerful symbol of the continuity of prophethood: “Yet, many pilgrims remain unaware of its significance outside the Hajj season.”

Al-Joud also highlighted Al-Mashar Al-Haram Mosque in Muzdalifah, which is mentioned in the Holy Qur’an, emphasizing that awareness of such sacred sites bridges the rituals of Hajj with their Qur’anic and historical roots, enhancing the spiritual journey.

Al-Joud also drew attention to Al-Kabsh Mosque in Mina, linked to the story of the sacrifice of Ismail. He explained that the mosque symbolizes the values of sacrifice and obedience, yet remains largely overlooked in media coverage and excluded from most pilgrimage programs. He described it as an essential part of a broader, interconnected network of sacred sites that trace the prophetic journey — from revelation to migration, and from peace to conquest.

Al-Dahas underscored the importance of launching awareness initiatives to shed light on these mosques and restore their rightful standing. He said that safeguarding Makkah’s Islamic heritage was not limited to preserving its prominent landmarks, but also required reviving these historically significant mosques, which once stood as pivotal markers along the journey of the prophetic message.

He said that reconnecting pilgrims with these sacred sites revived the educational and historical depth of Hajj, enriching the journey with a more profound, informed, and spiritually immersive experience.

 


Saudi leadership hails successful Hajj 2025 and praises efforts of all involved

Updated 11 June 2025
Follow

Saudi leadership hails successful Hajj 2025 and praises efforts of all involved

  • The king and crown prince sent separate cables to Minister of Interior and Chairman of the Supreme Hajj Committee, Prince Abdulaziz bin Saud bin Nayef

RIYADH: King Salman and Crown Prince Mohammed bin Salman on Wednesday expressed their gratitude and appreciation to the authorities involved in organizing the 2025 Hajj season, praising the efforts that contributed to its success, the Saudi Press Agency reported.

In separate cables sent to Minister of Interior and Chairman of the Supreme Hajj Committee, Prince Abdulaziz bin Saud bin Nayef, both leaders thanked the minister, regional governors, committee members, and all security, civil, and government personnel who took part in delivering a smooth and safe pilgrimage for nearly 1.7 million worshippers.

King Salman described the season as a success by the grace of God and the coordinated execution of comprehensive security, health, organizational, and service plans.

He highlighted the pilgrims’ ability to perform their rituals with ease and peace of mind, in a secure and spiritual atmosphere.

“We followed with pride the great efforts made by all sectors in serving the pilgrims of the house of Allah,” the King said. “We were pleased with the dedication and excellence shown by everyone in attaining the honor of serving the guests of the most Gracious.”

The king also thanked all those involved for their Eid Al-Adha greetings, prayed for the acceptance of the pilgrims’ Hajj, and asked God to grant continued success in serving Islam and Muslims.

Prince Mohammed echoed the sentiments, expressing thanks for the congratulations and for the collective commitment shown throughout the season.

He attributed the successful management of the Hajj to divine support, the leadership of King Salman, and the tireless work of all entities involved in executing the wide-ranging plans.

He also praised the careful monitoring by relevant authorities to ensure the comfort and safety of pilgrims.

“We pray to God to protect the Custodian of the Two Holy Mosques, to sustain the blessings of security on our homeland, and to accept the Hajj of all pilgrims,” the crown prince said.

The Hajj season this year saw 1,673,230 pilgrims perform their rites.


Saudi FM meets with Egyptian, Iranian counterparts to discuss Gaza crisis at Oslo Forum

Updated 11 June 2025
Follow

Saudi FM meets with Egyptian, Iranian counterparts to discuss Gaza crisis at Oslo Forum

  • Meeting came as death toll from ongoing Israel-Hamas war in Gaza reportedly climbed above 55,000

OSLO: Saudi Minister of Foreign Affairs Prince Faisal bin Farhan held talks on Wednesday with his Egyptian counterpart, Badr Abdelatty, on the sidelines of the Oslo Forum 2025 in Norway.

The two ministers discussed Saudi-Egyptian relations as well as key regional developments, with a particular focus on the worsening situation in the Gaza Strip and the West Bank, the Saudi Press Agency reported.

The meeting came as the death toll from the ongoing Israel-Hamas war climbed above 55,000, according to figures released Wednesday by the Gaza Health Ministry.

The ministry, which does not differentiate between civilians and fighters, said women and children accounted for more than half of the fatalities.

Prince Faisal and Abdelatty reviewed the efforts being made to de-escalate the crisis and support humanitarian relief.

The Kingdom’s Foreign Minister also met with his Iranian counterpart Abbas Araghchi in Oslo on Wednesday. 

The two officials reviewed relations between their countries and discussed regional and international developments.


Several arrests made in drug crackdown across Saudi Arabia

Border Guard patrols in the Al-Raboah sector of the Asir region arrested 14 Ethiopians for smuggling 260 kg of qat. (@BG994)
Updated 11 June 2025
Follow

Several arrests made in drug crackdown across Saudi Arabia

  • Border Guard patrols in the Al-Raboah sector of the Asir region arrested 14 Ethiopians for smuggling 260 kg of qat
  • In a separate incident, four Ethiopians were arrested for smuggling 28 kg of qat in Al-Farsha governorate

RIYADH: Saudi authorities have made numerous drug-related arrests throughout the Kingdom, the Saudi Press Agency reported on Wednesday.

Border Guard patrols in the Al-Raboah sector of the Asir region arrested 14 Ethiopians for smuggling 260 kg of qat. In a separate incident, four Ethiopians were arrested for smuggling 28 kg of qat in Al-Farsha governorate.

Security patrols in Asir also arrested a citizen with 11 kg of qat in the same governorate.

In the Al-Dayer sector of the Jazan region, authorities thwarted an attempt to smuggle 600 kg of qat. In another case, Border Guard patrols arrested an Ethiopian trying to smuggle 80 kg of qat.

The General Directorate of Mujahideen in Jazan arrested two citizens for selling hashish, while the General Directorate of Narcotics Control arrested two Pakistanis and an Indonesian in Jeddah with 1.5 kg of methamphetamine, locally known as shabu.

A citizen was also arrested in the Baha region for selling amphetamine.

Preliminary legal procedures have been completed for all individuals, and the seized narcotics have been handed over to the authorities.

The Saudi government urges anyone with information about smuggling or customs offenses to call the confidential hotline 1910, the international number +966114208417, or email 1910@zatca.gov.sa.

All information is treated with strict confidentiality. Financial rewards are offered for valid information.