Being a millionaire comes with lots of responsibility and good fortune. The amount of money you have in your bank account does not always tell the whole story. To accurately measure your wealth, you need to look at your assets and liabilities. According to TradingPlatforms.com, Riyadh, Saudi Arabia, recorded the fastest millionaire population growth in H1 of 2022 at 20%.
Commenting on the data, TradingPlatforms analyst, Edith Reads, said. “The Saudi government has been working hard to attract foreign investors and businesses in recent years, and it seems to be paying off. The country’s millionaire population is growing at an unprecedented rate, and it looks set to continue doing so for the foreseeable future.”
The re-bounce in the oil prices played to Saudi Arabia’s advantage too. Most countries turned to Saudi Arabia for oil after Russia invaded Ukraine. As a result, Saudi Arabia’s economy was given a much-needed boost, which is reflected in the country’s millionaire population growth.
Besides Saudi Arabia, Dubai is also growing its millionaire population faster. The techno hub city has an 18% growth. UAE attracts the super-rich with a cheap tax policy and new housing plans.
The King Salman Park project is helping to propel Riyadh toward a greener future. Thus, it focuses on sustainability and lowering carbon emissions. The innovative project has the potential to become the largest urban park in the world. Thus, providing a wide range of amenities for the city’s residents and visitors.
The park is designed for pedestrians, cyclists, and environmentally friendly public transportation. Riyadh’s park will increase the city’s green space and boost its biodiversity.
Also, the project aims to increase the number of trees and plants in the city. The greening initiative in Riyadh will lead to better air quality and increased citizen motivation.
There is anticipation that the sustainable city will attract more merchants. As a result, Riyadh is likely to become an economic hub.
Tourism growth is always crucial to the development of a city and the improvement of its economy. Saudi Arabia is making various enhancements to raise Riyadh’s appeal to tourists. The evolution of Diriyah is one of the most essential planned enhancements.
The makeover of Diriyah will help to increase awareness of the Kingdom as a tourism and leisure destination. The Kingdom will accomplish this by organizing cultural and entertainment events of world-class caliber.
The important part is allowing private investors to come up and invest in the city. The goal is to make Riyadh a city of most millionaires.
Edith is a finance expert who has been writing and trading for years. She's knowledgeable about stocks, cryptocurrencies, blockchain technology as well the latest fintech trends - all from an informed perspective that will help you make better decisions when it comes time to invest your money.
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