Saudi Arabia wealth expands to $1.25tn as real assets near $3tn

Saudi Arabia’s financial wealth continued its steady rise in 2024, reaching $1.25tn as shifting growth dynamics reshape opportunities for wealth managers, according to Boston Consulting Group.

While market performance has driven gains, BCG warns that firms must now focus inward to sustain momentum.

Saudi Arabia’s financial wealth grew by 4.4 per cent between 2023 and 2024, rising from $1.2tn to $1.25tn, according to The Global Wealth Report 2025: Rethinking the Rules for Growth by Boston Consulting Group (BCG).

Financial wealth in Saudi Arabia

Real assets remain the largest component of the Kingdom’s overall wealth at $2.76tn, with projections pointing to growth to $2.94tn by 2029.

Liabilities increased by 6.8 per cent to $307bn in 2024, a rise that BCG said continues to keep overall wealth growth balanced.

BCG’s analysis shows that Saudi Arabia’s investable wealth is projected to grow from $1.04tn in 2024 to $1.31tn by 2029, representing a 4.7 per cent compound annual growth rate (CAGR).

Non-investable wealth is expected to grow even faster, at a 5.3 per cent CAGR, reflecting ongoing economic development and sustained infrastructure investment across the Kingdom.

While overall wealth continues to rise, BCG noted that the drivers behind that growth are changing.

Many firms have traditionally relied on market performance, mergers and acquisitions, and advisor hiring. However, the report suggests these levers are no longer sufficient on their own.

The constraint for many firms, according to BCG, is not a lack of opportunity but their internal ability to capture growth.

Firms gaining traction are those investing in clearer market positioning, more deliberate client acquisition strategies, better-equipped advisors, and earlier engagement with younger generations. Technology is identified as central to scaling these capabilities.

Industry insight

Lukasz Rey, Managing Director and Partner, said: “Saudi Arabia’s wealth management landscape is experiencing unprecedented transformation. The key to success today is no longer merely about gaining market exposure or hiring senior bankers; it’s about fostering internal growth.

“Companies that strategically prioritize advisor development, strengthen their brand identity, and embrace next-generation client strategies are outpacing their competitors—not only in revenue generation but also in achieving higher valuation multiples.”

BCG’s proprietary analysis highlights the following trends:

• Financial wealth stood at $1.25tn in 2024, with projected growth to $1.58tn by 2029 (4.8 per cent CAGR)
• Real assets totalled $2.76tn in 2024, expected to grow to $2.94tn by 2029 (1.3 per cent CAGR)
• Liabilities increased to $307bn in 2024 and are projected to reach $422bn by 2029 (6.6 per cent CAGR)
• Equities, currency and deposits were the dominant asset classes in 2024, valued at $339bn and $300bn, respectively. They are projected to grow to $398bn and $414bn by 2029, with CAGRs of 3.3 per cent and 6.6 per cent
• Bonds, though smaller at $9bn in 2024, are expected to rise to $13bn by 2029 (7.2 per cent CAGR)
• Life insurance and pensions stood at $99bn in 2024 and are projected to reach $140bn by 2029 (7.1 per cent CAGR)
• Other assets, including alternative investments, totalled $501bn in 2024 and are expected to grow to $611bn by 2029 (4.1 per cent CAGR)

Wealth growth

According to the report, organic growth is becoming a central pillar of performance strategies. BCG identified four high-impact levers for firms seeking to strengthen their organic growth engines:

• Brand differentiation, focused on trust, relevance, and digital marketing
• GenAI-driven client acquisition, using agentic AI to identify high-potential prospects and enable highly personalised outreach
• Data-driven recommendation systems, integrating data across business lines to anticipate client needs
• Next-generation client engagement, tailoring journeys for younger, digitally native investors

Bhavya Kumar, Managing Director and Partner at BCG, said: “Saudi Arabia’s wealth ecosystem is at an inflection point. With financial wealth reaching $1.25tn and real assets maintaining stability at $2.76tn, we’re witnessing the maturation of a sophisticated investor base.

“The 6.6 per cent projected growth in currency and deposits signals increasing liquidity preferences, while the underdeveloped life insurance and pensions sector—growing at 7.1 per cent annually—represents a massive opportunity for financial services providers who can adapt their offerings to meet the evolving needs of Saudi investors.”