Henley & The number of billionaire residents in Riyadh, Saudi Arabia's capital, is expected to grow by 85 percent over the next decade, the third highest growth rate in the world, according to a report by Partners.
Riyadh currently has 65 residents with estimated wealth of at least $100 million and nine more with assets of more than $1 billion.
Since the launch of Vision 2030, Saudi Arabia has been working to attract new businesses and has made great progress.
In September, the International Monetary Fund (IMF) said Saudi Arabia has made significant progress on its structural reform agenda and has rapidly improved the regulatory and business environment in the kingdom, leading to expanded private sector investment.
Henley & Philippe Amarante, head of Partners' Dubai Office, said: "Efforts are being made around the world to attract and retain top talent. The strategic initiatives of the UAE and Saudi Arabia and their unique cultural and economic propositions give them a significant advantage in this competition."
"But to truly attract billionaires, it takes more than just economic incentives and investment opportunities," Amarante added. "Governments need to create an all-inclusive environment that provides these billionaires with satisfying business production, lifestyles, solutions to immigration issues, and even public welfare aspirations."
Global billionaire profile
Note: Top 5 cities for billionaires
The data comes from the "Billionaire's 50 largest Cities" report, in which Hangzhou ranked first in the world with a growth rate of 95 percent, followed by Shenzhen with a growth rate of 88 percent, and Riyadh and the Indian capital New Delhi were almost tied for third place.
According to the report, New York leads the world with 755 billionaires; Mumbai is currently home to 224 billionaires and 27 billionaires; Dubai, home to 210 billionaires and 15 billionaires, is expected to grow by 78% over the next 10 years.
Beijing and Shanghai currently have 365 and 332 super-rich with assets of more than $100 million, and 44 and 40 super-rich with assets of more than $1 billion, respectively, with growth rates of more than 60% in the next 10 years, the report said. Hong Kong has 305 billionaires and 34 billionaires, but the growth rate over the next 10 years is only 24%.