Private Wealth in the Kingdom of Saudi Arabia: Vision 2030 and the New Investment Landscape

A distinguished panel of experts recently gathered at the HNW Advisor Conference in London to discuss the transformative changes occurring in Saudi Arabia's private wealth sector, highlighting how Vision 2030 is reshaping the Kingdom's economic landscape and creating unprecedented opportunities for international advisors.

Vision 2030: A Wealth-Catalysing Revolution

Vision 2030 represents far more than economic diversification—it's a fundamental transformation comparable to the oil-driven wealth creation of 80 years ago. Ben Lloyd, Partner at 1818 Venture Capital, who previously served as Chief Digital Officer at Bank of Saudi Franci, described Vision 2030 as "another wealth-catalysing event driven by the government," enabling the transition from an oil-based economy into sectors supporting tourism, events, media, and financial services.

Ben Lloyd

The ambitious programme has consistently met its foreign direct investment targets, attracting approximately $20-22 billion annually over the past five years, with aspirations to reach $100 billion by 2030. This government-driven initiative has created a surge of optimism, generating new roles and opportunities, particularly for Saudi Arabia's young population—70% of the Kingdom's 25 million citizens are under 35.

Hassan Zawawi, Partner at Alzawawi Law Firm, emphasised the programme's impact on job creation and sector development, noting the emergence of entirely new industries, including entertainment, sports, and expanded tourism beyond religious pilgrimage. The defence sector has also experienced significant growth, with mandates requiring local production elements in defence contracts, fostering joint ventures with international companies.

Regulatory Transformation and Digital Innovation

The Kingdom's regulatory framework has undergone dramatic modernisation, particularly evident in the legal sector's complete digitalisation. The entire judiciary system is now paperless, with all filings, hearings, and appeals conducted through the Ministry of Justice portal. This technological leap has reduced costs and increased efficiency, allowing firms to participate in hearings across the Kingdom without travel requirements.

Hassan Zawawi

The legal profession has also evolved significantly, with major international law firms, including Magic Circle firms, establishing direct offices in Saudi Arabia through joint ventures with local partners, moving beyond traditional affiliation models. The regional headquarters regulations have further accelerated this transformation, requiring government entities to contract with companies maintaining regional headquarters within the Kingdom.

Family Business Evolution and Succession Planning

Saudi Arabia's family business landscape is experiencing profound changes in governance and succession planning. Pete Unwin, Head of Private Wealth & Family Office at IQ-EQ, observed increased professionalization, with families bringing in external directors and, in some cases, professional CEOs to manage operations while family members transition to ownership roles.

This shift reflects growing recognition that competence, rather than lineage, should drive business leadership. Several families are implementing innovative succession strategies, such as creating investment companies for next-generation members to manage, allowing natural leaders to emerge through performance rather than predetermined hierarchy.

The role of women in family enterprises has expanded dramatically since the removal of guardianship restrictions. Female family members are increasingly taking leadership positions, with educational achievements often surpassing their male counterparts. This transformation represents a seismic shift in traditional structures, with competence becoming the primary criterion for succession decisions.

Wealth Structuring and International Expansion

International wealth structuring has become increasingly sophisticated, driven by regulatory changes including the introduction of corporate income tax and enforcement of place of effective management (POEM) rules. Families are segregating international assets from domestic business structures, creating more formal offshore arrangements primarily in jurisdictions like Jersey and Guernsey.

Family offices are predominantly established offshore, with London and Paris emerging as preferred locations. This preference stems from existing cultural connections, real estate investments, and access to professional advisory communities. The proximity and timezone advantages of London make it particularly attractive for regular business interactions.

Venture Capital and Investment Opportunities

The Kingdom's venture capital ecosystem has matured significantly, with government-backed funds like Saudi Venture Capital, JADA, and Sanabil anchoring investments alongside private family offices and international investors. However, the market currently faces more capital than high-quality opportunities, creating a supply constraint that emphasizes the importance of local relationships and knowledge.

Successful fintech companies including Lean, Tabi, Tamara, and Taribat demonstrate the value of international education and experience, with all major Saudi fintechs having founders who studied or worked in the UK or US. This highlights the long-term dividends of the Kingdom's international education programme.

Opportunities for International Advisors

The transformation creates substantial opportunities for international advisors, particularly those based in London. The professional advisory community—lawyers, accountants, tax advisors, and private bankers—remains predominantly London-based, reflecting strong cultural and educational ties between the UK and Saudi Arabia.

The regulatory alignment between UK and Saudi frameworks, including similar open banking implementations and technology infrastructure, creates natural expansion opportunities. The timezone advantages and established relationships make London the preferred hub for Saudi families seeking international advisory services.

As Vision 2030 continues to unfold, the Kingdom presents compelling opportunities for international advisors willing to invest in understanding the market's unique dynamics and building the relationships essential for success in this rapidly evolving landscape.