Private wealth in Saudi Arabia will rise to $2 trillion by 2020, according to a new report by The Boston Consulting Group (BCG).

It said that in the next five years, the growth of private wealth in the Gulf kingdom will be driven primarily by equities (4.4 percent), followed by cash and deposits (1.9 percent) and bonds (1.4 percent).

Based on BCG's study, between 2010 and 2014, Saudi Arabia saw its private wealth increase by 1.6 percent. In those four years, the wealth breakdown was 2 percent in equities, 1.4 percent in cash and deposits, and 0.8 percent in bonds.

The report said that over the next five years, wealth in the Middle East and Africa region is set to reach $11.8 trillion -and Saudi Arabia, the UAE, and Kuwait's contribution will account for 22.7 percent of that total.

In terms of wealth distribution in Saudi Arabia, private wealth held by ultra-high-net-worth (UHNW) households (those with above $100 million)is expected to grow by 4.8 percent in the next five years.

Across the kingdom, private wealth held by the upper high-net-worth (HNW) segment (those with between $20 million and $100 million) is projected to increase at a rate of 4.1 percent over the next five years.

The report added that private wealth held by the lower HNW segment (those with between $1 million and $20 million) will go up by 2.6 percent.

The total number of millionaire households (those with more than $1 million in net investable assets) in Saudi Arabia is set to grow by 1.3 percent by 2020, BCG said.