Surge in Millionaire Population in BRICS Countries
A recent report by Henley & Partners, in collaboration with New World Wealth, highlights an expected significant increase in the number of millionaires within the BRICS countries over the next decade.
This group of nations, which recently expanded to include new members like Egypt, Ethiopia, Iran, the United Arab Emirates, and soon, Saudi Arabia, currently holds a combined investable wealth of $45 trillion.
Projected Wealth Growth
The study forecasts an 85% rise in the number of individuals with investable assets exceeding a million dollars within the BRICS nations, marking the highest wealth growth rate globally compared to any other bloc or region.
This contrasts with the Group of Seven (G7) advanced economies, where the number of millionaires is expected to grow by 45% over the same period, despite the G7 holding $110 trillion in investable wealth as of December 2023.
Leading Nations in Wealth Expansion
India is predicted to lead the wealth expansion within the BRICS bloc, with an estimated 110% increase in wealth per capita by 2033. Following closely are Saudi Arabia and the UAE, with expected growth rates of over 105% and 95%, respectively.
China and Ethiopia are also projected to see significant increases in wealth, with growth rates of 85% and 75%.
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Past Decade Wealth Growth
Reflecting on the past decade, China has led the BRICS countries in private wealth expansion with a 92% increase, while India experienced an 85% growth in wealth.
The UAE also saw substantial wealth growth, with a 77% increase. However, not all BRICS members experienced growth; South Africa and Iran have witnessed declines in their millionaire populations since 2013.
Implications for Global Wealth Distribution
The expected surge in the millionaire population within the BRICS countries signifies a shift in global wealth distribution, challenging the traditional dominance of G7 countries and other international institutions.
This development underscores the BRICS bloc’s rising influence and potential as a formidable rival on the global stage, particularly in terms of economic power and wealth generation.
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