Over the next ten years, the BRICS economic coalition of developing economies is expected to witness an 85% increase in the number of millionaires, significantly higher than any other group of countries. It is anticipated that throughout the same time frame, the number of millionaires in the Group of Seven (G7) will rise by 45%.
A recent analysis by Henley & Partners, a London-based investment migration consultancy, predicts that the number of millionaires in the BRICS countries will rise significantly over the next ten years. This is contributing to the greatest wealth growth of any group of countries.
Another investment migration consultant announced in a report co-published with global intelligence business New World Wealth that the number of millionaires in the BRICS countries, which collectively have $45 trillion in investable wealth, is expected to rise by 85% over the next ten years.
With almost 45% of the world’s population and a 36% GDP share, these rising economies have surpassed the G7.
New Members Joining the BRICS’ Bloc
BRICS, comprising Brazil, Russia, India, China, and South Africa, has extended its membership this year to include Egypt, Ethiopia, Iran, and the United Arab Emirates. Saudi Arabia is also expected to join the group soon. Presently, the group consists of 1.6 million individuals who have investable assets exceeding one million.
Andrew Amolis, a wealth analyst at New World Wealth, stated that BRICS is expected to have the largest global wealth increase of any bloc or area, with an estimate of 85%. On the other hand, according to data from Amolis, the number of millionaires in the Group of Seven (G7), which had $110 trillion in investable wealth as of December 2023, is predicted to rise by 45% over the course of the following ten years.
Canada, France, Japan, Italy, the US, the United Kingdom, and the European Union make up the G7, which is a coalition of the world’s most developed economies.
Dominic Volek, the Managing Partner and Head of Southeast Asia at Henley & Partners stated in a webcast presentation that BRICS is challenging the world order. It is also establishing itself as a powerful rival to the G7 and other international institutions.
BRICS Wealth Booming
India is driving the wealth expansion trend, with a predicted 110% increase in wealth per person by 2033. Saudi Arabia is expected to follow suit, with a forecast increase in per capita wealth of around 105% during the same period. The UAE is predicted to expand by 95%, while the wealth of China and Ethiopia is expected to grow by 85% and 75%, respectively.
China’s remarkable 92% growth in private wealth over the last ten years has topped the BRICS countries in this regard; India’s 85% growth over the same period places them in second place. Third place went to the UAE, whose wealth increased by 77%. The number of millionaires in some BRICS members has decreased since 2013, including South Africa and Iran.
Although the number of millionaires in some countries has decreased, BRICS is still powerful and works towards ensuring stable political and economic systems.