BRICS surge in millionaires to outpace G7 nations

A recent report by Henley & Partners forecasts an unprecedented 85% surge in the millionaire population within BRICS nations over the next ten years, marking the highest growth in wealth among any group of nations. The report, conducted in collaboration with global intelligence firm New World Wealth, highlights the substantial rise in millionaire count within BRICS countries, collectively holding a staggering $45 trillion in investable wealth.

BRICS surge in millionaires to outpace G7 nations

Comprising Brazil, Russia, India, China, and South Africa, the BRICS bloc is set to expand further this year, including nations like Egypt, Ethiopia, Iran, and the United Arab Emirates, with Saudi Arabia slated to join soon. Currently, the BRICS nations boast a millionaire population of 1.6 million individuals with investable assets exceeding a million dollars, a figure expected to skyrocket with the projected 85% surge in wealth over the coming decade.

Andrew Amolis, a wealth analyst at New World Wealth, underscores the significance of this forecast, stating that it represents the highest wealth growth globally among any bloc or region. In contrast, data provided by Amolis reveals that the Group of Seven (G7), consisting of Canada, France, Japan, Italy, the U.S., the U.K., and the European Union, anticipates a 45% increase in its millionaire count over the same period, despite holding $110 trillion in investable wealth as of December 2023.

Dominic Volek, Managing Partner and Head of Southeast Asia at Henley & Partners, emphasized the transformative impact of BRICS on the global stage, positioning itself as a formidable challenger to established institutions like the G7. India emerges as a frontrunner in wealth expansion, projected to witness a remarkable 110% surge in wealth per capita by 2033, followed by Saudi Arabia with a growth rate exceeding 105%. The UAE, China, and Ethiopia are also poised for substantial wealth increases of 95%, 85%, and 75%, respectively.

Reflecting on the past decade, China led the BRICS nations with a remarkable 92% growth in private wealth, followed closely by India with an 85% expansion. Meanwhile, the UAE experienced a commendable 77% increase in wealth. Despite these gains, some BRICS members, such as South Africa and Iran, have observed a decline in their millionaire populations since 2013.