The BRICS member states currently hold a total investable wealth of $45 trillion, a new report finds, forecasting combined millionaire population growth to surge 85 percent over the next 10 years.
BRICS now includes 10 members after the expansion went into effect. Saudi Arabia, the UAE, Iran, egypt and Ethiopia joined the bloc in January which already included Brazil, Russia, India, China, and South Africa.
Henley & Partners’ inaugural BRICS Wealth Report found that the 10 countries currently have 1.6 million individuals with investable assets over $1 million, including over 4,700 centi-millionaires and almost 550 billionaires.
The newly expanded group now represents more than 45 percent of the global population and 36 percent of global GDP – significantly higher than the G7 which holds around 30 percent.
“The inclusion of MENA countries is not just a political realignment but a recognition of their growing economic stature. The region, historically pivotal due to its energy resources, is now asserting a more diversified economic role,” said CEO of Henley & Partners, Dr. Juerg Steffen.
“For investors worldwide, MENA’s growing participation in BRICS opens a realm of possibilities beyond the region, offering access to fast-growing consumer markets, strategic geographic positioning, and unique cultural and business environments.”
In a recent interview on the AB Majlis podcast, geopolitical risk expert Nicolas Michelon said that the bloc has a “brighter future” than the EU as it is “less ambitious in the way it operates politically.”
China currnetly has the largest millionaire population among the bloc with 862,400 millionaires. India follows in second place with 326,400.
The millionaire populations of China and India are expected to see the strongest growth over the next decade at 85 percent and 110 percent respectively.
Other countries like Saudi Arabia, the UAE and Ethiopia have also seen significant private wealth growth over the past 10 years, with their millionaire populations rising by 35 percent, 77 percent and 30 percent respectively.
Currently, the top BRICS wealth hubs include Beijing, Shanghai, Dubai, Mumbai, and Delhi, though Moscow saw a 24 percent decline in millionaires since 2013.
Emerging wealth centres to watch are Bengaluru, Sharjah, Riyadh, Jeddah and Cape Town, which are all projected to experience over 80 percent millionaire population growth by 2033, the report found.
However, despite collective wealth and importance in the global economy, citizens of BRICS countries have significantly less economic mobility and passport power compared to G7 nations on average.
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