A recent report by global citizenship and residence advisory firm Henley & Partners suggests that the BRICS group of emerging economies is set to witness an impressive 85% surge in the number of millionaires by the year 2034. This surge is expected to contribute significantly to the most significant increase in wealth among any group of nations.
Initially comprised of Brazil, Russia, India, China, and South Africa, the BRICS group underwent a notable expansion earlier this year, welcoming Iran, Ethiopia, Egypt, and the United Arab Emirates. Furthermore, Saudi Arabia has been formally invited to join, further strengthening the group’s economic standing.
The report highlights that the total investable wealth currently held by individuals in BRICS countries stands at an impressive $45 trillion. Over the next decade, the number of millionaires is anticipated to grow by 85%, reflecting a substantial economic upswing. The group boasts 1.6 million individuals with investable assets exceeding $1 million, including 4,716 with over $100 million and 549 billionaires.
In comparison, data provided by analyst Andrew Amolis at New World Wealth indicates that the G7, comprising Canada, France, Japan, Italy, the US, the UK, and the EU, had investable assets totaling $110 trillion as of December 2023. The number of millionaires in the G7 is projected to increase by 45% over the next decade.
Henley & Partners’ Managing Partner and Head of Southeast Asia, Dominic Volek, emphasised the BRICS group’s challenge to the existing world order, positioning itself as a formidable rival to the G7 and other international institutions.
Meanwhile, personal finance and investment expert Jeff Opdyke highlighted the significant economic shift, noting that non-Western nations, led by BRICS, are reshaping the global economic, social, and monetary landscape.
India emerges as a leader in terms of the growth of investable assets, with an estimated 110% surge in wealth per capita anticipated by 2033. Other notable projections include the UAE, with a poised 95% growth, and China and Ethiopia, with expected increases of 85% and 75%, respectively.
Henley & Partners’ CEO, Juerg Steffen, emphasised that BRICS has evolved into a highly influential player in the global economy, providing attractive opportunities for investors, entrepreneurs, and high-net-worth individuals. The report concludes that BRICS is at the forefront of a transformative economic reality, challenging long-standing norms and contributing significantly to the evolving global economic landscape.
