The BRICS countries, composed of Brazil, Russia, India, China, and South Africa, are poised to witness a significant increase in their millionaire population over the next ten years. A recent report by Henley & Partners, in collaboration with global intelligence firm New World Wealth, highlights that the number of millionaires in the BRICS bloc is expected to rise by 85%. This surge in wealth, which amounts to $45 trillion in investable assets, will far outpace any other group of nations or regions internationally.
According to Andrew Amolis, a wealth analyst at New World Wealth, the 85% forecasted wealth growth of the BRICS countries will be the highest among all blocs and regions globally. In contrast, the Group of Seven (G7), representing advanced economies including Canada, France, Japan, Italy, the U.S., United Kingdom, and the European Union, is projected to experience a comparatively lower increase of 45% in their millionaire population over the next decade. The BRICS bloc, therefore, presents a formidable challenge to the existing world order, establishing itself as a powerful rival to the G7 and other international institutions.
Among the BRICS nations, India is leading the charge in wealth expansion, with an estimated 110% jump in wealth per capita anticipated by 2033. Following closely behind is Saudi Arabia, where per capita wealth is forecasted to expand by over 105% during the same period. The United Arab Emirates (UAE) is poised for a significant growth rate of 95%, while China and Ethiopia are projected to witness wealth growth of 85% and 75%, respectively.
Examining the past decade, China emerged as the frontrunner in private wealth expansion among the BRICS countries, experiencing a remarkable 92% growth. India ranked second with an 85% increase in wealth within the same timeframe, while the UAE saw a 77% growth rate, placing it in third place. However, other BRICS members, such as South Africa and Iran, have witnessed a decline in their millionaire populations since 2013.
Implications and Conclusion
The surge in the millionaire population in the BRICS countries is a testament to their growing economic power and influence on the global stage. As these nations continue to strengthen their economic ties and embrace new opportunities for wealth creation, they are challenging the traditional dominance of the G7 countries and establishing themselves as major players in the international arena. The projected growth in wealth within the BRICS bloc presents an array of opportunities for investment and trade, making it a focal point for businesses and individuals looking to capitalize on this upward trajectory.
The BRICS countries are set to experience a substantial surge in their millionaire population over the next decade, with India leading the way in wealth expansion. This remarkable growth surpasses that of the G7 nations and positions the BRICS bloc as a formidable rival on the global economic stage. As these nations continue to strengthen their economies and foster innovative business environments, the BRICS countries are well-poised to shape the future of wealth creation and influence global economic trends in the years to come.
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