BRICS Nations Hold $45 Trillion in Investable Wealth, and Expect a Surge in Millionaires

A report by Henley & Partners reveals that the BRICS nations collectively hold $45 trillion in investable wealth. The BRICS group expanded to include Saudi Arabia, Iran, Ethiopia, Egypt, and the United Arab Emirates in January 2024. The report indicates that the ten countries within the BRICS have 1.6 million individuals with investable assets over $1 million, including over 4,700 with over $100 million and 500 billionaires. The number of millionaires is expected to grow by 85% over the next decade.

The BRICS bloc now represents 45% of the global population and 36% of global GDP, surpassing the 30% share of the G7. Including Middle East and North Africa (MENA) countries is seen as a recognition of their growing economic stature. The report suggests that this expansion opens up opportunities for global investors by providing access to fast-growing consumer markets, strategic geographical positioning, and unique cultural and business environments.

China currently has the largest number of millionaires in the BRICS bloc, with 862,400, and both China and India are projected to see significant growth in millionaires over the next ten years, with increases of 85% and 110%, respectively. Saudi Arabia, the UAE, and Ethiopia have also experienced notable private wealth growth over the past decade.