BRICS Nations Expected to Witness 85% Surge in Millionaires by 2033, Led by India: Report
A report by Henley & Partners predicts a substantial increase in the millionaire population across BRICS nations by 2033, with India taking the lead.
India is projected to experience a remarkable 110% rise in wealth per capita during this period. The report also highlights Saudi Arabia’s expected surge of over 105%, the UAE with a growth of 95%, China at 85%, and Ethiopia at 75%.
In the past decade, China demonstrated a 92% growth in private wealth expansion, securing the top spot, while India closely followed with an 85% increase. As of now, India boasts 3,26,400 millionaires (over $1 million), 1,044 centi-millionaires (over $100 million), and 120 billionaires (over $1 billion).
The BRICS grouping, which includes Brazil, Russia, India, China, and South Africa, has expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Saudi Arabia set to join.
The addition of these new members is anticipated to reshape the dynamics of the BRICS bloc.
The report indicates a significant shift in the global economic landscape, emphasizing the growing influence of developing economies.
The wealth analyst at New World Wealth notes that the 85% forecast for wealth growth in the BRICS bloc is the highest among any region globally.
As the BRICS nations undergo transformation with expanded membership and increased wealth, the report underscores the importance of these economies in shaping the future of global economic development.
