The number of millionaires in the bloc is expected to see a massive surge over the next decade, according to a newly released report

Total investable wealth currently held by the BRICS member states amounts to $45 trillion, according to Henley & Partners’ inaugural BRICS Wealth Report.

The BRICS group of emerging economies, which previously comprised Brazil, Russia, India, China, and South Africa, underwent a major expansion after Saudi Arabia, Iran, Ethiopia, Egypt, and the United Arab Emirates joined in January of this year.

According to the report, the ten countries currently have 1.6 million individuals with investable assets over $1 million, including over 4,700 with over $100 million, and over 500 billionaires. The number of millionaires is projected to grow by 85% over the next ten years. 

The bloc now accounts for 45% of the global population and 36% of global GDP, which outpaces the 30% share of the G7.

“The inclusion of MENA [Middle East and North Africa] countries is not just a political realignment, but a recognition of their growing economic stature,” Juerg Steffen, CEO of Henley & Partners, said, adding that “the region, historically pivotal due to its energy resources, is now asserting a more diversified economic role.”

Steffen added that the growing presence of MENA countries in BRICS opens up a realm of possibilities for global investors beyond the region, “offering access to fast-growing consumer markets, strategic geographic positioning, and unique cultural and business environments.”

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The report shows that China that currently has the largest number of millionaires in the bloc with 862,400, while India has 326,400. The two countries are projected to see the strongest growth of millionaires over the next ten years of 85% and 110%, respectively.

Saudi Arabia, the UAE, and Ethiopia have also seen significant private wealth growth over the past decade, with their millionaire populations soaring by 35%, 77%, and 30%, respectively.

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