The BRICS alliance—consisting of Brazil, Russia, India, China, and South Africa—is set to witness a staggering 85% increase in the number of millionaires over the next decade. This projection significantly outpaces the growth expected in the world’s most developed economies, with the G7 nations anticipating a 40% rise in their millionaire counts. The findings, sourced from a report by Henley and Partners, highlight the expanding economic clout of the BRICS nations, which have collectively amassed an investable wealth total of $45 trillion in 2024.
The surge in millionaire counts within the BRICS countries is a testament to their growing financial strength and influence on the global stage. Currently housing 1.6 million millionaires and 549 billionaires, the bloc has seen an impressive increase in private wealth, with China leading the charge. Over the past decade, China’s private wealth has skyrocketed by 92%, a figure that is anticipated to climb further in the coming years alongside the economic growth of both founding members and newly added BRICS countries.
Economic disparities and growth opportunities within BRICS
Despite the overall positive outlook for the BRICS alliance, the distribution of wealth growth has been uneven across its member nations. China has experienced the most substantial increase in the number of millionaires since 2013, whereas other major members like Brazil, South Africa, and Russia have seen declines. Russia, in particular, faces challenges in wealth accumulation due to international sanctions imposed following its invasion of Ukraine. However, the collective efforts and increased funding within the BRICS bloc may provide a pathway for economic recovery and growth, even for its most sanctioned members.
The alliance’s strengthened financial position is poised to enhance the BRICS New Development Bank’s funding capabilities, facilitating further investment in the bloc’s projects and the broader development of its economies. This financial infusion is expected to create more business opportunities and, subsequently, a larger pool of millionaires. Such developments underscore the pivotal role of the BRICS nations in shaping the future landscape of global wealth and economy.
Future outlook: BRICS as a global economic powerhouse
The anticipated surge in the millionaire population within the BRICS nations is more than just a statistical highlight; it represents a broader trend of economic power gradually shifting towards these emerging markets. The remarkable growth in private wealth, especially in China, signals the potential for the BRICS alliance to play an increasingly dominant role in the global economy. With the combined investable wealth already at a formidable $45 trillion in 2024, the economic prospects for the BRICS countries look promising.
Moreover, the strategic collaboration among the BRICS nations, coupled with the expansion of the New Development Bank’s initiatives, is set to propel the bloc’s economies to new heights. This concerted effort not only facilitates the rebound of economies like Russia’s but also sets the stage for the BRICS alliance to foster a more equitable distribution of global wealth. As these nations continue to harness their collective economic strengths, the next decade could very well mark the rise of the BRICS as a formidable financial powerhouse on the world stage, reshaping the global economic order and fostering new opportunities for wealth creation.