Besides expansion in 2024, BRICS expects to have a surge in millionaire count over the next decade, according to reports. The BRICS alliance may see upward of an 85% surge in number of millionaires from those countries. This would be far greater than any other group of countries within the same time frame.
In contrast, the G7 is only expected to see a surge of just over 40% in total millionaires. Recently, the BRICS nations reached a combined investable wealth value of $45 trillion. With a rise in millionaires to come as well as the increase in investable wealth, the alliance is growing much stronger financially in 2024.
According to a report from Henley and Partners, there are currently 1.6 million millionaires within the BRICS alliance. Furthermore, there are a reported 549 billionaires in the bloc as well. Within that private wealth, the report shares that in the last decade, private wealth grew by a remarkable 92% in China, by far the most among BRICS. That number is expected to rise in the next decade, along with other BRICS founders and the newly added BRICS nations.
While China’s amount of millionaires has risen since 2013, the other major BRICS countries have fallen. This includes Brazil, South Africa, and Russia. Russia may find it the most difficult to catch up due to sanctions caused by its invasion of Ukraine. However, as the bloc works together with its increased funding, perhaps this rebound won’t be as difficult for Russia. As a result, funding can be poured back into the bloc and the bloc’s New Development Bank. In turn, this funding can go to further BRICS projects and the development of more businesses and economies, thus creating more opportunities for millionaires.