BRICS Millionaire Population To Surge By 85% Over Next Decade, Challenging G7 Dominance: Analyst

The BRICS nations are set to witness a significant surge in their millionaire population over the next decade, potentially challenging the dominance of the G7 countries.

What Happened: The BRICS countries, which include Brazil, Russia, India, China, and South Africa, are projected to experience an 85% increase in their millionaire population over the next 10 years. This surge is expected to contribute to the largest wealth increase among any group of nations, according to a recent report by Henley & Partners, CNBC reported on Wednesday.

"The 85% forecast for BRICS will be the highest wealth growth of any bloc or region globally," said Andrew Amolis, wealth analyst at New World Wealth, according to the report.

The BRICS nations currently hold a combined $45 trillion in investable wealth, with an estimated 1.6 million individuals possessing investable assets of over a million.

India is expected to lead the wealth expansion, with a projected 110% increase in wealth per capita by 2033. This is followed by Saudi Arabia, with a forecasted expansion of over 105%, the UAE with a 95% growth, and China and Ethiopia with expected growths of 85% and 75%, respectively.

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Notably, the BRICS bloc has recently expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Saudi Arabia also set to join.

″[BRICS is] challenging the world order and establishing itself as a powerful rival to the G7 and other international institutions," said Henley & Partners' Managing Partner and Head of Southeast Asia, Dominic Volek, according to the report.

Why It Matters: The BRICS nations have been making significant strides in recent years, both economically and geopolitically. The addition of new members, such as Egypt and the United Arab Emirates, has been seen as a potential catalyst for the global shift away from the U.S. dollar, a process known as de-dollarization. This shift could have significant implications for the global financial system, as highlighted by a former U.S. State Department official in a piece for the Atlantic Council.

Moreover, the BRICS consortium has been actively working on initiatives to advance the digital economy, as seen in a recent partnership between Russia and India. This collaboration aims to position both nations as leaders in information technology and the digital economy.

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BRICS Photo by Dilok Klaisataporn on Shutterstock