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A staggering 1.6 million millionaires reside in BRICS countries according to December 2023 figures.
An elite group of 4,716 centi-millionaires resided within BRICS nations as of December 2023.
A select group of 549 individuals held billionaire status within BRICS nations in December 2023.
While the exact number of centi-millionaires (individuals with a net worth of $1 million to $100 million) in each BRICS nation isn’t readily available publicly, we can analyze some key points based on existing wealth reports.
The data Figures for December 2023 and includes only people living in each country (residents).
While the exact number of centi-millionaires (individuals with a net worth of $100 million to $1 billion) in each BRICS nation isn’t readily available publicly, we can analyze some key points based on existing wealth reports.
The data Figures for December 2023 and includes only people living in each country (residents).
While the exact number of centi-millionaires (individuals with a net worth of $1 billion and more) in each BRICS nation isn’t readily available publicly, we can analyze some key points based on existing wealth reports.
The data Figures for December 2023 and includes only people living in each country (residents).
BRICS on the Rise:
The data paints a rosy picture, with Bengaluru (India) leading the pack. Nicknamed the “Silicon Valley of India,” Bengaluru’s booming tech sector is expected to propel its HNWI population to over 30,000 by 2033, marking the fastest growth within BRICS. Other cities like Riyadh (Saudi Arabia) and Cape Town (South Africa) are also projected to witness significant increases in their millionaire residents.
Roadblocks to Paradise:
Despite the optimistic outlook, the report acknowledges potential hurdles to this growth. The dominance of US tech giants like Apple, Google, and Microsoft casts a shadow over BRICS aspirations in the technology sector. Additionally, safety concerns plague BRICS nations, which often rank poorly on crime and violence metrics. This can deter wealthy individuals from establishing long-term roots.
Economic Dependence and Media Issues:
The reliance on the US dollar as the global reserve currency creates economic dependence for BRICS countries. While discussions of a BRICS currency exist, their logistical hurdles seem significant. Furthermore, limited media freedom and a lack of neutrality in some BRICS nations, particularly China, Iran, Russia, and Saudi Arabia, can erode investor confidence.
Sanctions and Wealth Flight:
Sanctions imposed on certain BRICS members, like Russia and Iran, add another layer of complexity. Additionally, with the exception of the UAE, BRICS countries grapple with a constant outflow of HNWIs seeking greener pastures elsewhere. This hinders their ability to capitalize on their full wealth creation potential. This is a reminder for Iran and Russia to improve their investment climate.