We bind people, cultures and countries together
BRICS economies are experiencing a surge in wealth, surpassing the G7 and boasting a booming millionaire population. This trend suggests a potential shift in global economic power.The BRICS economies, which consist of Brazil, Russia, India, China, and South Africa, have been on a remarkable trajectory in terms of wealth accumulation in recent years. The surge in wealth within these nations has been so significant that they have now surpassed the G7 countries in terms of economic growth and overall wealth accumulation
The BRICS economies collectively achieved a remarkable wealth growth rate of 54% between 2013 and 2023. This impressive figure is even more noteworthy considering that some member countries, including Brazil, Russia, South Africa, Iran and Egypt, experienced periods of negative growth during this same period. This highlights the combined strength of the BRICS economies and the ability of the group to offset individual challenges with the success of other members.
The number of millionaires in BRICS countries is projected to increase by 85% in the next decade, indicating a growing concentration of wealth.
The BRICS nations offer a fascinating mix of wealth distribution and growth.
This data paints a picture of a BRICS bloc with significant internal variations. While some members enjoy high wealth levels, others are experiencing rapid growth. The next decade will see a significant transformation in wealth distribution within BRICS.
Wealth Leaders: The United Arab Emirates boasts the highest wealth per capita at $103,500, followed by Saudi Arabia at $54,000.
Growth Champions: India leads the pack in projected wealth growth with a staggering 110% increase expected by 2033. Ethiopia follows closely with a projected 75% surge.
Emerging Economies: Brazil and Egypt show promise with projected growth of 45% and 55% respectively, but their current wealth per capita is lower.
Varied Landscape: China, a major economic power, sits at $18,800 wealth per capita, but its growth forecast is 85%. Meanwhile, Russia and South Africa occupy a middle ground in both wealth and growth.