A new study by Henley & Partners’ BRICS Wealth Report suggests that Saudi Arabia is poised for a significant surge in average wealth per person, expecting a 105% increase in the next decade from the current $54,000. The Kingdom holds the sixth position in the BRICS bloc in terms of high-net-worth individuals, hosting 58,300 millionaires, including 195 centi-millionaires and 22 billionaires—a 32% increase since 2013.
The report ranks India as the leader in per capita wealth, projecting a 110% increase over the next decade from the current $6,800. The UAE follows with an expected 95% rise, and China and Ethiopia are projected to see increases of 85% and 75%, respectively. South Africa is expected to increase by 60%, and Egypt by 55% by 2033.
The total investable wealth in the BRICS bloc is currently $45 trillion, with the millionaire population expected to surge by 85% in the next decade. The BRICS nations currently have 1.6 million individuals with investable assets exceeding $1 million, including 4,716 centi-millionaires and 549 billionaires.
China experienced substantial private wealth growth of 92% over the last decade, with 862,400 millionaires, 2,352 centi-millionaires, and 305 billionaires. India saw a private wealth increase of 85%, with 326,400 millionaires, over 1,000 centi-millionaires, and 120 billionaires. The UAE’s millionaire population surged by 77% since 2013, totaling 116,500.
While Beijing has the highest number of high-net-worth individuals, hosting 125,600 millionaires, Shanghai and Dubai follow with 123,400 and 72,500 millionaires, respectively. The report notes the emerging economic, social, and monetary status quo led by non-Western nations, particularly BRICS, challenging established norms. However, South Africa saw a decline in millionaires by 20% since 2013, and Iran experienced a 38% decrease during the same period.
