The BRICS countries will witness a surge in millionaire population over the next decade, with India leading the charge, a report by Henley & Partners stated.
According to the report, India is set to witness an estimated 110 per cent jump in wealth per capita by 2033. On the other hand, Saudi Arabia is set to witness a surge in per capita wealth by over 105 per cent across the same period.
The United Arab Emirates is set for a 95 per cent growth. China and Ethiopia will witness its per capita wealth grow by 85 per cent and 75 per cent respectively.
BRICS is comprised of Brazil, Russia, India, China and South Africa. The power bloc has expanded to include Egypt, Ethiopia, Iran, the United Arab Emirates this year, with Saudi Arabia also set to join the bloc.
According to the report, China’s private wealth expansion had witnessed a 92 per cent growth in the last decade. India had stood second with 85 per cent expansion in the same time period.
As per the report, India has 3,26,400 milliionaires (more than $ 1 million), 1,044 centi-millionaires (more than $100 million) and 120 billionaires (more than $1 billion).
The UAE stood at third spot with a 77 per cent wealth growth.
However, South Africa and Iran, have seen a decline in their millionaire populations since 2013, the Henley and Partners report added.
As per the report, there are 1.6 million individuals with investable assets of more than a million in the BRICS group.
Andrew Amolis, wealth analyst at New World Wealth told news website CNBC that the 85 per cent forecast is the highest wealth growth of any bloc or region across the world. He added that the G7 which holds $110 trillion in investable wealth as of December last year, is expected to witness the number of millionaires surge by 45 per cent in the next decade.