The total investable wealth currently held in the BRICS bloc amounts to USD 45 trillion and its millionaire population is expected to rise by 85% over the next 10 years, according to the inaugural BRICS Wealth Report, published by international investment migration advisory firm Henley & Partners.
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There are currently 1.6 million individuals with investable assets of over USD 1 million in the grouping of the world's leading emerging economies, including 4,716 centi-millionaires or 'centis' and 549 billionaires.
The original BRICS cohort comprising Brazil, Russia, India, China, and South Africa added substantial new financial firepower and geopolitical clout with the inclusion this month of new MENA members Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
The BRICS bloc now represents more than 45% of the world's population and accounts for a larger share (nearly 36%) of global GDP than G7 countries (30%) when adjusting for purchasing power parity (PPP).
The new report reveals that in the last decade, private wealth grew by a remarkable 92% in China, which is now home to 862,400 millionaires, including 2,352 centis and 305 billionaires.
India follows in 2nd place in the BRICS HNWI ranking, with 326,400 millionaires, including over 1,000 centis and 120 billionaires, and wealth growth soaring by 85% over the past 10 years.
The UAE's millionaire population has also shot up since 2013, by 77%, and is now home to 116,500 millionaires, including over 300 centis.
The past decade has also seen robust private wealth growth in Saudi Arabia and Ethiopia, with their millionaire populations rising by 35% and 30%, respectively.
Looking to the decade ahead, India leads the BRICS pack with a forecast 110% increase in wealth per capita by 2033.
Saudi Arabia is runner up with its wealth per capita expected to expand by over 105% in the next 10 years, followed closely by the UAE on 95%, China (85%), Ethiopia (75%), South Africa (60%), and Egypt (55%).
China lays claim to five of the Top 10 wealthiest cities in BRICS, with capital Beijing securing top honors with 125,600 millionaires, including 347 centis and 42 billionaires.
Hot on its heels in 2nd place is Shanghai (123,400 millionaires), with Shenzhen (5th with 50,300), Hangzhou (6th with 31,600), and Guangzhou (9th with 24,500) also making the Top 10.
The UAE and India each have two cities in the Top 10. Dubai is in 3rd place with 72,500 resident millionaires (including 212 centis and 15 billionaires), and Abu Dhabi sits in 10th place with 22,700 HNWIs (68 centis and 5 billionaires).
Mumbai, India's de-facto financial center, is 4th with 58,800 millionaires (236 centis and 29 billionaires) and national capital Delhi ranks 7th (home to 31,000 millionaires, including 123 centis and 16 billionaires) ahead of Moscow in 8th place (30,300 millionaires, with 207 centis and 23 billionaires).
The Russian Federation's capital is the only Top 10 city with a declining millionaire population over the past decade.
Moscow saw a 24% drop in HNWIs while the rest of the wealthiest cities in BRICS have all enjoyed significant private wealth growth of between 75% (Abu Dhabi) and in the case of Shenzhen an astonishing 140% more millionaires than in 2013. ■