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Silicon Valley ’ aka Bengaluru is expected to be one of the world’s fastest-growing millionaire hubs over the next 10 years while India is projected to see the biggest growth in private wealth among the BRICS nations, according to a new Wealth Report, published by Henley & Partners in partnership with New World Wealth.
The report, which assessed the wealth of residents living in the 10 BRICS nations Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, found that in the last decade, private wealth grew by a remarkable 92 per cent in China, which is now home to 862,400 millionaires, including 2,352 centi-millionaires and 305 billionaires. India followed suit in second place in the BRICS HNWI ranking, with 326,400 millionaires, including over 1,000 centis and 120 billionaires, and wealth growth soaring by 85 per cent over the past 10 years.
By contrast, Russia has seen private wealth decline 24 per cent since 2013, but the report projects that its per capita wealth will make up that loss in the next decade.
India ranks second in the BRICS high net worth individual ranking
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Figures for December 2023.
India ranks second in the BRICS high net worth individual ranking
Only includes people living in each country (residents).
Millionaire figures rounded to nearest 100.
Source: New World Wealth
The UAE’s millionaire population has also shot up since 2013, by 77%, and the Middle East’s leading wealth hub 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, when it comes to private wealth growth projections, India leads the BRICS pack with a forecast 110 per cent increase in wealth per capita by 2033. Saudi Arabia is the 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%) are all forecast to enjoy wealth growth of over 50% in the next decade," said the report.
The BRICS Wealth Report identifies the 10 wealthiest BRICS cities based on the millionaire population, five of which are located in China (Beijing, Shanghai, Shenzhen, Hangzhou and Guangzhou), reflecting the nation’s dominance in global wealth. The UAE and India have two entries each (Dubai and Abu Dhabi; Mumbai and Delhi), while Moscow is the only ‘wealthy city’ to have witnessed a decline in the number of HNW residents over the last 10 years (24 per cent).
BRICS Top 10 Wealthiest Cities
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According to data in the BRICS Wealth Report, five cities didn’t make it into the BRICS Top 10 Wealthiest Cities list for 2024 but are expected to experience particularly strong (80%+) wealth growth over the coming decade.
Bengaluru, nicknamed the “Silicon Valley of India” due to its booming tech sector, is currently home to approximately 13,200 millionaires and this number is projected to reach over 30,000 by 2033, making it one of the fastest growing cities in the BRICS bloc, with forecast wealth growth of 125% over the next 10 years.
Sharjah in the UAE and Saudi’s Riyadh and Jeddah are also cities to watch.
BRICS cities of the future
BRICS cities of the future
“Despite accounting for far less private wealth than Dubai and Abu Dhabi, Sharjah’s millionaire population is growing at a slightly faster rate than both these cities in percentage growth terms. There are currently 4,100 HNWIs living in the emirate and this number is projected to reach over 9,000 by 2033, a growth of 120%. Likewise, Jeddah and Saudi capital Riyadh look set to enjoy a millionaire boom with growth rates of 100% and 90% forecast over the next decade," said Andrew Amoils, Head of Research at New World Wealth.
BRICS still lack economic mobility
"Even though BRICS now controls more of the world’s GDP PPP than the G7, its citizens have significantly less economic mobility than those residing in the most advanced economies," noted the report. According to the Henley Passport Power Index, the average percentage of global GDP that passport holders from BRICS countries can access visa-free is just 21 per cent compared to those from G7 nations who collectively enjoy access to over 80% of global GDP on average without requiring a prior visa.
