The number of millionaires in the countries of the BRICS group will experience a significant increase in the next decade, which will contribute to the largest increase in wealth in any intergovernmental organization in the world, according to a report by the consulting firm Henley & Partners.
The number of millionaires in the BRICS countries, which measured in purchasing power parity now make up 31.7 percent of global GDP, a quarter of the global economy and 40 percent of the world’s population, is predicted to increase by 85 percent over the next 10 years.
The powerful BRICS grouping gathers five large countries and developing economies: China, Brazil, South Africa, Russia and India, which were joined last year by Egypt, Ethiopia, Iran, the United Arab Emirates (UAE) and Saudi Arabia. In the meantime, several other countries have applied for membership.
“The forecast of 85 percent increase in the number of millionaires for BRICS will be the largest increase in wealth of any bloc or region globally,” Andrew Amolis, an analyst at New World Wealth told CNBC.
By comparison, the G7 group is expected to increase the number of millionaires by 45 percent over the next ten years. The G7 is a coalition of the world’s advanced countries, and it consists of Canada, France, Japan, Italy, the USA, Great Britain and the European Union.
“BRICS is challenging the world order and establishing itself as a powerful rival to the G7 and other international organizations,” said the main partner of Henley & Partners, Dominic Volek, reports Tportal.
