MENA region is a growing market as Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE join BRICS bloc as their newest members
- BRICS holds almost 36% of the world’s GDP, around USD 45 trillion.
- Saudi Arabia and the UAE’s average wealth per person is expected to increase by 105% and 95% respectively.
- The report showed that the MENA region is now becoming an investment hub which will grow more in the next 10 years.
BRICS currently holds around USD 45 trillion with its current millionaire population expected to rise by 85% within the next 10 years, adding up the new members will make BRICS hold 45% of the world’s population and almost 36% of the world’s entire GDP.
This could have some major changes as the wealth report done by Henley and Partners in partnership with New World Wealth shows that countries about to join the BRICS will have greater wealth rates per person.
Saudi Arabia is expected to have an increase in average wealth per person of 105% in the next 10 years while the UAE is expected to have an increase of 95%, the reports have also shown an increase in women’s wealth in the region.
The new report showed that private wealth grew by 92% in China, 5 of its cities take place in the top 10 richest in BRICS, holding 862,400 millionaires, 2,352 centi-millionaires, and 305 billionaires. India comes in 2nd in BRICS wealth rankings with 326,400 millionaires, over 1000 centi-millionaires and 120 billionaires with wealth growing by 85% over the last 10 years. The UAE’s millionaire population has also increased since 2013 by 77% with the Middle East wealth hub having 116,500 millionaires, 300 centi-millionaires, with Saudi Arabia seeing a 35% increase in its millionaire population and Ethiopia seeing a 30% increase.
According to Dr. Juerg Steffen, the CEO of Henley & Partners, the BRICS group of countries has become a significant player in the global economy. As a result, it now presents many attractive new opportunities for investors, entrepreneurs, and high-net-worth individuals with talent. Furthermore, the inclusion of MENA countries is not just a political shift. It is also a recognition of their rapidly growing economic stature. The region has historically been pivotal due to its vast energy resources, but it now also plays a more diverse economic role.
Dominic Volek, the Group Head of Private Clients at Henley and Partners, believes that the expansion of the BRICS community will create new opportunities in the investment migration sector. This will be beneficial for investors who want to gain access to BRICS member states, as well as those within BRICS countries who want to enhance their global access and passport power.
