![Separator Separator](https://www.ceoinsightsasia.com/images/line.png)
UAE and Saudi Individual Wealth to Surge by 105% in 10 Years
![Separator Separator](https://www.ceoinsightsasia.com/images/line.png)
Saudi Arabia is expected to witness a significant surge of over 105% in average wealth per person in the coming decade, with the UAE following closely at 95%, as reported by Henley & Partners, an investment migration advisory firm. The inaugural 'BRICS Wealth Report' by the firm also predicts that India will lead the BRICS nations with a projected 110% increase in wealth per capita by 2033. China follows with an 85% increase, followed by Ethiopia (75%), South Africa (60%), and Egypt (55%). The report highlights the current investable wealth within the BRICS bloc at $45 trillion, projecting an 85% rise in the millionaire population over the next 10 years.
Currently, there are 1.6 million individuals in the leading emerging economies, collectively known as BRICS, possessing investable assets exceeding $1 million, with 4,716 centi-millionaires (centis) and 549 billionaires. Centis denote those with more than $100 million in investable assets. The BRICS group expanded this month, welcoming Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE as new members, amplifying its representation to over 45% of the global population and accounting for almost 36% of global GDP (adjusted for purchasing power parity), surpassing G7 countries at 30%.
According to Henley & Partners CEO Dr. Juerg Steffen, the enlarged BRICS offers enticing opportunities for global investors and entrepreneurs. In China, private wealth has grown by 92%, boasting 862,400 millionaires, 2,352 centis, and 305 billionaires. India ranks second in BRICS for High Net Worth Individuals (HNWIs), with 326,400 millionaires, over 1,000 centis, and 120 billionaires, experiencing an 85% wealth growth over the past decade. The UAE has witnessed a remarkable 77% surge in its millionaire population since 2013, now housing 116,500 millionaires, including over 300 centis. Over the last ten years, Saudi Arabia and Ethiopia have also seen robust growth in private wealth, with their millionaire populations increasing by 35% and 30%, respectively.
Additionally, five of the top 10 wealthiest cities in BRICS are located in China, with Beijing leading the pack with 125,600 millionaires, 347 centis, and 42 billionaires. Both the UAE and India have two cities each in the top 10. Dubai ranks third with 72,500 resident millionaires (including 212 centis and 15 billionaires), while Abu Dhabi takes the tenth spot with 22,700 High Net Worth Individuals (HNWIs), including 68 centis and five billionaires. New World Wealth's Head of Research, Andrew Amoils, anticipates robust wealth growth of over 80% in five BRICS cities - Bengaluru, India; Cape Town, South Africa; Jeddah and Riyadh, Saudi Arabia; and Sharjah, UAE - over the coming decade.