The volume of investable assets held by individuals in the group will skyrocket over the next decade, according to Henley & Partners © Getty Images / icestylecg

The number of new millionaires in the BRICS countries will see a surge by 2034, contributing to the biggest increase in wealth across any group of nations, according to a recent report by Henley & Partners.

The BRICS group of emerging economies, which previously comprised Brazil, Russia, India, China, and South Africa, underwent a major expansion after Iran, Ethiopia, Egypt, and the United Arab Emirates joined in January of this year. Saudi Arabia, which has also been officially invited, is also set to become a member.

According to the report, the total investable wealth currently held by individuals in the BRICS countries amounts to $45 trillion, while the number of millionaires is expected to surge by 85% over the next decade. There are currently 1.6 million individuals with investable assets of over $1 million in the group, including 4,716 with more than $100 million and 549 billionaires.

In comparison, the figure for investable assets in the G7, comprising Canada, France, Japan, Italy, the US, UK, and EU, was $110 trillion as of December 2023, according to data provided to CNBC by Andrew Amolis, an analyst at New World Wealth. The number of millionaires is expected to increase by 45% over the next decade.

“[BRICS is] challenging the world order and establishing itself as a powerful rival to the G7 and other international institutions,” Henley & Partners’ Managing Partner and Head of Southeast Asia, Dominic Volek, said during a webcast presentation of the report.

BRICS will overtake G7 in economic might by 2028 – Dilma Rousseff  BRICS will overtake G7 in economic might by 2028 – Dilma Rousseff 

Meanwhile, Amolis told CNBC that “the 85% forecast for BRICS will be the highest wealth growth of any bloc or region globally.”

According to the report, India is leading the charge in terms of growth of investable assets, with an estimated 110% jump in wealth per capita by 2033. The UAE is poised for 95% growth, while the figures for China and Ethiopia are expected to rise by 85% and 75%, respectively.

BRICS is now a highly influential player in the global economy, offering attractive new opportunities for investors, entrepreneurs, and talented high-net-worth individuals, the CEO of Henley & Partners, Juerg Steffen, stated.

Meanwhile, leading personal finance and investment expert Jeff Opdyke said that nations once considered ‘developing’ or ‘emerging’ or the pejorative ‘third world’ are now dynamic economies that are changing the global order. “Economically, non-Western nations – with BRICS at the vanguard – are pushing the globe into a new reality: An emerging economic, social, and monetary status quo that is upending what the world has accepted as normal for nearly eight decades,” Opdyke stated, as quoted in the report.

For more stories on economy & finance visit RT’s business section