The UAE is the richest country in the BRICS, with the most wealth per capita among its citizens. According to the first BRICS Wealth Report by Henley & Partners, which was released in collaboration with wealth intelligence firm New World Wealth, the average per capita income in the United Arab Emirates is $103,500 (Dh380,000), which is more than twice as high as that of Saudi Arabia, the second-ranked neighbouring Gulf nation, whose per capita wealth is $54,000. Over the following ten years, from 2023 to 2033, the UAE is expected to have a 95% growth in per capita income, ranking third after Saudi Arabia (105%) and India (11%).
On January 1, 2024, the UAE, Saudi Arabia, Egypt, Iran, and Ethiopia became members of the BRICS. The bloc became even more powerful once these additional members joined, with a combined GDP of $28.5 trillion, or about 28% of the world economy. Additionally, the BRICS nations will produce around 44% of the crude oil consumed worldwide.
After China and India, the UAE has the third-highest number of millionaires among the BRICS nations with 116,500. By the end of 2023, there were 20 billionaires and 308 centi-millionaires, respectively, with a combined worth of over $100 million. It stated that during the following ten years, their wealth is expected to increase by 77%.
By the end of 2023, Dubai will rank third among the BRICS cities in terms of wealth, behind only Beijing and Shanghai. It is home to 72,500 millionaires, 212 centi-millionaires, and 15 billionaires. Between 2023 and 2033, their wealth is expected to rise by 78%. The other cities with the greatest concentration of millionaires are Abu Dhabi, Delhi, Mumbai, Shenzhen, Hangzhou, Moscow, and Guangzhou.
The BRICS bloc presently has $45 trillion in investable wealth, and over the next ten years, its millionaire population is predicted to increase by 85%.
