According to the latest report issued by research firm WealthInsight, the total number of HNWIs in the BRICS region is forecast to grow by 76 percent to reach 3.4 million by 2016. But the repot also noted that the ongoing global economic slowdown and weak stock market performance could have a significant impact on super wealthy individuals in China and the other members of the BRICS club.
By the end of 2011, there were about 1.9 million HNWIs in the BRICS region, with a combined wealth of US$7.5 trillion, according to the report. They accounted for 11.3% of the total number of HNWIs (16.8 million) globally and 11.4% of the total HNWI wealth (US$66 trillion) worldwide.
According to WealthInsight, the total amount of HNWIs in the BRICS jumped from 1.5 million in 2007 to 1.9 million in 2011, with an increase of 30% over the review period. HNWIs refer to people with net assets of at least US$1 million, excluding their primary residences.
China has apparently been leading the pack as 66% of HNWIs in the BRICS countries were based in China as of the end of 2011. L ooking into the future, Chinese cities are expected to maintain their domination although India will become the fastest-growing nation in terms of ultra-wealthy individuals, WealthInsight said.
According to WealthInsight data, BRICS countries had a total number of 17,450 multi-millionaires, who should have net assets of more than US$30 million, at the end of 2011. Among them, 7,905, or 45%, were in China, followed by Brazil (4,123), India (1,576), Russia (1,293), and South Africa (543).
Between 2007 and 2011, the number of multi-millionaires in BRICS nations rose by almost a third. As of December 31, 2011, twelve Chinese cities were on the Top BRICS 30 list for the ultra-wealthy people, WealthInsight said, followed by Brazil (9), India(5), Russia(2) and South Africa (2). Beijing was No.1 city for these super wealthy people (1,318 multi-millionaires), followed by Sao Paulo (1,310), Shanghai (1,028), Moscow (821) and Mumbai (577).
