Individual wealth in Mena to double over 10 years

The average wealth per person in Saudi Arabia is set to increase by 105% in the next ten years, according to recently published research.

The BRICS Wealth Report, produced by London-based investment migration consultant Henley & Partners, also found that individual wealth will increase by 95% in the UAE over the same period.

The BRICS cohort originally contained Brazil, Russia, India, China and then South Africa. The UAE and Saudi Arabia were added in January 2024, along with Iran, Egypt and Ethiopia.

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The inclusion of Mena countries is not just a political realignment but a recognition of their growing economic stature, according to Juerg Steffen, Henley & partners chief executive. “The region, historically pivotal due to its energy resources, is now asserting a more diversified economic role,” said Steffen.

“For investors worldwide, Mena’s growing participation in BRICS opens a realm of possibilities beyond the region, offering access to fast-growing consumer markets, strategic geographic positioning, and unique cultural and business environments.”

According to the report, the newly extended BRICS bloc has a total investable wealth of US$45 trillion, while its millionaire population will increase by 85% in the next 10 years.

India leads the growth in wealth per capita at 110% while China remains the country with the largest number of millionaires (862,400).

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