UAE richest country in BRICS by per capita income

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The UAE residents have the highest wealth per capita among the BRICS countries, making it the richest nation in the bloc.

The average per capita income in the UAE is $103,500 (Dh380,000), more than double that of the second-ranked neighbouring Gulf country Saudi Arabia with a per capita wealth of $54,000, according to the inaugural BRICS Wealth Report by Henley & Partners published in partnership with wealth intelligence firm New World Wealth.

The Gulf countries were followed by China ($18,800), Russian Federation ($16,500), Brazil ($10,400), India ($6,800), Egypt ($4,200), Iran ($3,800) and Ethiopia ($1,200).

It is projected that the UAE will see a 95 per cent increase in per capita income over the next decade between 2023 and 2033, the third highest after India (110 per cent) and Saudi Arabia (105 per cent).

Dr Juerg Steffen, CEO of of Henley & Partners, said the UAE “has excelled at transforming its economy over the past decade by pushing a pro-innovation agenda, supporting a fiscally attractive legal framework, and implementing investor-friendly policies.”

He added that one of the key factors that has led to UAE success has been its residence by investment offering or Golden Visa scheme introduced for various categories such as property buyers, entrepreneurs, scientists and researchers among others.

“The UAE has catalysed its economic prosperity, positioning itself as one of the world’s greatest wealth magnets, second only to Australia,” he added.

The UAE along with Saudi Arabia, Egypt, Iran and Ethiopia joined BRICS on January 1, 2024. These new countries’ inclusion in the bloc made it a formidable economic force accounting for a combined GDP of $28.5 trillion, or about 28 per cent of the global economy. BRICS member countries will also be producing about 44 per cent of the world’s crude oil.

The UAE is also home to 116,500 millionaires, the third highest among the BRICS countries after China and India. While the number of centi-millionaires with a wealth of $100m-plus was 308 and 20 billionaires at the end of 2023. Their wealth is projected to grow 77 per cent over the next 10 years, it said.

Dubai is third richest city after Beijing and Shanghai among the BRICS cities, housing 72,500 millionaires, 212 centi-millionaires and 15 billionaires at the end of 2023. Their wealth is projected to increase by 78 per cent between 2023 and 2033. The other cities that have the highest concentration of millionaires are Mumbai, Shenzhen, Hangzhou, Delhi, Moscow, Guangzhou and Abu Dhabi.

Andrew Amoils, head of research at New World Wealth, said Sharjah, Riyadh and Jeddah are also cities to watch.

“Despite accounting for far less private wealth than Dubai and Abu Dhabi, Sharjah’s millionaire population is growing at a slightly faster rate than both these cities in percentage growth terms. There are currently 4,100 HNWIs living in the emirate and this number is projected to reach over 9,000 by 2033, a growth of 120 per cent,” he said.

Total investable wealth currently held in the BRICS bloc amounts to $45 trillion and its millionaire population is expected to rise by 85 per cent over the next 10 years, it said.