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IPO boom breeds new wave of millionaires in Brazil

RIO DE JANEIRO, BRAZIL - Despite one of the worst years in Brazil's economy history, XP Private, the millionaire clients' arm of XP Group, has nothing to complain about. The number of clients in the segment created in 2015 hiked 30% in 2020 to a total of 6,000 accounts.

The total amount invested in these accounts more than doubled, rising from R$91 billion in late 2019 to R$228 billion by the end of 2020.

It is no different for the rest of the market (although growth has been less pronounced): according to data from ANBIMA, the capital . . .

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