Brazil will increase number of millionaires 115% by 2026 more than China or India

According to the Global Wealth Report 2022 published by Credit Suisse, the number of Brazilian millionaires will increase by 115% between 2021 and 2026, far exceeding the global peak of 40% forecast for this period.

As a result, the number of people with assets of more than US$1 million is expected to rise from 266 to 572 in Brazil.

Globally, the number of millionaires must rise from 62,483 to 87,562 over these five years.

The growth of millionaires in Brazil is higher than the projected increases in China (97%) and India (105%), countries like Brazil that are part of the BRICS, the increasingly powerful bloc of interests in the global South.

However, it does not exceed the levels forecast for Africa (173%).

Despite the sharp increase predicted by Credit Suisse, Brazil’s millionaire’s percentage was only 0.43% last year and is expected to be 0.65% in 2026, if estimates are correct.

The country is currently home to 29.1 percent of Latin America’s millionaires, and that share is expected to rise to 31.4 percent in the coming years.

Mexico currently has more millionaires than Brazil (318), but that number is expected to increase by “only” 78% to 566 in 5 years, which would overtake the country.

US LEADS THE TOP 10

The United States leads the ranking, with 24,480 millionaires in 2021 and a projected 27,664 in 2026 (a 13% increase).

It is followed by China, Japan, and the United Kingdom.

Americans currently account for 39.2% of all millionaires worldwide, but this share is expected to fall to 31.6% by 2026, although their leadership position is not threatened.

The Chinese are expected to go from 9.9% to 13.9%.

According to Credit Suisse, there will be 25 million millionaires worldwide by 2026 due to inflation.

“This rapid increase partly reflects that higher inflation will make it easier to cross the one million mark.”

Regarding inflation millionaires, Venezuela paved the way long ago. Read here.