UAE is the richest country in BRICS
Residents of the United Arab Emirates enjoy the highest per capita incomes among the BRICS countries, making the UAE the wealthiest country in this bloc, to which it joined on January 1, 2024.
According to the BRICS Wealth Report by Henley & Partners, the average income per capita in the UAE stands at 380,000 dirhams per year (approximately US$ 103,500), which is twice as high as in neighboring Saudi Arabia (US$ 54,000).
Following the Gulf countries in the ranking are China (US$ 18,800), the Russian Federation (US$ 16,500), Brazil (US$ 10,400), India (US$ 6,800), Egypt (US$ 4,200), Iran (US$ 3,800), and Ethiopia (US$ 1,200).
It is expected that over the next decade (from 2023 to 2033), per capita income in the UAE will grow by 95%, making it second only to India (110%) and Saudi Arabia (105%).
Over the past decade, the UAE has actively developed its economy, promoting innovation and creating an attractive environment for investors. One of the successful initiatives has been the introduction of “Golden Visas” – long-term residency permits in exchange for investments.
As of January 1, 2024, BRICS welcomed five new member countries – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
According to experts from the Henley & Partners report, Beijing, Shanghai, and Dubai are among the top three wealthiest cities in the international BRICS+ bloc. Dubai is home to 72,500 millionaires, 212 centimillionaires, and 15 billionaires. The UAE’s capital ranks 10th in the ranking with 22,700 millionaires, 68 centimillionaires, and 5 billionaires.
Experts also highlight the prospects for Sharjah, where the number of millionaires is expected to grow by 120% over the next 10 years, reaching 9,000 individuals. The total number of millionaires in the BRICS+ countries is expected to increase by 85%.
