India's expected to see 85% increase in millionaires by 2034, report says

India is set to be at the forefront of the next wave of wealth creation in the East, with BRICS nations set to see an 85 percent increase in millionaires by 2034, as per a BNN report. The BRICS nations include Brazil, Russia, India, China, and South Africa, among which India and China are set to drive this growth, the report said. 

This further translates to a potential $22.5 trillion surge in Indian investable wealth, fuelled by a booming entrepreneurial spirit, rapid technological advancements, and overall economic power, it added. Combined with China the potential influx of investable wealth is expected to reach $45 trillion. 

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The BRICS ‘Club of Emerging Economies’ is undergoing a major shake-up with the addition of five new members. South Africa's foreign minister last year confirmed that Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates have all accepted invitations to join the group, previously only a five-member group.

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This expansion marked a significant shift, bringing Middle Eastern and African nations (MENA) into the fold alongside the established BRICS members. With Saudi Arabia's economic clout and Iran's strategic location, this move has the potential to significantly impact the group's future direction and influence on the global economic landscape. While some might question the compatibility of these new members with the original BRICS vision, this expansion undoubtedly underscores the growing importance of developing economies in shaping the world's economic future, the report noted. 

Russia’s 2024 BRICS Chairmanship began on January 1. Russian President Vladimir Putin said the motto is "Strengthening Multilateralism for Equitable Global Development and Security".

Earlier this year, Iranian Foreign Minister Hossein Amir-Abdollahian hosted External Affairs Minister S Jaishankar in Tehran. The two leaders discussed expanding bilateral and multilateral ties within the Shanghai Cooperation Organisation (SCO) and BRICS.