The number of dollar millionaires residing in Russia is down by a quarter (24%) since 2013, to 68,400 high-net-worth individuals, ranking Russia last amongst the five BRICS nations, according to Henley & Partners, an investment migration consultancy based in London.

The firm's report found a broader pattern of declining millionaire populations across BRICS+  nations, with figures dropping by 20% in South Africa, 22% in Egypt, 28% in Brazil and a steep 38% in Iran.

China, however, has seen a surge in millionaire numbers, which have risen almost twofold to over 860,000 individuals in the same period. India and the United Arab Emirates also witnessed substantial increases of 85% and 77%, boosting their millionaire counts to 326,000 and 116,500 respectively.

Despite the downward trend, Russia still boasts a considerable cohort of ultra-wealthy individuals. "There are currently 409 people with a net worth of over $100mn in Russia, as well as 43 dollar billionaires," Henley & Partners reported, ranking Russia third behind China and India, who lead with 2,352 and 305 billionaires, and 1,044 and 120 individuals worth over $100mn respectively.

Looking to the future, Henley & Partners project an affluent upswing within the BRICS consortium. By 2033, the cadre of dollar millionaires is forecasted to swell by 85%, up from the current 1.6mn to a 3mn-plus people. That will come against the backdrop of an estimated $45 trillion in total accumulated investments in BRICS members, suggesting a significant shift in global wealth distribution in the coming decade from the developed to emerging markets.