A surge in the number of millionaires and a shift in luxury consumer behaviour in emerging markets in the coming decade present opportunities for brands that serve the wealthy, according to Decades of Wealth: The Next 10 Years In Wealth & Luxury, a new report released by Wealth-X today.
Below are some of the key findings from the study:
Emerging markets such as India and South Africa will see their millionaire populations rise significantly in the coming decade.
There will be 437,000 millionaires In India by 2018, and that number is projected to double by 2023.
Wealth growth in Africa – particularly in the key markets of South Africa, Nigeria and Kenya – will continue, at a rate of over 10% per annum.