logo
Number of Brazilian millionaires rises to nearly 400,000

Number of Brazilian millionaires rises to nearly 400,000

UPI24-06-2025
Brazil boasts more than 400,000 millionaires, more than any other nation in Latin America, according to the UBS Global Wealth Report. File Photo by Christine Chew/UPI | License Photo
June 24 (UPI) -- Brazil leads Latin America in the number of millionaires, with nearly 400,000 residents holding a net worth of $1 million or more, according to the UBS Global Wealth Report 2025. The country ranks first in the region and 19th globally.
The UBS report estimates that 380,585 Brazilians had a net worth of at least $1 million in 2024, a figure projected to rise to nearly 470,000 by 2028. Along with Mexico and Chile, Brazil is helping drive wealth growth across Latin America, reflecting the region's economic resilience and a more sophisticated investment market.
The report also introduces the concept of "everyday millionaires," or EMILLIs -- individuals with assets between $1 million and $5 million. This group has quadrupled in size globally since 2000 and now controls a significant share of global wealth. In Brazil, they represent a growing segment of the country's wealth base.
Above the EMILLIs are "ultra-high-net-worth individuals"with more than $30 million in assets, and at the top, Brazil's wealthiest families. These groups hold a substantial share of the country's total wealth and are the primary beneficiaries of exclusive investment opportunities, both domestically and internationally.
Several factors are fueling Brazil's surge in millionaire households. The country has maintained a degree of macroeconomic stability in recent years, boosting investor confidence and creating favorable conditions for capital accumulation.
With a large population and robust domestic consumption, Brazil offers a dynamic market for businesses. That environment has opened doors for entrepreneurs and investors to generate wealth across multiple sectors.
Agribusiness, technology, renewable energy and finance have all seen strong growth, benefiting a growing number of investors.
Brazil's financial market has also expanded, offering a broader range of investment products. This has allowed wealthy families to diversify their portfolios and improve returns.
Foreign direct investment across key sectors has further contributed to Brazil's economic momentum and wealth creation.
Looking ahead, the UBS Global Wealth Report 2025 forecasts a massive global transfer of wealth over the next two decades, with more than $83 trillion expected to pass from one generation to the next. Of that, nearly $9 trillion is projected to change hands in Brazil-more than any country except the United States and China.
This generational shift presents both opportunity and risk. It could inject capital into the economy and help finance new ventures, but it also poses challenges in wealth management and succession.
A 2025 report by Forbes Brasil identifies the country's leading family fortunes. At the top are the Moreira Salles brothers, with an estimated $26 billion, followed by the Marinho family (Grupo Globo) and the Setubal family (Itaúsa).
According to the Institute for Mobility and Social Development, nearly half of Brazil's 95 wealthiest families in 2022 were not on the list a decade earlier. Among the newcomers are the Batista family (JBS), Krigsner family (Grupo Boticário), and Billi family (Eurofarma), highlighting upward mobility in emerging industries.
In 2024, Eduardo Saverin, co-founder of Facebook, became the wealthiest Brazilian in history, with an estimated fortune of $38 billion. He ranked 44th globally, surpassing longtime billionaires Jorge Paulo Lemann and the Safra family.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

EPA might reverse 'endangerment finding' for greenhouse gas emissions
EPA might reverse 'endangerment finding' for greenhouse gas emissions

UPI

time2 hours ago

  • UPI

EPA might reverse 'endangerment finding' for greenhouse gas emissions

Environmental Protection Agency Administrator Lee Zeldin on Tuesday announced a potential reversal of the EPA's 2009 "endangerment finding" that is the basis of costly emissions regulations and an electric vehicle mandate. File Photo by Samuel Corum/UPI | License Photo July 29 (UPI) -- Environmental Protection Agency officials might end the agency's prior "endangerment finding" for greenhouse gas emissions and repeal regulations for motor vehicles and engines. The endangerment finding triggered the creation of $1 trillion in federal regulations, including an electric vehicle mandate, EPA Administrator Lee Zeldin said during a press event at an Indianapolis auto dealership on Tuesday. "The Trump EPA is proposing to end 16 years of uncertainty for automakers and American consumers," Zeldin said in a news release. "Many stakeholders have told me that the Obama and Biden EPAs twisted the law, ignored precedent and warped science to achieve their preferred ends and stick American families with hundreds of billions of dollars in hidden taxes every single year," Zeldin said. Reversing the endangerment finding would eliminate costly regulations and help consumers save more than $54 billion in annual costs, he added. "We heard loud and clear the concern that the EPA's GHG emission standards themselves [and] not carbon dioxide ... was the real threat to Americans' livelihoods," Zeldin said. The EPA's 2009 endangerment finding was not assessed independently and is the basis for costly regulations imposed by the Obama and Biden administrations and others at the state level, he added. The EPA in 2009 declared greenhouse gases to be a threat to public health and added such gases to those regulated by the Clean Air Act. The Obama and Biden administrations used the declaration to impose $1 trillion in regulations and mandate two-thirds of light vehicles and 46% of medium-duty vehicles produced by the auto industry be electric vehicles by 2032. Zeldin said such regulations would "bankrupt the country" in the name of climate change, CBS News reported. A March 2024 EPA impact report claims limiting vehicular greenhouse gas emissions would net more than $2.1 trillion in benefits over the next 30 years. The savings would include $829 billion in fuel savings and $1.8 trillion in climate and public health benefits, according to the report. Removing the greenhouse gas regulations imposed by the Obama and Biden administrations also would "amount to the largest deregulatory action in the history of the United States," Zeldin said, as reported by The New York Times. Former Vice President Al Gore accused Zeldin and the Trump administration of favoring fossil fuels and profits over safety. "Today's EPA announcement ignores the blindingly obvious reality of the climate crisis and sidelines the EPA's own scientists and lawyers in favor of the interests and profits of the fossil fuel industry," Gore said in a prepared statement. The EPA's anticipated move would increase air pollution and people's cost of living, Environmental Defense Fund President Fred Krupp predicted in a prepared statement. "If there are no enforced limits on pollution, you get more of it, making life more expensive and even more dangerous," Krupp said. "The stakes could not be higher for Americans." Reversing the EPA's endangerment finding would require a period of public comment before taking effect and withstanding likely lawsuits challenging the proposed change.

Sales at Kering-owned luxury brand Gucci drop 25%
Sales at Kering-owned luxury brand Gucci drop 25%

UPI

time5 hours ago

  • UPI

Sales at Kering-owned luxury brand Gucci drop 25%

On Tuesday, France-based Kering, the owner of well-known brands such as Gucci and Balenciaga, reported worse second-quarter financial returns than what was expected. It pointed to "uncertain" global factors. Gucci sales dropped 15% year-on-year to around $4.27 billion versus its projected $4.5 billion. Over the quarter, Gucci sales also went down 25%. File Photo (2021) by John Angelillo/UPI | License Photo July 29 (UPI) -- France-based Kering, the owner of Gucci, on Tuesday reported lower second-quarter financial returns than what was expected, pointing to "uncertain" global factors. Gucci sales dropped 15% year-on-year to about $4.27 billion versus its projected $4.5 billion. Over the quarter, sales at the Italian luxury brand also went down 25%. "Though the numbers we are reporting remain well below our potential, we are certain that our comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering's development," company Chairman and CEO François-Henri Pinault said in a statement acknowledging the disappointing numbers. Stock value in Kering fell nearly a quarter in the past year alone. Kering, which owns other brands such as Bottega Veneta and Saint Laurent, noted that sales were weaker across the board primarily in Japan and the Asia-Pacific region. Saint Laurent, the second-largest Kering-owned brand, also saw sales down by 10% in the quarter. On Tuesday, Kering's CFO Armelle Poulou told the Financial Times that sales in Gucci improved among North American consumers. She added its Bottega eyewear division had grown by a single digit. The company says in an economic and geopolitical environment that "remains uncertain," it continues to "deploy its strategy with the aim of achieving a profitable long-term growth trajectory." In an email, Third Bridge analyst Yanmei Tang told CNBC that Kering is facing a "tough reality as its two main luxury markets, China and the United States, are under strain." The French luxury group announced in 2021 that it banned the use of animal fur across all Kering-owned companies.

Amazon (AMZN) Price Target Raised to $271 — Here's What's Driving It
Amazon (AMZN) Price Target Raised to $271 — Here's What's Driving It

Yahoo

time6 hours ago

  • Yahoo

Amazon (AMZN) Price Target Raised to $271 — Here's What's Driving It

Inc. (NASDAQ:AMZN) is one of the . On July 28, UBS analyst Stephen Ju raised the price target on the stock to $271.00 (from $249.00) while maintaining a Buy rating. The price target increase reflects UBS's decision to roll back some of the decreases in estimates it had made three months ago when it was expecting increased demand destruction from tariffs. The firm has raised its Gross Merchandise Value (GMV) estimates for 2026 by an estimated 2%, along with a 2% increase in gross profit projections. Moreover, it has also raised its 2026 and 2027 advertising segment forecasts by an estimated 3% due to better-than-expected advertising performance. Meanwhile, AWS growth estimates were maintained at 16% for the second quarter of 2025. 25 best things to buy on Amazon under $20 (Photo credit: Pixabay) Based on the revisions, there is a 1% increase in 2026 revenue estimates and a 5% increase in EBIT (Earnings Before Interest and Taxes) projections. For the year 2027, the firm projects a 0.1% revenue increase and a 7% EBIT increase. The firm also raised its 2025 CapEx forecast to $112 billion from the previous $107 billion after the company disclosed its first-quarter 2025 capital expenditures. Inc. (NASDAQ:AMZN) is an American technology company offering e-commerce, cloud computing, and other services, including digital streaming and artificial intelligence solutions. While we acknowledge the potential of AMZN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store