In June, the Boston Consulting Group report announced that Brazil had over 127 thousand millionaires. The last data from ANBIMA shows that it has gone up again.
This week the Brazilian Association of Entities in the Financial and Capital Markets (Anbima) has estimated that Brazil has around 150 thousand people with more than R$million in financial investments.
How those millions are allocated
Brazilian millionaires combined financial wealth totals R$337bn, mainly allocated to mutual funds (42%). Brazilian public securities account for other 34%, and stocks, just 19%.
Not to forget that prices are skyrocketing in Brazil as well. Fueled by services and food prices, the November IPCA-15 flew 0.86% month-on-month while the year-on-year change rose from 5,20% to 5.47%.
Construction costs also high
For example, refurbishing an old home is getting more expensive, as building material prices soar. Sand is already 37% more expensive on a year-on-year basis, while cement is up 7.5%, and bricks, up 14%, according to a report released by Bradesco Corretora this week.
Opportunity for new financial services players
The rise of private banking is another evidence of the growing Brazilian wealth. (check our post of 19 nov) More and more financial institutions are offering investment alternatives to the new millionaire of the tropics.