A recent and surprising study found that Brazil produces about 19 new millionaires each day
, and has since 2007. Although, looking at the country more closely, the stat shouldn’t be too shocking; Brazil is the fifth largest country in the world (by size and population) and in the past few years its booming economy has moved nearly 30 million people into the middle class.
What’s actually remarkable about this news is how Brazil has managed to maintain this astounding growth in a time of global recession.
data shows that Brazil’s growth is potentially due to its increased exports in natural resources like mineral oils (HTS code 27)
, and coffee and tea (HTS code 09)
, which are both multi-billion-dollar-a-year industries for the country.
Over the past five years, Brazil’s mineral fuel exports to the United States have almost doubled. As of November 2011, the growth has continued with a 15.8% increase compared to 2010.
In terms of coffee and tea, Brazil is the leading exporting country to the United States. Coffee and tea exports are more than two times what they were in 2007 and are consistently rising. As of November 2011, exports are up 56% from 2010 and 123% from 2009.
Brazil’s economy is certainly not recession-proof with many of its imports and exports showing drops in 2009, but the overall impact has not hindered the country’s development. Another economic boost worth mentioning is Brazil’s city of Rio de Janeiro, which is hosting the 2014 World Cup and the 2016 Summer Olympics. Overall, the South American super power of Brazil is on the rise and doesn’t appear to be slowing down soon.