Many brands in the luxury sector are testing out portions of their marketing budgets in the BRIC countries (Brazil, Russia, India, China), some with more success than others.

And who would blame them? Not only are the BRICs growing at an alarming rate, they are rumored to be plotting an overthrow of the dollar as the predominant international currency.

Brands that target HNW (High Net Worth) and Ultra High Net Worth (UHNW) consumers see the rate of growth in these emerging economies, particularly the growing rate of billionaires, and consider investing portions of their marketing budgets in BRIC, which is all well and good. No brand can ignore the future.

That being said, it is more important not to ignore the present. The U.S. and Europe, no matter how much we have struggled or are struggling, are still the leading producers of billionaires on the planet. Of the top 10 cities with the highest numbers of billionaires, the U.S. and Western Europe hold 7 of those spots, with London and New York leading the charge.

So while High Net Worth and Ultra High Net Worth marketing budgets should probably have BRIC countries within their realm of consideration, marketers should not be shifting large amounts of marketing dollars away from the U.S. and Europe (depending on the brand, of course). Moreover, those who are ready to jump into emerging markets should do it carefully. It is important to respect the cultures you sell to without abandoning your brand promise. And that is not always such an easy task.

Has your brand broken into emerging markets yet? Which countries have you had the most success with?