According to a report by Henley & Partners, BRICS nations have reached a combined investable wealth value of $45 trillion. Following the bloc’s expansion at the beginning of 2024, the BRICS alliance has added to its abundance of wealth, resources, and power.
The BRICS alliance initially consisted of Brazil, Russia, India, China and South Africa. However, the bloc invited and successfully added multiple new countries to its ranks in the past months, including the UAE and Saudi Arabia. These nations are not only rich in resources such as oil but are also rich in funds due to their powerful economies. With this increase in investable wealth, BRICS can invest further in its New Development Bank, which in turn will invest in growing economies to join BRICS down the line.
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In early 2024, the BRICS New Development Bank decided to fund projects in local currency. This decision, along with the $45 trillion that the bloc totals in investable wealth, can push the US Dollar back further.
With more participants, the BRICS strategy to lessen international reliance on the dollar took a massive step forward in another key area, investments. With the BRICS currency in development, BRICS can invest in its development, as well as in Gold, which the bloc has said previously might be the backing their currency needed.
Furthermore, BRICS now represents 45 percent of the global population and contributes to 36 percent of the global GDP, surpassing the G7’s 30 percent share.