BRICS Summit 2026: $32 Trillion! How Wealthy Is BRICS and Who Are the Richest Countries in the Bloc?
By Gazi Abbas Shahid
India, which currently holds the BRICS presidency, is set to host 18th BRICS Summit on September 12-13, with startups, innovation, strong supply chains, and green energy expected to be the top priorities at the event.
Since its founding, BRICS has emerged as a powerful regional bloc, which today rivals the United States-led Western order, primarily due to its collective economic prowess and human capital.
How big is the combined BRICS economy?
Collectively, the BRICS+ grouping has an estimated nominal GDP of roughly $32 trillion, representing around 28% of the world’s total GDP. Additionally, BRICS nations account for nearly 35% to 40% of the global GDP in terms of purchasing power parity, higher than that of the US-led G7, which holds a 28% to 29% share.
This is because the PPP metric takes into account the purchasing power and cost of goods and services in different countries, giving greater weight to large emerging economies like India and China.
Who are the richest BRICS countries?
The economic strength of BRICS is primarily driven by the massive economy of China, accounting for nearly 70% of the group’s total GDP, while India is the second-largest, contributing around 13%, and Russia stands third with a 9% contribution.
Brazil accounts for approximately 7%, and South Africa roughly 2%, showcasing that while the BRICS is collectively a major economic heavyweight, the economic status of its members varies significantly, with China being the most dominant partner followed distantly by India.
Why BRICS is emerging as a rival power center to the West?
The original BRICS has expanded significantly since its founding with the addition of major regional partners like Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Indonesia, which has further expanded the group’s global presence.
Today, the BRICS+ bloc represent roughly half of the global population, primarily due to India and China, two of the world’s most populous countries. This makes BRICS a major rival to the West because of massive human capital and a gigantic consumer market that is unrivalled.
Further, BRICS is the main driver in the global energy market, with its members accounting for nearly 30% of the world’s total oil production. Further, BRICS countries account for roughly 22% to 23% of global merchandise exports.
How BRICS powers the global energy market?
A major reason for the growing influence of BRICS is its control over the global energy market, with some of its members such as Russia, Iran, and the UAE being among the world’s leading oil and energy producers, while China and India are two of the largest largest energy consumers globally.
This unique combination of leading producers and consumers gives BRICS significant weight in discussions about global energy security, the oil market, and the future transition to clean energy.
Is BRICS working towards de-dollarization?
One of the major issues likely to take centre stage at the upcoming BRICS Summit 2026 is the group’s efforts to wean its members away from the US dollar in global trade and financial transactions.
India and other BRICS members have stressed the need for increasing trade in local currencies and strengthening economic cooperation among member countries in order to provide members with more options for international transactions rather than relying heavily on the dollar-based financial system.
News24