Saudi Arabia Boosts BRICS' Wealth to $45 Trillion

Jonathan Stoker Feb 03, 2024, 16:50pm 63 views

Saudi Arabia Boosts BRICS' Wealth to $45 Trillion

Expansion of BRICS Alliance Increases Combined Wealth to Over $45 Trillion

The growth of the BRICS alliance, with new members including Saudi Arabia, has led to a significant increase in their combined wealth. This growth has also propelled the alliance beyond the collective wealth of the G7 nations. The expansion of BRICS now includes five new countries that are expected to become key parts of the bloc by 2024.

Expansion Leads to Greater Wealth and Influence

The alliance's growth has fostered a rise in its wealth, surpassing that of the G7 collective. In addition to Saudi Arabia, the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia have also joined this expanding alliance. The inclusion of these significant economies has not only boosted the overall wealth of the bloc but also increased its share of global GDP (PPP) and oil production.

Saudi Arabia's Inclusion a Game-Changer

Saudi Arabia's entry into the alliance has significantly boosted the collective wealth of the bloc, contributing to a total sum of $45 trillion. The nation's entry marks a major increase in the alliance's wealth, pushing it beyond the Western-dominated G7 collective. Furthermore, it is forecasted that the population of millionaires within BRICS nations will surge by 85% by 2034, further highlighting the growing economic power within these countries.

BRICS Alliance to Lead Global Economic Developments

The expansion of the BRICS alliance ensures its ability to steer global economic trends. Specifically, the increased wealth of the bloc enables it to further its de-dollarization initiatives. Saudi Arabia's alignment with the alliance also bodes well for the BRICS bloc's goals of reducing the international reliance on the US dollar. The potential collaboration between the Arabian nation and the expanding alliance could form a significant bloc, presenting a formidable challenge to Western economic influence.

Edited by Jonathan Stoker

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