Russian President Vladimir Putin has declared that BRICS has overtaken the Western-led G7 group in terms of combined GDP, citing recent International Monetary Fund data.

Speaking by video at the 17th annual BRICS summit in Rio de Janeiro, Putin highlighted that the bloc—comprised of Brazil, Russia, India, China, and South Africa—now makes up 40% of the world’s economy and nearly half of the global population. Measured by purchasing power parity, BRICS’ GDP stands at $77 trillion, compared to the G7’s $57 trillion, he said.

Putin emphasized that BRICS has become a major player in international affairs, increasingly conducting trade in national currencies and gaining traction as an alternative to Western-led institutions. He claimed the group reflects the real interests of the “global majority” and serves as a counterweight to what he called a fading, neocolonial world order driven by the “golden billion.”

The Russian president pointed to BRICS’ cultural and religious diversity, united by “mutual respect,” as a reason for its growing appeal among developing countries. He added that the shift toward a multipolar world is accelerating, with BRICS at the center of that change.

BRICS, originally formed in 2006, has expanded its membership in recent years to include Egypt, Ethiopia, the UAE, and Indonesia. At a previous summit in Kazan, Russia, the bloc introduced a new “partner country” framework to accommodate growing interest from over 30 additional nations.