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In 2021, the BRICS countries (Brazil, Russia, India, China, and South Africa) contributed 24.44T to the world economy, representing 24% of the total world GDP. In contrast, the G7 (U.S., Canada, England, Germany, Italy, Japan, and France) produced about 45% of the total world GDP. In 1990, BRICS produced 11% of world GDP and the G7 represented 66%. The G7 and BRICS nations represent 11 of the 12 largest world economies. South Africa’s economy is the 33rd largest economy in the world.

Is BRICS a Threat to the Dollar?
Except for India, all BRICS countries are significant producers of gold. South Africa is the 8th largest gold producer on earth. Canada and the U.S. are the only major gold producer in the G7 countries.

The G7 was formally the G8. The eighth country was Russia. The G8 kicked Russia out of the strategic alliance following the 2014 Russian annexation of Crimea, a Ukrainian peninsula. Despite China's massive economy, China never received an invitation to join the G7 due to accusations of human rights abuses.

The international system of bank payments is called the SWIFT (Society for Worldwide Interbank Financial Telecommunications) system. Approximately 42 million SWIFT transactions happen daily. SWIFT transactions mostly happen in U.S. Dollars. Countries receive sanctions through the SWIFT system.