On Monday, in an interview with the China Media Group, Russian President Vladimir Putin noted that the BRICS nations have surpassed the G7 states in terms of purchasing power parity (PPP) of their populations.

Putin went on to say, “As for BRICS, at the time of the summit in Johannesburg [in August], the ratio of the economies of the G7 countries and the BRICS countries was already in favor of BRICS in terms of purchasing power parity.”

Presently the BRICS alliance includes, Brazil, Russia, India, China, and South Africa. In January, it will be joined by Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.

The G7 industrialized and developed nations consist of the US, Canada, the UK, France, Italy, Germany, and Japan.

Putin noted the expansion of the BRICS alliance will ultimately benefit the group, which serves as a geopolitical and economic counterbalance to Western-dominated international trade groups.

He also said that the expansion is a sign that the world is becoming increasingly multi-polar.

He said, “This means that every country joining BRICS supports the idea and concept of forming a multipolar world, as no one wants to play second fiddle to a ruler, seeking equal relations.”

The UK-based economic research firm Acorn Macro Consulting has noted earlier this year that BRICS member nations had exceeded the Gross Domestic Product (GDP) based on PPP of the G7.

The analysis noted that the five nations within the BRICS alliance produced almost 31.5% of global GDP, whereas the G7 nations only produced 30.7%.