Expressed in terms of purchasing power parity, the combined GDP of the BRICS (Brazil, Russia, India, China and South Africa) will exceed €40,000 billion by 2022, compared with just €30,000 billion for the G7 countries (United States, Canada, Japan, Germany, France, United Kingdom and Italy), and €120,000 billion on a global scale (an average of just over €1,000 per month for the world’s 8 billion people). Differences in average national income per capita remain considerable, of course: almost €3,000 per month in the G7, less than €1,000 per month in the BRICS and less than €200 per month in sub-Saharan Africa, according to the latest data from the World Inequality … Continue reading BRICS (Thomas Piketty)