BRICS Nations Surpass $60 Trillion in Assets, Russian Minister
Russian Finance Minister Anton Siluanov announced that the total financial assets of BRICS nations have now exceeded $60 trillion, underscoring the bloc's expanding economic footprint and growing influence on global financial architecture.
Speaking during a meeting of the Board of Governors of the New Development Bank (NDB)—the financial arm of BRICS—Siluanov emphasized the bank's evolving role as a key driver of investment across both BRICS member states and the broader Global South.
"This year marks a decade since the establishment of the New Development Bank, which has become the principal financial instrument for funding development projects not only within BRICS countries but also across the Global South,' Siluanov said, according to the Russian state-run news agency TASS.
Siluanov highlighted the demographic and economic significance of developing nations, noting that countries in the Global South collectively account for nearly 70% of the world's population and contribute about 60% of global GDP. He added that the financial assets of these nations now represent more than half of global total assets, exceeding $60 trillion.
'These figures reflect a profound shift in global economic power,' the minister stated, adding that the NDB plays a pivotal role in channeling capital toward emerging market priorities, especially infrastructure development.
The Russian finance chief called for a new approach to mobilizing long-term, sustainable capital, stressing the need to modernize investment mechanisms. This, he said, could include expanding the use of digital financial assets to enhance capital flows and project financing.
Siluanov's remarks come as BRICS—comprising Brazil, Russia, India, China, South Africa, and newly admitted members—seeks to deepen financial cooperation and promote alternatives to traditional Western-led financial institutions like the IMF and World Bank.
As global economic dynamics shift, the BRICS bloc is positioning itself as a counterbalance to Western financial dominance, advocating for greater representation of developing economies in global governance, and investing in infrastructure as a pathway to sustainable development.
The New Development Bank, headquartered in Shanghai, has financed dozens of projects since its inception in 2015, ranging from transportation and energy infrastructure to water and sanitation initiatives.
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