Maps

Visualizing the BRICS Expansion in 4 Charts

Published

1 month ago

August 24, 2023

Marcus Lu

Graphics/Design:

Bhabna Banerjee

BRICS Expansion 2023

Visualizing the BRICS Expansion in 4 Charts

BRICS is an association of five major countries including Brazil, Russia, India, China, and South Africa. Distinguished by their emerging economies, the group has sought to improve diplomatic coordination, reform global financial institutions, and ultimately serve as a counterbalance to Western hegemony.

On Aug. 24, 2023, BRICS announced that it would formally accept six new members at the start of 2024: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates (UAE).

In this graphic, we provide a data-driven overview of how the BRICS expansion will grow the group’s influence and reach.

Share of Global GDP

Because most of the new BRICS members are considered to be developing economies, their addition to the group will not have a major impact on its overall share of GDP.

The following table includes GDP projections for 2023, courtesy of the IMF.

Original BRICS Member	Country	GDP (USD billions)	Share of Global (%)
Yes	🇧🇷 Brazil	$2,081	2.0%
Yes	🇷🇺 Russia	$2,063	2.0%
Yes	🇮🇳 India	$3,737	3.6%
Yes	🇨🇳 China	$19,374	18.4%
Yes	🇿🇦 South Africa	$399	0.4%
No	🇸🇦 Saudi Arabia	$1,062	1.0%
No	🇮🇷 Iran	$368	0.4%
No	🇪🇹 Ethiopia	$156	0.1%
No	🇪🇬 Egypt	$387	0.4%
No	🇦🇷 Argentina	$641	0.6%
No	🇦🇪 UAE	$499	0.5%
-	BRICS Total	$30,767	29.3%
-	Rest of World	$74,362	70.7%

The original six BRICS members are expected to have a combined GDP of $27.6 trillion in 2023, representing 26.3% of the global total. With the new members included, expected GDP climbs slightly to $30.8 trillion, enough for a 29.3% global share.

Share of Global Population

BRICS has always represented a major chunk of global population thanks to China and India, which are the only countries with over 1 billion people.

The two biggest populations being added to BRICS are Ethiopia (126.5 million) and Egypt (112.7 million). See the following table for population data from World Population Review, which is dated as of 2023.

Original BRICS Member	Country	Population	Share of Global (%)
Yes	🇧🇷 Brazil	216,422,446	2.7%
Yes	🇷🇺 Russia	144,444,359	1.8%
Yes	🇮🇳 India	1,428,627,663	17.8%
Yes	🇨🇳 China	1,425,671,352	17.7%
Yes	🇿🇦 South Africa	60,414,495	0.8%
No	🇸🇦 Saudi Arabia	36,947,025	0.5%
No	🇮🇷 Iran	89,172,767	1.1%
No	🇪🇹 Ethiopia	126,527,060	1.6%
No	🇪🇬 Egypt	112,716,598	1.4%
No	🇦🇷 Argentina	45,773,884	0.6%
No	🇦🇪 UAE	9,516,871	0.1%
-	BRICS Total	3.7 billion	46.0%
-	Rest of World	4.3 billion	54.0%

It’s possible that BRICS could eventually surpass 50% of global population, as many more countries have expressed their desire to join.

Share of Oil Production

Although the world is trying to move away from fossil fuels, the global oil market is still incredibly large—and BRICS is set to play a much bigger role in it. This is mostly due to the admission of Saudi Arabia, which alone accounts for 12.9% of global oil production.

Based on 2022 figures from the Energy Institute Statistical Review of World Energy, BRICS’ share of oil production will grow from 20.4% to 43.1%.

Original BRICS Member	Country	Thousand Barrels per Day	Share of Global (%)
Yes	🇧🇷 Brazil	3,107	3.3%
Yes	🇷🇺 Russia	11,202	11.9%
Yes	🇮🇳 India	737	0.8%
Yes	🇨🇳 China	4,111	4.4%
Yes	🇿🇦 South Africa	0	0.0%
No	🇸🇦 Saudi Arabia	12,136	12.9%
No	🇮🇷 Iran	3,822	4.1%
No	🇪🇹 Ethiopia	0	0.0%
No	🇪🇬 Egypt	613	0.7%
No	🇦🇷 Argentina	706	0.8%
No	🇦🇪 UAE	4,020	4.3%
-	BRICS Total	40,454	43.1%
-	Rest of World	53,394	56.9%

It’s worth noting that China has been pushing for oil trade to be denominated in yuan, and that Saudi Arabia’s acceptance into BRICS could bolster this ambition, potentially shifting the dynamics of global oil trade.

Share of Global Exports

The last metric included in our graphic is global exports, which is based on 2022 data from the World Trade Organization. We can see that the BRICS expansion will grow the group’s share of global exports (merchandise trade) to 25.1%, up from 20.2%.

Original BRICS Member	Country	Exports (USD billions)	Share of Global (%)
Yes	🇧🇷 Brazil	334	1.3%
Yes	🇷🇺 Russia	532	2.1%
Yes	🇮🇳 India	453	1.8%
Yes	🇨🇳 China	3,594	14.4%
Yes	🇿🇦 South Africa	123	0.5%
No	🇸🇦 Saudi Arabia	410	1.6%
No	🇮🇷 Iran	73	0.3%
No	🇪🇹 Ethiopia	3.9	0.02%
No	🇪🇬 Egypt	49	0.2%
No	🇦🇷 Argentina	88	0.4%
No	🇦🇪 UAE	599	2.4%
-	BRICS Total	6,259	25.1%
-	Rest of World	18,646	74.9%

Unsurprisingly, China is the world’s largest exporter. Major exporters that are not a part of BRICS include the U.S. (8.3%), Germany (6.6%), the Netherlands (3.9%), and Japan (3.0%).

Who Else Wants to Join?

According to Reuters, there are over 40 countries that have expressed interest in joining BRICS. A smaller group of 16 countries have actually applied for membership, though, and this list includes Algeria, Cuba, Indonesia, Palestine, and Vietnam.

As the group grows in size, differing opinions and priorities among its members could create tensions in the future. For example, India and China have had numerous border disputes in recent years, while Brazil’s newly elected President has sought to “kickstart a new era of relations” with the U.S.

One thing that is certain, however, is that a new acronym for the group will be needed very soon.

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United States

Mapped: How Much Does it Take to be the Top 1% in Each U.S. State?

An annual income anywhere between $360,000-$950,000 can grant entry into the top 1%—depending on where you live in America.

Published

6 days ago

September 25, 2023

Pallavi Rao

A cropped map of the U.S. listing the annual income needed to be in the top 1% in each state.

How Much Does it Take to be the Top 1% in Each U.S. State?

There’s an old saying: everyone thinks that they’re middle-class.

But how many people think, or know, that they really belong to the top 1% in the country?

Data from personal finance advisory services company, SmartAsset, reveals the annual income threshold at which a household can be considered part of the top 1% in their state.

Some states demand a much higher yearly earnings from their residents to be a part of the rarefied league, but which ones are they, and how much does one need to earn to make it to the very top echelon of income?

Ranking U.S. States By Income to Be in the Top 1%

At the top of the list, a household in Connecticut needs to earn nearly $953,000 annually to be part of the one-percenters. This is the highest minimum threshold across the country.

In the same region, Massachusetts requires a minimum annual earnings of $903,401 from its top 1% residents.

Here’s the list of all 50 U.S. states along with the annual income needed to be in the 1%.

Rank	State	Top 1% Income Threshold	Top 1% Tax Rate (% of annual income)
1	Connecticut	$952,902	28.40%
2	Massachusetts	$903,401	27.15%
3	California	$844,266	26.95%
4	New Jersey	$817,346	28.01%
5	Washington	$804,853	25.99%
6	New York	$776,662	28.29%
7	Colorado	$709,092	25.86%
8	Florida	$694,987	25.82%
9	Illinois	$660,810	26.35%
10	New Hampshire	$659,037	26.25%
11	Wyoming	$656,118	24.79%
12	Virginia	$643,848	26.11%
N/A	National Average	$652,657	N/A
13	Maryland	$633,333	25.94%
14	Texas	$631,849	25.83%
15	Utah	$630,544	23.77%
16	Minnesota	$626,451	25.53%
17	Nevada	$603,751	25.19%
18	South Dakota	$590,373	22.99%
19	Pennsylvania	$588,702	24.95%
20	North Dakota	$585,556	24.76%
21	Georgia	$585,397	25.06%
22	Oregon	$571,813	24.66%
23	Arizona	$564,031	25.22%
24	Idaho	$560,040	23.17%
25	North Carolina	$559,762	25.31%
26	Montana	$559,656	24.46%
27	Kansas	$554,912	25.03%
28	Rhode Island	$548,531	25.26%
29	Tennessee	$548,329	25.12%
30	Alaska	$542,824	25.38%
31	Nebraska	$535,651	24.10%
32	Delaware	$529,928	25.37%
33	Vermont	$518,039	23.63%
34	Wisconsin	$517,321	24.90%
35	South Carolina	$508,427	24.40%
36	Michigan	$504,671	25.01%
37	Maine	$502,605	24.04%
38	Missouri	$500,626	24.93%
39	Ohio	$500,253	25.09%
40	Hawaii	$495,263	24.12%
41	Iowa	$483,985	24.09%
42	Indiana	$473,685	24.55%
43	Alabama	$470,341	23.82%
44	Oklahoma	$460,172	23.68%
45	Louisiana	$458,269	24.80%
46	Arkansas	$450,700	21.11%
47	Kentucky	$445,294	24.14%
48	New Mexico	$411,395	23.35%
49	Mississippi	$381,919	23.04%
50	West Virginia	$367,582	23.26%
N/A	National Median Household Income	$75,000	N/A

California ($844,266), New Jersey ($817,346), and Washington ($804,853) round out the top five states with the highest minimum thresholds to make it to their exclusive rich club.

On the other end of the spectrum, the top one-percenters in West Virginia make a minimum of $367,582 a year, the lowest of all the states, and about one-third of the threshold in Connecticut. And just down southwest of the Mountain State, Mississippi’s one-percenters need to make at least $381,919 a year to qualify for the 1%.

A quick glance at the map above also reveals some regional insights.

The Northeast and West Coast, with their large urban and economic hubs, have higher income entry requirements for the top 1% than states in the American South.

This also correlates to the median income by state, a measure showing Massachusetts households make nearly $90,000 a year, compared to Mississippians who take home $49,000 annually.

How Much Do the Top 1% Pay in Taxes?

Meanwhile, if one does make it to the top 1% in states like Connecticut and Massachusetts, expect to pay more in taxes than other states, according to SmartAsset’s analysis.

A chart showing how states with the top highest and lowest average tax rates for their top 1% residents.

The one-percenters in the top five states pay, on average, between 26–28% of their income in tax, compared to those in the bottom five who pay between 21–23%.

And this pattern exists through the dataset, with higher top 1% income thresholds correlating with higher average tax rates for the wealthy.

State Ranks	Median Tax Rate
Top 10	26.65%
20-30	25.09%
30-40	24.65%
10-20	25.07%
40-50	23.75%

These higher tax rates point to attempts to reign in the increasing wealth disparity in the nation where the top 1% hold more than one-third of the country’s wealth, up from 27% in 1989.

Where Does This Data Come From?

Source: SmartAsset’s America’s Top 1% Is Different in Each State uses data from 2020 individual tax filings from the IRS, adjusted to 2023 dollars using the Bureau of Labor Statistics’ Consumer Price Index.