When counting new members, BRICS will have an estimated 2024 GDP of $31 T, while the USA will have around $27 T. BRICS beats us by over 12%.
However, here’s a rough estimate of per capita:
BRICS: $8,790
United States: $80,120
We make nine times as much per person.
We have more trade leverage because of this.
But BRICS is a huge threat.
And EU’s GDP is comparable to China’s GDP
Total GDP: $19.40 T
GDP per capita: $54,273 (PPP)
The economic winner of the next decade will be the one that can exploit AI and robotics to be more productive. Right now America has the upper hand, but it’s very hard to say how this will play out.
To look at the trade figures more accurately, the raw resources imported from Brics/others is resold for 3-4 times what it was bought in some cases, and when turned into products we can skim between 40-100% profits from natural resources.
If the wage disparity was simply 50%, that along would account for a major size difference in scale of economies. The wage gap is actually 4-10 times higher in many cases.
What a dollar buys vs. the local currency in real wages or subsistance payments is another way to look at the disparity in the scale or size of the economic numbers.
Because US wages are probably 50% behind inflation since Obama everything I have shown... or a devaluation in the USD would further skew the figures.
I spent 22 years overseas and saved enough to buy a house for 420K cash at retirement and live nicely today, even 13 years after leaving before age 55.
It is how much we save that determines the size of our own personal economy. My BTC just morphed into a 1/2M.