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Opinion: BRICS Wealth, Power, and Swiss Bank Deposits Under Scrutiny

Economist Jitendra K. Tuli argues that BRICS nations face internal contradictions between their global image and domestic realities.

Concentration of Wealth and Offshore Deposits

In a recent opinion piece published by The Times of India, Jitendra K. Tuli, President of Economic & Technical Consultants, criticized the concentration of wealth among BRICS leaders and businessmen.

According to Tuli, political and business elites across BRICS countries have deposited billions of dollars in Swiss and offshore banks over several decades. He argued that this dynamic undercuts the alliance’s image as a champion of emerging economies.

Inequality Among BRICS Nations

Tuli highlighted the wealth gap between elites and ordinary citizens, claiming it is significantly wider in BRICS nations than in the United States and other Western economies.

He further noted that intra-BRICS trade remains limited, with member states conducting far more business with Western countries than with each other.

Power and Defense Spending

Beyond financial concerns, Tuli pointed to high defense expenditures among BRICS members:

• Russia, China, and Iran — spending heavily to consolidate geopolitical influence.

• India — directing significant resources toward defense, particularly against perceived threats from China and its ally Pakistan.

He described this as evidence of power struggles and competing priorities within the bloc.

Contradictions in Policy and Practice

At the 17th BRICS Summit, Brazilian President Lula da Silva emphasized peace and human rights. However, Tuli argued that such statements stand in contrast to the actions of some BRICS members, noting that Russia, China, and Iran have faced accusations of supporting conflict and violence.

Outlook

Tuli concluded that the BRICS alliance faces internal contradictions between its public image as a cooperative economic bloc and the realities of wealth concentration, limited intra-bloc trade, and divergent geopolitical agendas.

@ Newshounds News™
Source: Watcher Guru   

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