• BRICS started in 2001 as BRIC, an acronym coined by Goldman Sachs for Brazil, Russia, India and China. South Africa was added in 2010.
  • The idea behind the coinage was that by 2050 the economies of nations would collectively dominate global growth.
  • The BRICS countries have become a source of foreign expansion for companies and high returns for institutional investors.
  • The party was largely over by 2015 when Goldman closed its BRICS-focused investment fund.