Jim O'Neill came up with the term BRIC in 2001 in a research paper that underlined the massive growth potential of Brazil, Russia, India and China. The then-Goldman Sachs chief economist highlighted the need to reform global governance to include these up and coming countries in his paper. Today, the grouping accounts for 45% of the world's population and 35% of its economy. O'Neill, who admitted he would “have Mr. BRICS stamped on his forehead forever”, has however said the group group had achieved very little over the past 15 years. In an interview, he added that it was not possible to solve truly global issues without the United States and Europe - just as it was not possible for the West to solve truly global issues without China, India and, to a lesser extent, Russia and Brazil. The BRICS group grew out of meetings between Russia, India and China which then began to meet more formally, eventually adding Brazil, then South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Saudi Arabia has yet to formally join.