It is now called Brics, after South Africa joined the group.

Jim O’Neill’s comments come as the collective of countries prepare to meet in Johannesburg for their 15th annual summit.

Mr O’Neill introduced the acronym Bric in 2001 while working for investment bank Goldman Sachs. He grouped Brazil, Russia, India and China together as they were all leading developing or newly industrialised nations. The countries embraced the term and began meeting in 2009. A year later, South Africa joined the group.

Speaking to the Financial Times on Tuesday, Mr O’Neill said of Brics: "Quite what they attempt to achieve beyond powerful symbolism, I don’t know."

He also dismissed the idea - floated by Brazilian President Luiz Inácio Lula da Silva - that the collective might develop its own currency.

Two years ago, Mr O’Neill said he occasionally joked that he should have called the group "Ic", as Brazil and Russia’s economic performance between in the decade to 2020 was "very disappointing". However he commended India and China for their economic growth.

Allegations of Russian war crimes in Ukraine have clouded this year’s Brics summit, which will take place from August 22 to 24.

South Africa had controversially invited President Vladimir Putin to attend - even though he's subject to an international arrest warrant if he leaves Russia - but it's since been announced that his foreign minister will attend instead.