Jim O'Neill, an economist at Goldman Sachs, coined the term 'BRIC' in 2001 to refer to Brazil, Russia, India, and China as emerging economic powers. The term predicted these countries would dominate global economic growth by 2050. Vikram Pandit is a former CEO of Citigroup, P Chidambaram is India's former Finance Minister, and Warren Buffet is a legendary investor - none of whom coined this term.