Donald Trump was right to call for a shakeup in the Group of Seven membership. He just picked the wrong emerging market to add, according to Jim O\u2019Neill. The former chairman of Goldman Sachs Asset Management, who famously coined the \u201cBRICs\u201d in 2001 to refer to the fastest growing emerging markets, said the G-7 can\u2019t be taken seriously when it excludes China, whose economy is set to overtake the euro zone this year, and India, whose gross domestic product already eclipses Italy\u2019s. \u201cThe Group of Seven has become increasingly irrelevant in a world of new emerging powers,\u201d he wrote in a blog post. \u201cAn institution that excludes the BRICs while still including economic basket cases like Italy cannot possibly claim the legitimacy required to exercise global economic leadership.\u201d\u00a0Unlike Trump, who advocated for bringing Russia back into the group, O\u2019Neill said the G-7 would be much more relevant if China, India and a single delegation from the euro zone replaced Canada, France, Germany and Italy. More than half of the increase in global gross domestic product since 2010 has come from the two Asian nations alone, while the dollar value of the Japanese and EU economies has declined during that span, according to data compiled by Bloomberg.\u00a0O\u2019Neill said the muted market reaction to last weekend\u2019s chaotic G-7 conference in Quebec serves as further evidence of the group\u2019s insignificance. \u201cThat may simply reflect the fact that the G-7 no longer matters,\u201d he wrote.