Visualizing the $100 Trillion Global Economy in One Chart
Surpassing the $100 trillion mark is a new milestone for global economic output.
We’ve covered this topic in the past when the world’s GDP was $88 trillion (2020) and then $94 trillion (2021), and now according to the latest projections, the IMF expects the global economy to reach nearly $104 trillion in nominal value by the end of 2022.
Although growth keeps trending upwards, the recovery that was expected in the post-pandemic period is looking strained. Because of recent conflicts, supply chain bottlenecks, and subsequent inflation, global economic projections are getting revised downwards.
Global annual GDP growth for 2022 was initially projected to be 4.4% as of January, but this has since been adjusted to 3.6%.
Note: This data from the IMF represents the most recent nominal projections for end of year as of April 2022.
The 50 Largest Economies in the World
The United States is still the economic leader worldwide, with a GDP of $25.3 trillion—making up nearly one quarter of the global economy. China follows close behind at $19.9 trillion. Here’s a look at the top 50 countries in terms of GDP:
|Rank||Country||GDP (current prices, USD)|
|#1||🇺🇸 United States||$25.3 trillion|
|#2||🇨🇳 China||$19.9 trillion|
|#3||🇯🇵 Japan||$4.9 trillion|
|#4||🇩🇪 Germany||$4.3 trillion|
|#5||🇬🇧 United Kingdom||$3.4 trillion|
|#6||🇮🇳 India||$3.3 trillion|
|#7||🇫🇷 France||$2.9 trillion|
|#8||🇨🇦 Canada||$2.2 trillion|
|#9||🇮🇹 Italy||$2.1 trillion|
|#10||🇧🇷 Brazil||$1.8 trillion|
|#11||🇷🇺 Russia||$1.8 trillion|
|#12||🇰🇷 South Korea||$1.8 trillion|
|#13||🇦🇺 Australia||$1.7 trillion|
|#14||🇮🇷 Iran||$1.7 trillion|
|#15||🇪🇸 Spain||$1.4 trillion|
|#16||🇲🇽 Mexico||$1.3 trillion|
|#17||🇮🇩 Indonesia||$1.3 trillion|
|#18||🇸🇦 Saudi Arabia||$1.0 trillion|
|#19||🇳🇱 Netherlands||$1.0 trillion|
|#20||🇨🇭 Switzerland||$842 billion|
|#21||🇹🇼 Taiwan||$841 billion|
|#22||🇵🇱 Poland||$700 billion|
|#23||🇹🇷 Turkey||$692 billion|
|#24||🇸🇪 Sweden||$621 billion|
|#25||🇧🇪 Belgium||$610 billion|
|#26||🇦🇷 Argentina||$564 billion|
|#27||🇳🇴 Norway||$542 billion|
|#28||🇹🇭 Thailand||$522 billion|
|#29||🇮🇱 Israel||$521 billion|
|#30||🇮🇪 Ireland||$516 billion|
|#31||🇳🇬 Nigeria||$511 billion|
|#32||🇦🇪 United Arab Emirates||$501 billion|
|#33||🇦🇹 Austria||$480 billion|
|#34||🇲🇾 Malaysia||$439 billion|
|#35||🇪🇬 Egypt||$436 billion|
|#36||🇿🇦 South Africa||$426 billion|
|#37||🇸🇬 Singapore||$424 billion|
|#38||🇵🇭 Philippines||$412 billion|
|#39||🇻🇳 Vietnam||$409 billion|
|#40||🇩🇰 Denmark||$399 billion|
|#41||🇧🇩 Bangladesh||$397 billion|
|#42||🇭🇰 Hong Kong SAR||$369 billion|
|#43||🇨🇴 Colombia||$351 billion|
|#44||🇨🇱 Chile||$318 billion|
|#45||🇫🇮 Finland||$298 billion|
|#46||🇮🇶 Iraq||$297 billion|
|#47||🇨🇿 Czechia||$296 billion|
|#48||🇷🇴 Romania||$287 billion|
|#49||🇳🇿 New Zealand||$257 billion|
|#50||🇵🇹 Portugal||$252 billion|
The frontrunner in Europe is Germany at $4.3 trillion, with the UK coming in second place. One significant change since the last reported figures is that Brazil now cracks the top 10, having surpassed South Korea. Russia falls just outside, in 11th place, with a GDP of $1.8 trillion.
One region also expected to experience growth in the near future is the Middle East and North Africa, thanks to higher oil prices—Iraq and Saudi Arabia in particular are leading this charge. Regional GDP growth in the area is expected to be around 5% in 2022.
The 50 Smallest Economies in the World
Some of the world’s smallest economies were hit particularly hard by the pandemic, and have subsequently been the most affected by the inflation and food supply shortages resulting from the war in Ukraine.
Here’s a look at the countries worldwide with the lowest GDP in 2022:
|Rank||Country||GDP (current prices, USD)|
|#191||🇹🇻 Tuvalu||$66 million|
|#190||🇳🇷 Nauru||$134 million|
|#189||🇰🇮 Kiribati||$216 million|
|#188||🇵🇼 Palau||$244 million|
|#187||🇲🇭 Marshall Islands||$267 million|
|#186||🇫🇲 Micronesia||$427 million|
|#185||🇸🇹 São Tomé and Príncipe||$1 billion|
|#184||🇹🇴 Tonga||$1 billion|
|#183||🇩🇲 Dominica||$1 billion|
|#182||🇼🇸 Samoa||$1 billion|
|#181||🇻🇨 Saint Vincent and the Grenadines||$1 billion|
|#180||🇻🇺 Vanuatu||$1 billion|
|#179||🇰🇳 Saint Kitts and Nevis||$1 billion|
|#178||🇬🇩 Grenada||$1 billion|
|#177||🇰🇲 Comoros||$1 billion|
|#176||🇦🇬 Antigua and Barbuda||$2 billion|
|#175||🇬🇼 Guinea-Bissau||$2 billion|
|#174||🇸🇧 Solomon Islands||$2 billion|
|#173||🇸🇲 San Marino||$2 billion|
|#172||🇸🇨 Seychelles||$2 billion|
|#171||🇹🇱 Timor-Leste||$2 billion|
|#170||🇧🇿 Belize||$2 billion|
|#169||🇨🇻 Cabo Verde||$2 billion|
|#168||🇱🇨 Saint Lucia||$2 billion|
|#167||🇬🇲 The Gambia||$2 billion|
|#166||🇱🇸 Lesotho||$3 billion|
|#165||🇪🇷 Eritrea||$3 billion|
|#164||🇨🇫 Central African Republic||$3 billion|
|#163||🇧🇹 Bhutan||$3 billion|
|#162||🇸🇷 Suriname||$3 billion|
|#161||🇦🇼 Aruba||$3 billion|
|#160||🇦🇩 Andorra||$3 billion|
|#159||🇧🇮 Burundi||$3 billion|
|#158||🇱🇷 Liberia||$4 billion|
|#157||🇩🇯 Djibouti||$4 billion|
|#156||🇸🇱 Sierra Leone||$4 billion|
|#155||🇸🇿 Eswatini||$5 billion|
|#154||🇫🇯 Fiji||$5 billion|
|#153||🇲🇻 Maldives||$6 billion|
|#152||🇧🇧 Barbados||$6 billion|
|#151||🇸🇸 South Sudan||$6 billion|
|#150||🇲🇪 Montenegro||$6 billion|
|#149||🇹🇯 Tajikistan||$8 billion|
|#148||🇸🇴 Somalia||$8 billion|
|#147||🇹🇬 Togo||$9 billion|
|#146||🇰🇬 Kyrgyzstan||$9 billion|
|#145||🇲🇷 Mauritania||$9 billion|
|#144||🇽🇰 Kosovo||$10 billion|
|#143||🇲🇺 Mauritius||$11 billion|
|#142||🇲🇼 Malawi||$12 billion|
The smallest economy in the world measured in the IMF rankings is Tuvalu at $66 million. Most of the bottom 50 are considered low- to middle-income and emerging/developing countries. According to the World Bank, in developing countries, the level of per capita income in 2022 will be about 5% below the pre-pandemic trends.
Some countries are actually projected to experience negative GDP growth this year, particularly emerging and developing economies in Europe.
For example, Russia is expected to experience a GDP growth rate of -8.5% in 2022, though it still remains to be seen how the cost of war and increasingly harsh global sanctions impact the country’s economic prospects.
Inflation, Stagflation, Recession – How Bad is it?
While global economic growth has already been revised downwards, it’s possible the situation could be even more serious. Organizations like the World Bank say that risks of stagflation are rising. Stagflation, which hasn’t occurred since the 1970s, is defined as an economy that’s experiencing rising inflation combined with a stagnant economic output.
Currently, global consumer inflation is currently pegged at 7%. Daily goods are becoming increasingly difficult to purchase and interest rates are on the rise as central banks worldwide try to control the situation. As recent events in Sri Lanka demonstrate, low-income countries are particularly at risk to economic volatility.
Ranked: The World’s 100 Biggest Pension Funds
The world’s 100 largest pension funds are worth over $17 trillion in total. Which ones are the biggest, and where are they located?
Ranked: The World’s 100 Biggest Pension Funds
View the high-resolution of the infographic by clicking here.
Despite economic uncertainty, pension funds saw relatively strong growth in 2021. The world’s 100 biggest pension funds are worth over $17 trillion in total, an increase of 8.5% over the previous year.
This graphic uses data from the Thinking Ahead Institute to rank the world’s biggest pension funds, and where they are located.
What is a Pension Fund?
A pension fund is a fund that is designed to provide retirement income. This ranking covers four different types:
- Sovereign funds: Funds controlled directly by the state. This ranking only includes sovereign funds that are established by national authorities.
- Public sector funds: Funds that cover public sector workers, such as government employees and teachers, in provincial or state sponsored plans.
- Private independent funds: Funds controlled by private sector organizations that are authorized to manage pension plans from different employers.
- Corporate funds: Funds that cover workers in company sponsored pension plans.
Among the largest funds, public sector funds are the most common.
The Largest Pension Funds, Ranked
Here are the top 100 pension funds, organized from largest to smallest.
|1||Government Pension Investment Fund||🇯🇵 Japan||$1.7T|
|2||Government Pension Fund||🇳🇴 Norway||$1.4T|
|3||National Pension||🇰🇷 South Korea||$798.0B|
|4||Federal Retirement Thrift||🇺🇸 U.S.||$774.2B|
|6||California Public Employees||🇺🇸 U.S.||$496.8B|
|7||Canada Pension||🇨🇦 Canada||$426.7B|
|8||National Social Security||🇨🇳 China||$406.8B|
|9||Central Provident Fund||🇸🇬 Singapore||$375.0B|
|11||California State Teachers||🇺🇸 U.S.||$313.9B|
|12||New York State Common||🇺🇸 U.S.||$267.8B|
|13||New York City Retirement||🇺🇸 U.S.||$266.7B|
|14||Local Government Officials||🇯🇵 Japan||$248.6B|
|15||Employees Provident Fund||🇲🇾 Malaysia||$242.6B|
|16||Florida State Board||🇺🇸 U.S.||$213.8B|
|17||Texas Teachers||🇺🇸 U.S.||$196.7B|
|18||Ontario Teachers||🇨🇦 Canada||$191.1B|
|19||National Wealth Fund||🇷🇺 Russia||$180.7B|
|21||Labor Pension Fund||🇹🇼 Taiwan||$168.9B|
|22||Washington State Board||🇺🇸 U.S.||$161.5B|
|23||Public Institute for Social Security||🇰🇼 Kuwait||$160.0B|
|25||Wisconsin Investment Board||🇺🇸 U.S.||$147.9B|
|26||Future Fund||🇦🇺 Australia||$147.9B|
|28||Employees' Provident||🇮🇳 India||$145.0B|
|29||New York State Teachers||🇺🇸 U.S.||$144.4B|
|30||North Carolina||🇺🇸 U.S.||$137.1B|
|32||GEPF||🇿🇦 South Africa||$129.1B|
|33||California University||🇺🇸 U.S.||$125.3B|
|34||Bayerische Versorgungskammer||🇩🇪 Germany||$122.0B|
|35||Ohio Public Employees||🇺🇸 U.S.||$121.6B|
|37||Public Service Pension Plan||🇨🇦 Canada||$117.9B|
|38||National Federation of Mutual Aid||🇯🇵 Japan||$117.1B|
|39||Metaal/tech. Bedrijven||🇳🇱 Netherlands||$115.8B|
|41||Universities Superannuation||🇬🇧 UK||$111.2B|
|42||Virginia Retirement||🇺🇸 U.S.||$110.0B|
|43||Pension Fund Association||🇯🇵 Japan||$109.8B|
|44||Raytheon Technologies||🇺🇸 U.S.||$108.9B|
|45||Michigan Retirement||🇺🇸 U.S.||$108.0B|
|46||Aware Super||🇦🇺 Australia||$107.5B|
|47||New Jersey||🇺🇸 U.S.||$104.5B|
|48||Minnesota State Board||🇺🇸 U.S.||$102.9B|
|49||PFA Pension||🇩🇰 Denmark||$102.7B|
|51||Georgia Teachers||🇺🇸 U.S.||$100.9B|
|52||Oregon Public Employees||🇺🇸 U.S.||$100.4B|
|53||Massachusetts PRIM||🇺🇸 U.S.||$98.5B|
|55||General Motors||🇺🇸 U.S.||$96.1B|
|56||Ontario Municipal Employees||🇨🇦 Canada||$95.7B|
|57||Ohio State Teachers||🇺🇸 U.S.||$95.1B|
|58||AP Fonden 7||🇸🇪 Sweden||$94.4B|
|59||Healthcare of Ontario||🇨🇦 Canada||$90.5B|
|60||General Electric||🇺🇸 U.S.||$90.5B|
|61||Employees' Pension Fund||🇮🇳 India||$89.5B|
|64||United Nations Joint Staff||🇺🇸 U.S.||$86.2B|
|65||Lockheed Martin||🇺🇸 U.S.||$85.7B|
|66||Quebec Pension||🇨🇦 Canada||$81.4B|
|67||National Public Service||🇯🇵 Japan||$79.9B|
|68||Tennessee Consolidated||🇺🇸 U.S.||$79.0B|
|69||Royal Bank of Scotland Group||🇬🇧 UK||$78.3B|
|70||Bank of America||🇺🇸 U.S.||$76.3B|
|71||BT Group||🇬🇧 UK||$74.3B|
|75||Los Angeles County Employees||🇺🇸 U.S.||$72.7B|
|76||Quebec Government & Public||🇨🇦 Canada||$72.4B|
|78||Northrop Grumman||🇺🇸 U.S.||$72.0B|
|79||Pennsylvania School Employees||🇺🇸 U.S.||$70.4B|
|80||Lloyds Banking Group||🇬🇧 UK||$69.7B|
|82||Colorado Employees||🇺🇸 U.S.||$68.6B|
|83||Maryland State Retirement||🇺🇸 U.S.||$68.5B|
|84||AMF Pension||🇸🇪 Sweden||$67.3B|
|86||Wells Fargo||🇺🇸 U.S.||$66.0B|
|89||Illinois Teachers||🇺🇸 U.S.||$64.0B|
|90||J.P. Morgan Chase||🇺🇸 U.S.||$62.8B|
|91||Electricity Supply Pension||🇬🇧 UK||$62.5B|
|93||Nevada Public Employees||🇺🇸 U.S.||$58.8B|
|94||B.C. Municipal||🇨🇦 Canada||$58.7B|
|95||AP Fonden 4||🇸🇪 Sweden||$57.7B|
|96||Missouri Schools & Education||🇺🇸 U.S.||$57.0B|
|97||AP Fonden 3||🇸🇪 Sweden||$55.9B|
|98||Social Insurance Funds||🇻🇳 Vietnam||$55.7B|
|99||Organization for Workers||🇯🇵 Japan||$55.6B|
|100||Illinois Municipal||🇺🇸 U.S.||$54.9B|
U.S. fund data are as of Sep. 30, 2021, and non-U.S. fund data are as of Dec. 31, 2021. There are some exceptions as noted in the graphic footnotes.
Japan’s Government Pension Investment Fund (GPIF) is the largest in the ranking for the 21st year in a row. For a time, the fund was the largest holder of domestic stocks in Japan, though the Bank of Japan has since taken that title. Given its enormous size, investors closely follow the GPIF’s actions. For instance, the fund made headlines for deciding to start investing in startups, because the move could entice other pensions to make similar investments.
America is home to 47 funds on the list, including the largest public sector fund: the Thrift Savings Plan (TSP), overseen by the Federal Retirement Thrift Investment Board. Because of its large financial influence, both political parties have been accused of using it as a political tool. Democrats have pushed to divest assets in fossil fuel companies, while Republicans have proposed blocking investment in Chinese-owned companies.
Russia’s National Wealth Fund comes in at number 19 on the list. The fund is designed to support the public pension system and help balance the budget as needed. With Russia’s economy facing difficulties amid the Russia-Ukraine conflict, the government has also used it as a rainy day fund. For instance, Russia has set aside $23 billion from the fund to replace foreign aircraft with domestic models, because Western sanctions have made it difficult to source replacement parts for foreign planes.
The Future of Pension Funds
The biggest pension funds can have a large influence in the market because of their size. Of course, they are also responsible for providing retirement income to millions of people. Pension funds face a variety of challenges in order to reach their goals:
- Geopolitical conflict creates volatility and uncertainty
- High inflation and low interest rates (relative to long-term averages) limit return potential
- Aging populations mean more withdrawals and less fund contributions
Some pension funds are turning to alternative assets, such as private equity, in pursuit of more diversification and higher returns. Of course, these investments can also carry more risk.
Ontario Teachers’ Pension Plan, number 18 on the list, invested $95 million in the now-bankrupt cryptocurrency exchange FTX. The plan made the investment through its venture growth platform, to “gain small-scale exposure to an emerging area in the financial technology sector.”
In this case, the investment’s failure is expected to have a minimal impact given it only made up 0.05% of the plan’s net assets. However, it does highlight the challenges pension funds face to generate sufficient returns in a variety of macroeconomic environments.
Visualized: FTX’s Leaked Balance Sheet
As Sam Bankman-Fried’s crypto exchange FTX files for bankruptcy, this graphic visualizes FTX’s balance sheet leaked by the Financial Times.
Visualizing FTX’s Balance Sheet Before Bankruptcy
In a difficult year for the crypto space that has been full of hacks, failing funds, and decentralized stablecoins going to zero, nothing has compared to FTX and Sam Bankman-Fried’s (SBF) rapid implosion.
After an astronomical rise in the crypto space over the past three years, crypto exchange FTX and its founder and CEO SBF have come crashing back down to earth, largely unraveled by their misuse of customer funds and illicit relationship with trading firm Alameda Research.
This graphic visualizes FTX’s leaked balance sheet dated to November 10th, and published by the Financial Times on November 12th. The spreadsheet shows nearly $9 billion in liabilities and not nearly enough illiquid cryptocurrency assets to cover the hole.
How did FTX wind up in this position?
How FTX’s Bankruptcy Unfolded
FTX’s eventual bankruptcy was sparked by a report on November 2nd by CoinDesk citing Alameda Research’s balance sheet. The article reported Alameda’s assets to be $14.6 billion, including $3.66 billion worth of unlocked FTT and $2.16 billion of FTT collateral.
With more than one-third of Alameda’s assets tied up in FTX’s exchange token FTT (including loans backed by the token), eyebrows were raised among the crypto community.
Four days later on November 6th, Alameda Research’s CEO, Caroline Ellison, and Sam Bankman-Fried addressed the CoinDesk story as unfounded rumors. However, on the same day, Binance CEO Changpeng Zhao (CZ) announced that Binance had decided to liquidate all remaining FTT on their books, kicking off a -7.6% decline in the FTT token on the day.
Back and Forth with Binance’s CZ
While Ellison publicly offered to buy CZ’s FTT directly “over the counter” to avoid further price declines and SBF claimed in a now-deleted tweet that “FTX is fine. Assets are fine.”, FTX users were withdrawing their funds from the exchange.
The next day, the acquisition fell apart as Binance cited corporate due diligence, leaving SBF to face a multi-directional liquidity crunch of users withdrawing funds and rapidly declining token prices that made up large amounts of FTX and Alameda’s assets and collateral for loans.
FTX’s Liabilities and Largely Illiquid Assets
In the final days before declaring bankruptcy, FTX CEO Sam Bankman-Fried attempted a final fundraising in order restore stability while billions in user funds were being withdrawn from his exchange.
The balance sheet he sent around to prospective investors was leaked by the Financial Times, and reveals the exchange had nearly $9 billion in liabilities while only having just over $1 billion in liquid assets. Alongside the liquid assets were $5.4 billion in assets labeled as “less liquid” and $3.2 billion labeled as “illiquid”.
When examining the assets listed, FTX’s accounting appears to be poorly done at best, and fraudulently deceptive at worst.
Of those “less liquid” assets, many of the largest sums were in assets like FTX’s own exchange token and cryptocurrencies of the Solana ecosystem, which were heavily supported by FTX and Sam Bankman-Fried. On top of this, for many of these coins the liquidity simply wouldn’t have been there if FTX had attempted to redeem these cryptocurrencies for U.S. dollars or stablecoin equivalents.
While the liquid and less liquid assets on the balance sheet amounted to $6.3 billion (still not enough to equal the $8.9 billion in liabilities), many of these “less liquid” assets may as well have been completely illiquid.
Relationship with Alameda Research
When looking at FTX’s financials in isolation, it’s impossible to understand how one of crypto’s largest exchanges ended up with such a lopsided and illiquid balance sheet. Many of the still unfolding details lie in the exchange’s relationship with SBF’s previous venture that he founded, trading firm Alameda Research.
Founded by SBF in 2017, Alameda Research primarily operated as a delta-neutral (a term that describes trading strategies like market making and arbitrage that attempt to avoid taking directional risk) trading firm. In the summer of 2021, SBF stepped down from Alameda Research to focus on FTX, however his influence and connection with the firm was still deeply ingrained.
A report from the Wall Street Journal cites how Alameda was able to amass crypto tokens ahead of their announced public FTX listings, which were often catalysts in price surges. Alongside this, a Reuters story has revealed how SBF secretly moved $10 billion in funds to Alameda, using a bookkeeping “back door” to avoid internal scrutiny at FTX.
While SBF responded to the Reuters story by saying they “had confusing internal labeling and misread it,” there are few doubts that this murky relationship between Alameda Research and FTX was a fatal one for the former billionaire’s empire.
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