Money
Visualizing the Growth of $100, by Asset Class (1970-2023)
See this visualization first on the Voronoi app.
Visualizing the Growth of $100, by Asset Class
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Which major asset class has generated the strongest returns over the long run? How do the returns of investments like bonds and real estate actually stack up?
To put investment returns in perspective, this graphic shows the growth of $100 by asset class over the long term, based on data from Aswath Damodaran at NYU Stern.
Comparing Asset Class Returns
Below, we show the returns of a $100 investment across major asset classes—from U.S. stocks to gold—between 1970 and 2023:
| Year | S&P 500 | Corporate Bonds | Gold | U.S. 10-Year Treasury Bonds | Real Estate | Cash |
|---|---|---|---|---|---|---|
| 1970 | $100 | $100 | $100 | $100 | $100 | $100 |
| 1980 | $226 | $181 | $1,578 | $141 | $229 | $192 |
| 1990 | $823 | $741 | $1,033 | $477 | $374 | $431 |
| 2000 | $4,060 | $1,886 | $734 | $1,067 | $536 | $682 |
| 2010 | $4,656 | $4,191 | $3,760 | $1,821 | $693 | $840 |
| 2020 | $16,890 | $8,349 | $5,059 | $2,802 | $1,155 | $891 |
| 2023 | $22,419 | $7,775 | $5,545 | $2,286 | $1,542 | $956 |
Numbers have been rounded. S&P 500 includes dividends. Cash represented by 3-Month U.S. T-Bills. Corporate Bonds represented by Baa corporate bonds. Real Estate represented by the Case-Shiller Home Price Index.
As we can see, a $100 investment in the S&P 500 (including reinvested dividends) in 1970 would be worth an impressive $22,419 in 2023.
Not only were U.S. stocks the top performing major asset class, they outpaced other investments by a wide margin. Consider how a $100 investment in corporate bonds would have grown to $7,775 over the period, or 65% lower than an investment in the S&P 500.
When it comes to gold, a $100 investment would have been worth $5,545 by 2023. During the 1970s and 2000s, gold boomed amid bouts of inflation and a falling U.S. dollar. By comparison, the S&P 500 saw much lower returns over these decades.
Real estate, another safe haven asset, grew on average 5.5% annually since 1970, with the highest gains seen in the decade through 2020. It’s worth noting that these numbers are from the Case-Shiller Home Price Index, which is based on purely price changes over time.
Given that real estate is a unique asset class, this doesn’t necessarily illustrate the returns that homeowners actually receive, factoring in leverage, property taxes, insurance, and other expenses. From this price perspective, a $100 investment would have grown to just $1,542 by 2023 due to slower price growth through the 1980s and 2000s weighing on overall gains.
During both periods, the housing market crashed, taking years for the sector to fully recover. In fact, following the Global Financial Crisis, it took a decade for home prices to climb to their previous 2006 peak.
Markets
Top 10 Countries Most in Debt to the IMF
Argentina tops the ranking, with a debt equivalent to 5.3% of the country’s GDP.
Top 10 Countries Most in Debt to the IMF
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Established in 1944, the International Monetary Fund (IMF) supports countries’ economic growth by providing financial aid and guidance on policies to enhance stability, productivity, and job opportunities.
Countries seek loans from the IMF to address economic crises, stabilize their currencies, implement structural reforms, and alleviate balance of payments difficulties.
In this graphic, we visualize the 10 countries most indebted to the fund.
Methodology
We compiled this ranking using the International Monetary Fund’s data on Total IMF Credit Outstanding. We selected the latest debt data for each country, accurate as of April 29, 2024.
Argentina Tops the Rank
Argentina’s debt to the IMF is equivalent to 5.3% of the country’s GDP. In total, the country owns more than $32 billion.
| Country | IMF Credit Outstanding ($B) | GDP ($B, 2024) | IMF Debt as % of GDP |
|---|---|---|---|
| 🇦🇷 Argentina | 32 | 604.3 | 5.3 |
| 🇪🇬 Egypt | 11 | 347.6 | 3.1 |
| 🇺🇦 Ukraine | 9 | 188.9 | 4.7 |
| 🇵🇰 Pakistan | 7 | 374.7 | 1.8 |
| 🇪🇨 Ecuador | 6 | 121.6 | 4.9 |
| 🇨🇴 Colombia | 3 | 386.1 | 0.8 |
| 🇦🇴 Angola | 3 | 92.1 | 3.2 |
| 🇰🇪 Kenya | 3 | 104.0 | 2.8 |
| 🇬🇭 Ghana | 2 | 75.2 | 2.6 |
| 🇨🇮 Ivory Coast | 2 | 86.9 | 2.3 |
A G20 member and major grain exporter, the country’s history of debt trouble dates back to the late 1890s when it defaulted after contracting debts to modernize the capital, Buenos Aires. It has already been bailed out over 20 times in the last six decades by the IMF.
Five of the 10 most indebted countries are in Africa, while three are in South America.
The only European country on our list, Ukraine has relied on international support amidst the conflict with Russia. It is estimated that Russia’s full-scale invasion of the country caused the loss of a third of the country’s economy. The country owes $9 billion to the IMF.
In total, almost 100 countries owe money to the IMF, and the grand total of all of these debts is $111 billion. The above countries (top 10) account for about 69% of these debts.
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