Visualizing the Wealth of Nations
Just as there exists a longstanding inequality in the distribution of household wealth, so exists a considerable differential in the amount of wealth held by countries on the international stage.
Simply put, some nations are “haves”, while many others are “have-nots”.
“Wherever there is great property, there is great inequality.”
– Adam Smith, The Wealth of Nations
We previously showed you how the ranking of the richest countries in the world has changed over the course of the last 10 years (2008-2018).
Today’s chart keys on a slightly different question.
What are the wealthiest nations today, both in absolute and per capita terms, and how is this list projected to change over the next decade? Let’s see how the wealth of nations stack up.
Private Wealth: Now and in the Future
Using data from the Global Wealth Migration Review, here are the 10 wealthiest nations both now and as forecasted in 2028.
|Rank||Country||Wealth (2018)||Wealth (2028F)||Approx. Growth|
|#1||🇺🇸 United States||$60.7 trillion||$72.8 trillion||20%|
|#2||🇨🇳 China||$23.6 trillion||$51.8 trillion||120%|
|#3||🇯🇵 Japan||$19.1 trillion||$24.9 trillion||30%|
|#4||🇮🇳 India||$8.1 trillion||$22.8 trillion||180%|
|#5||🇦🇺 Australia||$6.0 trillion||$10.8 trillion||80%|
|#6||🇬🇧 United Kingdom||$9.1 trillion||$10.0 trillion||10%|
|#7||🇩🇪 Germany||$8.8 trillion||$9.7 trillion||10%|
|#8||🇨🇦 Canada||$6.0 trillion||$7.8 trillion||30%|
|#9||🇫🇷 France||$5.9 trillion||$6.4 trillion||10%|
|#10||🇮🇹 Italy||$3.8 trillion||$4.2 trillion||10%|
It’s worth noting that these figures are meant to represent wealth, which is defined as the total amount of private wealth held by individuals in each country. It includes assets like property, cash, equities, and business interests, minus any liabilities.
China has been the best performing wealth market in the last decade, and these projections show the country as continuing on that track. In fact, both China and India are expected to see triple-digit growth in private wealth between now and 2028.
As far as developed countries go, it’s not surprising that growth rates are much more modest. In Europe, countries like Great Britain, Germany, France, and Italy are only expected to add 10% to private wealth in 10 years, while Canada (30%) and the U.S. (20%) do marginally better.
One notable exception here is Australia, which is expected to add 80% to private wealth over the timeframe – and it will leapfrog both Germany and the U.K. in the rankings in the process.
Wealth per Capita
Here’s a look at the wealth of nations in a different way, this time with numbers adjusted on a per capita basis.
|Rank||Country||Est. Population||Wealth per capita (2018)|
|#7||🇺🇸 United States||327,200,000||$186,000|
|#9||🇭🇰 Hong Kong||7,392,000||$169,000|
When using per capita numbers, it’s absolutely no contest.
Monaco, the city-state on the French Riviera, is a money magnet with $2.1 million of private wealth per citizen. This means the average Monacan is at least 10 times richer than the average North American or European.
Liechtenstein, a microstate that sits in the Alps between Switzerland and Austria, also has a high average wealth of $786,000 per person. Like Monaco, its population is well under 50,000 people.
Finally, it’s worth mentioning that three countries on the per capita list also made the overall list. Put another way, the countries of Australia, Canada, and the United States can all claim to be among the wealthiest of nations in both absolute and per capita terms.
Visualizing U.S. GDP by Industry in 2023
Services-producing industries account for the majority of U.S. GDP in 2023, followed by other private industries and the government.
Visualizing U.S. GDP by Industry
The U.S. economy is like a giant machine driven by many different industries, each one akin to an essential cog that moves the whole.
Understanding the breakdown of national gross domestic product (GDP) by industry shows where commercial activity is bustling and how diverse the economy truly is.
The above infographic uses data from the Bureau of Economic Analysis to visualize a breakdown of U.S. GDP by industry in 2023. To show this, we use value added by industry, which reflects the difference between gross output and the cost of intermediate inputs.
The Top 10 U.S. Industries by GDP
As of Q1 2023, the annualized GDP of the U.S. sits at $26.5 trillion.
Of this, 88% or $23.5 trillion comes from private industries. The remaining $3 trillion is government spending at the federal, state, and local levels.
Here’s a look at the largest private industries by economic contribution in the United States:
|Industry||Annualized Nominal GDP |
(as of Q1 2023)
|% of U.S. GDP|
|Professional and business services||$3.5T||13%|
|Real estate, rental, and leasing||$3.3T||12%|
|Educational services, health care, and social assistance||$2.3T||9%|
|Finance and insurance||$2.0T||8%|
|Arts, entertainment, recreation, accommodation, and food services||$1.2T||4%|
|Other private industries||$2.6T||10%|
Like most other developed nations, the U.S. economy is largely based on services.
Service-based industries, including professional and business services, real estate, finance, and health care, make up the bulk (70%) of U.S. GDP. In comparison, goods-producing industries like agriculture, manufacturing, mining, and construction play a smaller role.
Professional and business services is the largest industry with $3.5 trillion in value added. It comprises establishments providing legal, consulting, design, administration, and other services. This is followed by real estate at $3.3 trillion, which has consistently been an integral part of the economy.
Due to outsourcing and other factors, the manufacturing industry’s share of GDP has been declining for decades, but it still remains a significant part of the economy. Manufacturing of durable goods (metals, machines, computers) accounts for $1.6 trillion in value added, alongside nondurable goods (food, petroleum, chemicals) at $1.3 trillion.
The Government’s Contribution to GDP
Just like private industries, the government’s value added to GDP consists of compensation of employees, taxes collected (less subsidies), and gross operating surplus.
|Government||Annualized Nominal GDP |
(as of Q1 2023)
|% of U.S. GDP|
|State and Local||$2.1T||8%|
Figures may not add up to the total due to rounding.
State and local government spending, largely focused on the education and public welfare sectors, accounts for the bulk of value added. The Federal contribution to GDP amounts to roughly $948 billion, with 52% of it attributed to national defense.
The Fastest Growing Industries (2022–2032P)
In the next 10 years, services-producing industries are projected to see the fastest growth in output.
The table below shows the five fastest-growing industries in the U.S. from 2022–2032 in terms of total output, based on data from the Bureau of Labor Statistics:
|Industry||Sector||Compound Annual Rate of Output Growth (2022–2032P)|
|Computing infrastructure providers, data processing, and related services||Information||3.9%|
|Wireless telecommunications carriers (except satellite)||Information||3.6%|
|Home health care services||Health care and social assistance||3.6%|
|Oil and gas extraction||Mining||3.5%|
Three of the fastest-growing industries are in the information sector, underscoring the growing role of technology and digital infrastructure. Meanwhile, the projected growth of the oil and gas extraction industry highlights the enduring demand for traditional energy sources, despite the energy transition.
Overall, the development of these industries suggests that the U.S. will continue its shift toward a services-oriented economy. But today, it’s also worth noticing how services- and goods-producing industries are increasingly tied together. For example, it’s now common for tech companies to produce devices, and for manufacturers to use software in their operations.
Therefore, the oncoming tide of growth in service-based industries could potentially lift other interconnected sectors of the diverse U.S. economy.
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