Markets
Ranked: The Most Valuable Nation Brands in 2020
The Most Valuable Nation Brands in 2020
In today’s heavily interconnected world, a country’s reputation can have a big impact on its overall economic prosperity.
In fact, a country’s reputation—its brand—is arguably one of its most important assets. A strong nation brand has the power to boost tourism, attract and retain talent, and potentially bring in foreign investment.
This graphic uses data from Brand Finance’s Nation Brands 2020 report, which attempts to quantify the reputations of different countries around the world. We’ll also dive into the top 10 nation brands, and how their brand value has changed over time.
How is Nation Brand Value Quantified?
While the report provides a full explanation of its methodology, here’s a quick summary of how the scoring system works.
First, Brand Finance calculates a country’s Brand Strength Index (BSI) score using three pillars:
- Goods & Services
Openness to tourism, market size, and trade rules - Society
Quality of life, corruption, and cultural image - Investment
Talent retention, use of technology, R&D, taxation, and regulation
From there, the BSI score is used to calculate a hypothetical royalty rate, and applied to a country’s GDP. Then, a discount rate is factored in to account for economic risk. Finally, numbers are crunched to provide the “Brand Value” of a country.
The Top 10 Most Valuable Nation Brands
In this year’s report, Brand Finance highlights the impact COVID-19 has had on nation brand values—in 2020, the top 10 nation brands have seen a 14% drop in brand value, on average.
Here are the most valuable nation brands of 2020, and their change in value since last year:
Rank | Country | 2020 Value (USD, $T) | Change since 2019 |
---|---|---|---|
1 | 🇺🇸 United States | $23.7 | -14.5% |
2 | 🇨🇳 China | $18.8 | -3.7% |
3 | 🇯🇵 Japan | $4.3 | -6.0% |
4 | 🇩🇪 Germany | $3.8 | -21.5% |
5 | 🇬🇧 United Kingdom | $3.3 | -13.9% |
6 | 🇫🇷 France | $2.7 | -12.8% |
7 | 🇮🇳 India | $2.0 | -20.8% |
8 | 🇨🇦 Canada | $1.9 | -13.0% |
9 | 🇮🇹 Italy | $1.8 | -15.8% |
10 | 🇰🇷 South Korea | $1.7 | -20.6% |
Despite a 14.5% decrease in value, the U.S. managed to maintain its top position with a nation brand value of $23.7 trillion.
Like many other countries, 2020 has been a tough year for America. From recording the most COVID-19 cases and deaths to dealing with a controversial presidential election, the economic powerhouse faced a tremendous amount of international scrutiny this year.
Despite all this, the United States remains one of the most successful and dominant economies worldwide—the only close competitor is China, with a nation brand value of $18.8 trillion.
Over the Years: China’s Steady Climb
While China still ranks below the U.S. in total brand value, its percentage decrease from last year was far lower than the other nations on the list. China stayed relatively stable with a modest 4% drop, about 10 percentage points less than the global average.
China’s stability this year is nothing new. In fact, the country has been steadily closing the brand value gap between itself and the U.S. since 2015:
This year marks the smallest gap yet, with just a $4.9 trillion brand value difference between the U.S. and China. This is significantly lower than in previous years—for instance, in 2015 the U.S. had a $13.1 trillion lead over China.
Will America make a comeback in 2021 under a new administration, or will the gap between it and China close even further?
Markets
30 Years of Gun Manufacturing in America
The U.S. has produced nearly 170 million firearms over the past three decades. Here are the numbers behind America’s gun manufacturing sector.

30 Years of Gun Manufacturing in America
While gun sales have been brisk in recent years, the uncertainty surrounding COVID-19 was a boon for the gun industry.
From 2010-2019, an average of 13 million guns were sold legally in the U.S. each year. In 2020 and 2021, annual gun sales sharply increased to 20 million.
While the U.S. does import millions of weapons each year, a large amount of firearms sold in the country were produced domestically. Let’s dig into the data behind the multi-billion dollar gun manufacturing industry in America.
Gun Manufacturing in the United States
According to a recent report from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the U.S. has produced nearly 170 million firearms over the past three decades, with production increasing sharply in recent years.
America’s gunmakers produce a wide variety of firearms, but they’re generally grouped into five categories; pistols, rifles, shotguns, revolvers, and everything else.
Below is a breakdown of firearms manufactured in the country over the past 30 years, by type:
Year | Pistols | Rifles | Revolvers | Shotguns | Misc. Firearms | Total Firearms |
---|---|---|---|---|---|---|
1989 | 1,404,753 | 1,407,400 | 628,573 | 935,541 | 42,126 | 4,418,393 |
1990 | 1,371,427 | 1,211,664 | 470,495 | 848,948 | 57,434 | 3,959,968 |
1991 | 1,378,252 | 883,482 | 456,966 | 828,426 | 15,980 | 3,563,106 |
1992 | 1,669,537 | 1,001,833 | 469,413 | 1,018,204 | 16,849 | 4,175,836 |
1993 | 2,093,362 | 1,173,694 | 562,292 | 1,144,940 | 81,349 | 5,055,637 |
1994 | 2,004,298 | 1,316,607 | 586,450 | 1,254,926 | 10,936 | 5,173,217 |
1995 | 1,195,284 | 1,411,120 | 527,664 | 1,173,645 | 8,629 | 4,316,342 |
1996 | 987,528 | 1,424,315 | 498,944 | 925,732 | 17,920 | 3,854,439 |
1997 | 1,036,077 | 1,251,341 | 370,428 | 915,978 | 19,680 | 3,593,504 |
1998 | 960,365 | 1,535,690 | 324,390 | 868,639 | 24,506 | 3,713,590 |
1999 | 995,446 | 1,569,685 | 335,784 | 1,106,995 | 39,837 | 4,047,747 |
2000 | 962,901 | 1,583,042 | 318,960 | 898,442 | 30,196 | 3,793,541 |
2001 | 626,836 | 1,284,554 | 320,143 | 679,813 | 21,309 | 2,932,655 |
2002 | 741,514 | 1,515,286 | 347,070 | 741,325 | 21,700 | 3,366,895 |
2003 | 811,660 | 1,430,324 | 309,364 | 726,078 | 30,978 | 3,308,404 |
2004 | 728,511 | 1,325,138 | 294,099 | 731,769 | 19,508 | 3,099,025 |
2005 | 803,425 | 1,431,372 | 274,205 | 709,313 | 23,179 | 3,241,494 |
2006 | 1,021,260 | 1,496,505 | 385,069 | 714,618 | 35,872 | 3,653,324 |
2007 | 1,219,664 | 1,610,923 | 391,334 | 645,231 | 55,461 | 3,922,613 |
2008 | 1,609,381 | 1,734,536 | 431,753 | 630,710 | 92,564 | 4,498,944 |
2009 | 1,868,258 | 2,248,851 | 547,195 | 752,699 | 138,815 | 5,555,818 |
2010 | 2,258,450 | 1,830,556 | 558,927 | 743,378 | 67,929 | 5,459,240 |
2011 | 2,598,133 | 2,318,088 | 572,857 | 862,401 | 190,407 | 6,541,886 |
2012 | 3,487,883 | 3,168,206 | 667,357 | 949,010 | 306,154 | 8,578,610 |
2013 | 4,441,726 | 3,979,570 | 725,282 | 1,203,072 | 495,142 | 10,844,792 |
2014 | 3,633,454 | 3,379,549 | 744,047 | 935,411 | 358,165 | 9,050,626 |
2015 | 3,557,199 | 3,691,799 | 885,259 | 777,273 | 447,131 | 9,358,661 |
2016 | 4,720,075 | 4,239,335 | 856,291 | 848,617 | 833,123 | 11,497,441 |
2017 | 3,691,010 | 2,504,092 | 720,917 | 653,139 | 758,634 | 8,327,792 |
2018 | 3,881,158 | 2,880,536 | 664,835 | 536,126 | 1,089,973 | 9,052,628 |
2019 | 3,046,013 | 1,957,667 | 580,601 | 480,735 | 946,929 | 7,011,945 |
Total | 60,804,840 | 59,796,760 | 15,826,964 | 26,241,134 | 6,298,415 | 168,968,113 |
Pistols (36%) and rifles (35%) are the dominant categories, and over time, the former has become the most commonly produced firearm type.
In 2001, pistols accounted for 21% of firearms produced. Today, nearly half of all firearms produced are pistols.
Who is Producing America’s Firearms?
There are a wide variety of firearm manufacturing companies in the U.S., but production is dominated by a few key players.
Here are the top 10 gunmakers in America, which collectively make up 70% of production:
Rank | Firearm Manufacturer | Guns Produced (2016-2020) | Share of total |
---|---|---|---|
1 | Smith & Wesson Corp | 8,218,199 | 17.2% |
2 | Sturm, Ruger & Company, Inc | 8,166,448 | 17.1% |
3 | Sig Sauer Inc | 3,660,629 | 7.7% |
4 | Freedom Group | 3,045,427 | 6.4% |
5 | 0 F Mossberg & Sons Inc | 2,223,241 | 4.7% |
6 | Taurus International Manufacturing | 1,996,121 | 4.2% |
7 | WM C Anderson Inc | 1,816,625 | 3.8% |
8 | Glock Inc | 1,510,437 | 3.2% |
9 | Henry RAC Holding Corp | 1,378,544 | 2.9% |
10 | JIE Capital Holdings / Enterprises | 1,258,969 | 2.6% |
Total | 33,274,640 | 69.7% |
One-third of production comes from two publicly-traded parent companies: Smith & Wesson (NASDAQ: SWBI), and Sturm, Ruger & Co. (NYSE: RGR)
Some of these players are especially dominant within certain types of firearms. For example:
- 58% of pistols were made by Smith & Wesson, Ruger, and SIG SAUER (2008–2018)
- 45% of rifles were made by Remington*, Ruger, and Smith & Wesson (2008–2018)
*In 2020, Remington filed for Chapter 11 bankruptcy protection, and its assets were divided and sold to various buyers. The Remington brand name is now owned by Vista Outdoor (NYSE: VSTO)
The Geography of Gun Manufacturing
Companies that manufacture guns hold a Type 07 license from the ATF. As of 2020, there are more than 16,000 Type 07 licensees across the United States.
Below is a state-level look at where the country’s licensees are located:
State | Licenses (2000) | Licenses (2020) | Population | Licenses per 100,000 pop. (2020) |
---|---|---|---|---|
Alaska | 8 | 117 | 733,391 | 16.0 |
Alabama | 40 | 276 | 5,039,877 | 5.5 |
Arkansas | 28 | 302 | 3,011,524 | 10.0 |
Arizona | 100 | 959 | 7,276,316 | 13.2 |
California | 159 | 620 | 39,237,836 | 1.6 |
Colorado | 27 | 481 | 5,812,069 | 8.3 |
Connecticut | 71 | 194 | 3,605,944 | 5.4 |
Delaware | 0 | 10 | 989,948 | 1.0 |
Florida | 131 | 1,009 | 21,781,128 | 4.6 |
Georgia | 52 | 510 | 10,799,566 | 4.7 |
Hawaii | 0 | 11 | 1,455,271 | 0.8 |
Iowa | 11 | 187 | 3,190,369 | 5.9 |
Idaho | 38 | 358 | 1,839,106 | 19.5 |
Illinois | 40 | 263 | 12,671,469 | 2.1 |
Indiana | 39 | 280 | 6,805,985 | 4.1 |
Kansas | 17 | 229 | 2,937,880 | 7.8 |
Kentucky | 22 | 211 | 4,505,836 | 4.7 |
Louisiana | 20 | 258 | 4,657,757 | 5.5 |
Massachusetts | 67 | 263 | 6,984,723 | 3.8 |
Maryland | 36 | 146 | 6,165,129 | 2.4 |
Maine | 13 | 107 | 1,362,359 | 7.9 |
Michigan | 43 | 386 | 10,050,811 | 3.8 |
Minnesota | 63 | 254 | 5,707,390 | 4.5 |
Missouri | 62 | 401 | 6,168,187 | 6.5 |
Mississippi | 12 | 190 | 2,961,279 | 6.4 |
Montana | 24 | 240 | 1,084,225 | 22.1 |
North Carolina | 52 | 628 | 10,551,162 | 6.0 |
North Dakota | 3 | 46 | 779,094 | 5.9 |
Nebraska | 15 | 91 | 1,961,504 | 4.6 |
New Hampshire | 25 | 188 | 1,377,529 | 13.6 |
New Jersey | 10 | 26 | 9,267,130 | 0.3 |
New Mexico | 18 | 179 | 2,117,522 | 8.5 |
Nevada | 45 | 276 | 3,104,614 | 8.9 |
New York | 35 | 299 | 19,835,913 | 1.5 |
Ohio | 80 | 644 | 11,780,017 | 5.5 |
Oklahoma | 37 | 423 | 3,959,353 | 10.7 |
Oregon | 55 | 226 | 4,237,256 | 5.3 |
Pennsylvania | 87 | 519 | 12,964,056 | 4.0 |
Rhode Island | 1 | 20 | 1,097,379 | 1.8 |
South Carolina | 25 | 284 | 5,190,705 | 5.5 |
South Dakota | 14 | 79 | 886,667 | 8.9 |
Tennessee | 76 | 352 | 6,975,218 | 5.0 |
Texas | 150 | 2,022 | 29,527,941 | 6.8 |
Utah | 33 | 478 | 3,271,616 | 14.6 |
Virginia | 48 | 412 | 8,642,274 | 4.8 |
Vermont | 15 | 85 | 643,077 | 13.2 |
Washington | 49 | 351 | 7,738,692 | 4.5 |
Wisconsin | 38 | 306 | 5,895,908 | 5.2 |
West Virginia | 20 | 115 | 1,793,716 | 6.4 |
Wyoming | 20 | 147 | 576,851 | 25.5 |
These manufacturers are located all around the country, so these numbers are somewhat reflective of population. Unsurprisingly, large states like Texas and Florida have the most licensees.
Sorting by the number of licensees per 100,000 people offers a different point of view. By this measure, Wyoming, Montana, and Idaho come out on top.
If recent sales and production trends are any indication, these numbers may only continue to grow.
Markets
Made in America: Goods Exports by State
The U.S. exported $1.8 trillion worth of goods in 2021. This infographic looks at where that trade activity took place across the nation.

Made in America: Goods Exports by State
After China, the U.S. is the next largest exporter of goods in the world, shipping out $1.8 trillion worth of goods in 2021—an increase of 23% over the previous year.
Of course, that massive number doesn’t tell the whole story. The U.S. economy is multifaceted, with varying levels of trade activity taking place all across the nation.
Using the latest data on international trade from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, we’ve visualized the value of America’s goods exports by state.
Top 10 Exporter States
Here are the top 10 American states that exported the highest dollar value worth of goods during 2021. Combined, these export-leading states represent 59.4% of the nation’s total exports.
Rank | State | Total Exports Value | % share |
---|---|---|---|
#1 | Texas | $375.3 billion | 21.4% |
#2 | California | $175.1 billion | 10.0% |
#3 | New York | $84.9 billion | 4.8% |
#4 | Louisiana | $76.8 billion | 4.4% |
#5 | Illinois | $65.9 billion | 3.8% |
#6 | Michigan | $55.5 billion | 3.2% |
#7 | Florida | $55.5 billion | 3.2% |
#8 | Washington | $53.6 billion | 3.1% |
#9 | Ohio | $50.4 billion | 2.9% |
#10 | New Jersey | $49.5 billion | 2.8% |
Top 10 States | $1.04 trillion | 59.4% |
Texas has been the top exporting state in the U.S. for an incredible 20 years in a row.
Last year, Texas exported $375 billion worth of goods, which is more than California ($175 billion), New York ($85 billion), and Louisiana ($77 billion) combined. The state’s largest manufacturing export category is petroleum and coal products, but it’s also important to mention that Texas led the nation in tech exports for the ninth straight year.
California was the second highest exporter of goods in 2021 with a total value of $175 billion, an increase of 12% from the previous year. The state’s main export by value was computer and electronic product manufacturing, representing 17.8% of the total U.S. exports of that industry. California was also second among all states in exports of machinery manufacturing, accounting for 13.9% of the U.S. total.
What Type of Goods are Exported?
Here is a breakdown of the biggest U.S. export categories by value in 2021.
Rank | Product Group | Annual Export Value (2021) | Share of Total Exports |
---|---|---|---|
1 | Mineral fuels including oil | $239.8 billion | 13.7% |
2 | Machinery including computers | $209.3 billion | 11.9% |
3 | Electrical machinery, equipment | $185.4 billion | 10.6% |
4 | Vehicles | $122.2 billion | 7.0% |
5 | Optical, technical, medical apparatus | $91.7 billion | 5.2% |
6 | Aircraft, spacecraft | $89.1 billion | 5.1% |
7 | Gems, precious metals | $82.3 billion | 4.7% |
8 | Pharmaceuticals | $78 billion | 4.4% |
9 | Plastics, plastic articles | $74.3 billion | 4.2% |
10 | Organic chemicals | $42.9 billion | 2.4% |
These top 10 export categories alone represent almost 70% of America’s total exports.
The biggest grower among this list is mineral fuels, up by 59% from last year. Pharmaceuticals saw the second biggest one-year increase (45%).
Top 10 U.S. Exports by Country of Destination
So who is buying “Made in America” products?
Unsurprisingly, neighboring countries Canada (17.5%) and Mexico (15.8%) are the two biggest buyers of American goods. Together, they purchase one-third of American exports.
Rank | Destination Country | Share of U.S. Goods Exports |
---|---|---|
1 | 🇨🇦 Canada | 17.5% |
2 | 🇲🇽 Mexico | 15.8% |
3 | 🇨🇳 China | 8.6% |
4 | 🇯🇵 Japan | 4.3% |
5 | 🇰🇷 South Korea | 3.7% |
6 | 🇩🇪 Germany | 3.7% |
7 | 🇬🇧 United Kingdom | 3.5% |
8 | 🇳🇱 Netherlands | 3.1% |
9 | 🇧🇷 Brazil | 2.7% |
10 | 🇮🇳 India | 2.3% |
Three Asian countries round out the top five list: China (8.6%), Japan (4.3%), and South Korea (3.7%). Together, the top five countries account for around half of all goods exports.
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