Ranked: The Richest Countries in the World
Since the 2008 financial crisis, global private wealth has been steadily growing.
In fact, overall private wealth worldwide reached $204 trillion in 2018, which is a 26% increase over the past decade.
This week’s chart, which uses numbers from the Global Wealth Migration Review 2019, examines the top 10 richest countries and the growth of private wealth from 2008 to 2018.
|Rank||Country||Private Wealth in $USD (2018)||10-yr change (%)|
|#1||🇺🇸 United States||$60.7 trillion||27%|
|#2||🇨🇳 China||$23.6 trillion||130%|
|#3||🇯🇵 Japan||$19.1 trillion||18%|
|#4||🇬🇧 United Kingdom||$9.1 trillion||4%|
|#5||🇩🇪 Germany||$8.8 trillion||7%|
|#6||🇮🇳 India||$8.1 trillion||96%|
|#7||🇦🇺 Australia||$6.0 trillion||48%|
|#8||🇨🇦 Canada||$6.0 trillion||23%|
|#9||🇫🇷 France||$5.9 trillion||-7%|
|#10||🇮🇹 Italy||$3.8 trillion||-14%|
Combined, the 10 countries above represent 74% of total private wealth worldwide.
These trends are staying consistent with the numbers seen in 2017. Asian countries such as China and India showed the highest uptick in wealth gains, holding their #2 and #3 spots on the list, while European countries such as France and Italy actually saw a decrease.
Trends in the Wealth Landscape
Over the last 10 years, China has experienced the largest increase in wealth at 130%. This growth also means that China now boasts more high-net-worth individuals (HNWIs) than any other country except the United States.
While India doubled its total private wealth over the 10-year period, wealth per adult remains at just 22% of the global average.
The U.S. continues to lead in wealth numbers, holding 30% ($60.7 trillion) of the world’s total private wealth. Unsurprisingly, the U.S. remains home to the most millionaires in the world.
The World’s Millionaires: Top 3 Countries
- United States: 17,350,000
- China: 3,480,000
- Japan: 2,809,000
- World total: 42,155,000
Source: Credit Suisse
Australia now tops the above list in terms of highest wealth per adult, and it is second in the world only to Switzerland in the context of major nations.
Despite the recent turmoil and uncertainty stemming from Brexit, the United Kingdom still saw overall growth in the past decade, moving from #5 to #4 rank on the list of countries with the highest private wealth.
Projections from New World Wealth estimate that total global wealth will reach $291 trillion by 2028, driven by strong growth in Asia.
Rising Wealth Inequality
Unfortunately, this growth is also linked to the growing problem of wealth inequality gap across the globe, and the gap seems to get bigger every year.
The average global wealth per adult is approximately $27,000 – but of the total adult population, 64% have a net worth of less than $10,000. The bottom half of adults in the world now own less than 1% of all household wealth.
By contrast, 85% of all household wealth is owned by the richest 10%, and the top 1% own almost half (47%) of the world’s household wealth.
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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