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Every 10 Seconds, the World’s Tech Giants Make This Much Money…

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There is no question that the most profound factor affecting modern life is the ability to replicate and store data at almost no cost. This revolution in information has provided us with a wealth of benefits and possibilities for an incredibly low marginal price.

At zero cost, we can connect to a global store of all human knowledge. New apps with impressive features can cost less than a dollar, and our monthly Netflix subscriptions hardly register on our credit card statements. Meanwhile, we share our thoughts about the world with our friends and family at no cost through social networks, email, or other means of communications. This hasn’t been possible throughout human existence, and it is only feasible now because of the incredible scale of the internet.

While we all make the connection that these individual activities help to bring in revenue to the world’s tech giants, the ultimate size and scale of the numbers in aggregate are almost incomprehensible to the human brain.

How many Google searches do you make each day? What about your neighborhood, city, or country? How about the world?

Today’s two visualizations look at the sheer amounts of data processed every 10 seconds by the world’s tech giants, as well as the amount of impressive profit yielded.

How much data is processed every 10 seconds?

The data used in 10 seconds by Internet giants

In just 10 seconds, close to 225,000 GB of data is transferred, with over 500,000 posts on Facebook, 57,000 tweets, 46,000 searches on Google, and 2 million messages sent on WhatsApp.

While each click or view may only translate to pennies for the world’s tech giants, in aggregate it amounts to so much more:

How much profit is made every 10 seconds?

The money made in 10 seconds by Internet giants

The numbers are astounding, and hopefully help to create perspective on the scale of technology and business.

Want to see this spectacle in real-time? Go to this website.

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Maps

Mapped: The Salary Needed to Buy a Home in 50 U.S. Metro Areas

The annual salary needed to buy a home in the U.S. ranges from $38k to $255k, depending on the metropolitan area you are looking in.

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The Salary Needed to Buy a Home in 50 U.S. Metro Areas

Over the last year, home prices have risen in 49 of the biggest 50 metro areas in the United States.

At the same time, mortgage rates have hit seven-year highs, making things more expensive for any prospective home buyer.

With this context in mind, today’s map comes from HowMuch.net, and it shows the salary needed to buy a home in the 50 largest U.S. metro areas.

The Least and Most Expensive Metro Areas

As a reference point, the median home in the United States costs about $257,600, according to the National Association of Realtors.

 Median Home PriceMontly Payment (PITI)Salary Needed
National$257,600$1,433.91$61,453.51

With a 20% down payment and a 4.90% mortgage rate, and taking into account what’s needed to pay principal, interest, taxes, and insurance (PITI) on the home, it would mean a prospective buyer would need to have $61,453.51 in salary to afford such a purchase.

However, based on your frame of reference, this national estimate may seem extremely low or quite high. That’s because the salary required to buy in different major cities in the U.S. can fall anywhere between $37,659 to $254,835.

The 10 Cheapest Metro Areas

Here are the cheapest metro areas in the U.S., based on data and calculations from HSH.com:

RankMetro AreaMedian Home PriceMonthly Payment (PITI)Salary Needed
#1Pittsburgh$141,625$878.73$37,659.86
#2Cleveland$150,100$943.55$40,437.72
#3Oklahoma City$161,000$964.49$41,335.41
#4Memphis$174,000$966.02$41,400.93
#5Indianapolis$185,200$986.74$42,288.92
#6Louisville$180,100$987.54$42,323.15
#7Cincinnati$169,400$1,013.37$43,429.97
#8St. Louis$174,100$1,031.70$44,215.56
#9Birmingham$202,300$1,040.51$44,593.35
#10Buffalo$154,200$1,066.29$45,698.05

After the dust settles, Pittsburgh ranks as the cheapest metro area in the U.S. to buy a home. According to these calculations, buying a median home in Pittsburgh – which includes the surrounding metro area – requires an annual income of less than $40,000 to buy.

Just missing the list was Detroit, where a salary of $48,002.89 is needed.

The 10 Most Expensive Metro Areas

Now, here are the priciest markets in the country, also based on data from HSH.com:

RankMetro AreaMedian Home PriceMonthly Payment (PITI)Salary Needed
#1San Jose$1,250,000$5,946.17$254,835.73
#2San Francisco$952,200$4,642.82$198,978.01
#3San Diego$626,000$3,071.62$131,640.79
#4Los Angeles$576,100$2,873.64$123,156.01
#5Boston$460,300$2,491.76$106,789.93
#6New York City$403,900$2,465.97$105,684.33
#7Seattle$489,600$2,458.58$105,367.89
#8Washington, D.C.$417,400$2,202.87$94,408.70
#9Denver$438,300$2,139.02$91,672.45
#10Portland$389,000$1,987.37$85,173.08

Topping the list of the most expensive metro areas are San Jose and San Francisco, which are both cities fueled by the economic boom in Silicon Valley. Meanwhile, two other major metro areas in California, Los Angeles and San Diego, are not far behind.

New York City only ranks in sixth here, though it is worth noting that the NYC metro area extends well beyond the five boroughs. It includes Newark, Jersey City, and many nearby counties as well.

As a final point, it’s worth mentioning that all cities here (with the exception of Denver) are in coastal states.

Notes on Calculations

Data on median home prices comes from the National Association of Realtors and is based on 2018 Q4 information, while national mortgage rate data is derived from weekly surveys by Freddie Mac and the Mortgage Bankers Association of America for 30-year fixed rate mortgages.

Calculations include tax and homeowners insurance costs to determine the annual salary it takes to afford the base cost of owning a home (principal, interest, property tax and homeowner’s insurance, or PITI) in the nation’s 50 largest metropolitan areas.

Standard 28% “front-end” debt ratios and a 20% down payments subtracted from the median-home-price data are used to arrive at these figures.

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Chart of the Week

The Best and Worst Performing Wealth Markets in the Last 10 Years

This telling chart shows how national wealth markets have changed over the past decade, highlighting the biggest winners and losers.

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The Best and Worst Performing Wealth Markets

A lot can change in a decade.

Ten years ago, the collapse of Lehman Brothers sent the world’s financial markets into a tailspin, a catalyst for years of economic uncertainty.

At the same time, China’s robust GDP growth was reaching a fever pitch. The country was turning into a wealth creation machine, creating millions of newly-minted millionaires who would end up having a huge impact on wealth markets around the world.

The Ups and Downs of Wealth Markets (2008-2018)

Today’s graphic, using data from the Global Wealth Migration Review, looks at national wealth markets, and how they’ve changed since 2008.

Each wealth market is calculated from the sum of individual assets within the jurisdiction, accounting for the value of cash, property, equity, and business interests owned by people in the country. Just like other kinds of markets, wealth can grow or shrink over time.

Here are a few countries and regions that stand out in the report:

Developing Asian Economies
In terms of sheer wealth growth, nothing comes close to countries like China and India. The size of these markets, combined with rapid economic growth, have resulted in triple-digit gains over the last 10 years.

For the world’s two most populous countries, it’s a trend that is expected to continue into the next decade, despite the fact that many millionaire residents are migrating to different jurisdictions.

Mediterranean Malaise
European nations saw very little growth over the past decade, but the Mediterranean region was particularly hard-hit. In fact, eight of the 20 worst performing wealth markets over the last decade are located along the Mediterranean coast:

Rank (Out of 90)Country% Growth (2008-2018)
89๐Ÿ‡ฌ๐Ÿ‡ท Greece-37%
87๐Ÿ‡จ๐Ÿ‡พ Cyprus-21%
86๐Ÿ‡ฎ๐Ÿ‡น Italy-14%
85๐Ÿ‡ช๐Ÿ‡ธ Spain-13%
84๐Ÿ‡น๐Ÿ‡ท Turkey-11%
82๐Ÿ‡ช๐Ÿ‡ฌ Egypt-10%
80๐Ÿ‡ซ๐Ÿ‡ท France-7%
76๐Ÿ‡ญ๐Ÿ‡ท Croatia-6%

European Bright Spots
There were some bright spots in Europe during this same time period. Malta, Ireland, and Monaco all achieved positive wealth growth at rates higher than 30% over the last 10 years.

Australia
While it’s expected to see rapidly-growing economies as prolific producers of wealth, it is much more surprising when mature markets perform so strongly. Singapore and New Zealand fall under that category, as does Australia, which was already a large, mature wealth market.

Australia recently surpassed both Canada and France to become the seventh largest wealth market in the world, and last year alone, over 12,000 millionaires migrated there.

Venezuela
The long-term economic slide of Venezuela has been well documented, and it comes as no surprise that the country saw extreme contraction of wealth over the last decade. Since war-torn countries are not included in the report, Venezuela ranked 90th, which is dead-last on a global basis.

Short Term, Long Term

In 2018, global wealth actually slumped by 5%, dropping from $215 trillion to $204 trillion.

All 90 countries tracked by the report experienced negative growth in wealth, as global stock and property markets dipped. Here’s a look at the wealth markets that were the hardest hit over the past year:

Wealth MarketWealth growth (2017 -2018)
๐Ÿ‡ป๐Ÿ‡ช Venezuela-25%
๐Ÿ‡น๐Ÿ‡ท Turkey-23%
๐Ÿ‡ฆ๐Ÿ‡ท Argentina-20%
๐Ÿ‡ต๐Ÿ‡ฐ Pakistan-15%
๐Ÿ‡ฆ๐Ÿ‡ด Angola-15%
๐Ÿ‡บ๐Ÿ‡ฆ Ukraine-13%
๐Ÿ‡ซ๐Ÿ‡ท France-12%
๐Ÿ‡ท๐Ÿ‡บ Russia-12%
๐Ÿ‡ฎ๐Ÿ‡ท Iran-12%
๐Ÿ‡ถ๐Ÿ‡ฆ Qatar-12%

The future outlook is rosier. Global wealth is expected to rise by 43% over the next decade, reaching $291 trillion by 2028. If current trends play out as expected, Vietnam could likely top this list a decade from now with a staggering 200% growth rate.

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