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Chart: Is U.S. or China the World’s Economic Superpower?

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Chart: Is U.S. or China the World's Economic Superpower?

Is U.S. or China the World’s Economic Superpower?

Popular opinion changes depending on where you live

The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

Since the collapse of the Berlin Wall in 1989, the world has had one undisputed economic superpower: the United States.

But while the U.S. has enjoyed its moment in the sun, the balance of power has been slowly shifting towards the inevitable rise of China. It’s been a long time coming, but China now has the manpower, influence, and economic might to compete at a similar level – and if you ask people around the world, they’ve certainly taken notice.

Economic Superpowers

The United States and China combine for 39% of global GDP, 53% of estimated economic growth in the coming years, and 23% of the world’s population.

But which one is perceived as the more dominant economic power?

According to a recent survey by Pew Research Center, the vary wildly depending on the people and country surveyed. However, on an aggregate level that uses the results from the people in 38 countries surveyed, Pew determined that a median of 42% of people list the United States as the world’s leading economic power, while 32% name China as top dog.

Which one of the following do you think is the world’s leading economic power?

RankCountryGlobal median (%)
#1United States42%
#2China32%
#3Countries of the EU9%
#4Japan7%
#5Other / None10%

While the U.S. maintains a narrow lead in aggregate, things get much more interesting when we look at individual countries.

Different Perspectives

Do America’s closest allies view it as the clear global superpower? What about the countries that neighbor China – surely, they must witness China’s economic might firsthand.

Weirdly, the dominant perspectives in these places are not as obvious as one would think.

More people living in Canada, Australia, and major European countries like France, Germany, Sweden, Spain, and the United Kingdom tend to view China as the global economic superpower.

Meanwhile, the majority of people in South American and African countries see the United States as the world’s major economic power – and people in countries near China (such as South Korea, Japan, Philippines, Indonesia, and Vietnam) all tend to agree with that sentiment as well.

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Markets

Will Tesla Lose Its Spot in the Magnificent Seven?

We visualize the recent performance of the Magnificent Seven stocks, uncovering a clear divergence between the group’s top and bottom names.

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Will Tesla Lose Its Spot in the Magnificent Seven?

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.

In this graphic, we visualize the year-to-date (YTD) performance of the “Magnificent Seven”, a leading group of U.S. tech stocks that gained prominence in 2023 as the replacement of FAANG stocks.

All figures are as of March 12, 2024, and are listed in the table below.

RankCompanyYTD Change (%)
1Nvidia90.8
2Meta44.3
3Amazon16.9
4Microsoft12
5Google0.2
6Apple-6.7
7Tesla-28.5

From these numbers, we can see a clear divergence in performance across the group.

Nvidia and Meta Lead

Nvidia is the main hero of this show, setting new all-time highs seemingly every week. The chipmaker is currently the world’s third most valuable company, with a valuation of around $2.2 trillion. This puts it very close to Apple, which is currently valued at $2.7 trillion.

The second best performer of the Magnificent Seven has been Meta, which recently re-entered the trillion dollar club after falling out of favor in 2022. The company saw a massive one-day gain of $197 billion on Feb 2, 2024.

Apple and Tesla in the Red

Tesla has lost over a quarter of its value YTD as EV hype continues to fizzle out. Other pure play EV stocks like Rivian and Lucid are also down significantly in 2024.

Meanwhile, Apple shares have struggled due to weakening demand for its products in China, as well as the company’s lack of progress in the artificial intelligence (AI) space.

Investors may have also been disappointed to hear that Apple’s electric car project, which started a decade ago, has been scrapped.

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