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Chart of the Week

Visualizing a Global Shift in Wealth Over 10 Years

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Visualizing a Global Shift in Wealth Over 10 years

Visualizing a Global Shift in Wealth Over 10 years

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

The world has now accumulated $215 trillion in private wealth, a 12% increase over 2017, according to the latest report by market research company New World Wealth.

This number today includes wealth held by the general population, as well as the 15.2M millionaires ($1M+ in assets), 584,000 multi-millionaires ($10M+ in assets), and 2,252 billionaires ($1B+ in assets) in the world.

But the picture of global wealth hasn’t always been constant – in fact, it’s always shifting based on market performance, the movement of high net worth individuals (HNWIs), demographic trends, and other factors.

Top Countries Adding Wealth

Over the last decade, from 2007 to 2017, here are the top countries based on percentage of new wealth added (in $USD terms):

RankCountryWealth Growth (2007-2017)
#1Vietnam210%
#2China198%
#3Mauritius195%
#4Ethiopia190%
#5India160%
#6Sri Lanka133%
#7Panama125%
#8Uruguay117%
#9Malta95%
#10Indonesia92%

Not surprisingly, plenty of developing markets made this list.

Vietnam, which had a 210% growth in wealth held over the last decade, is an emerging manufacturing hub. The market is projected by New World Wealth to grow a further 200% in the next 10 years, bolstered by strong growth in its local healthcare, manufacturing, and financial services sectors.

The small island nation of Mauritius is one of Africa’s brightest success stories, with a 195% growth in wealth over the last 10 years. With favorable tax policies, beautiful beaches, and better relative safety ratings, HNWIs have been moving to the island en masse.

Just missing the Top 10 list above are two developed economies: New Zealand and Australia. Interestingly, these two markets grew in wealth 90% and 83% respectively over the last decade, which is extremely impressive for countries that already had a solid base of wealth to start with.

Countries That Lost Wealth

Here are the markets that saw total wealth decrease over the last 10 years, in terms of U.S. dollars.

RankCountryWealth Growth (2007-2017)
#1Venezuela-48%
#2Greece-37%
#3Italy-19%
#4Spain-19%
#5Norway-17%
#6Portugal-13%
#7Netherlands-12%
#8France-11%
#9Finland-11%
#10Egypt-10%

The crisis in Venezuela had a particularly rough impact on wealth. The country, which was once the richest in South America, lost 48% of its wealth in $USD terms over the last decade.

It’s also worth mentioning that many of the countries that saw wealth decrease over this time period are European – that’s because the 2008 financial crisis (and the ensuing sovereign debt crisis) hit Europe particularly hard.

Greece bore the brunt of this impact, losing 37% of its wealth in the 2007-2017 period.

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Chart of the Week

Mapping the World’s Busiest Air Routes

Flying can get you almost anywhere, but often people are journeying between two popular destinations. Here we map the busiest air routes globally.

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Mapping the World’s Busiest Air Routes

Modern air travel gives us almost unlimited possibilities for getting around.

Whether you are acting on your wanderlust to explore new and exotic destinations, hopping to a familiar island for a well-deserved vacation, or jetsetting to London in the comfort of business class, the modern airline industry can get you almost anywhere you need to go.

But while flying allows us to have unique experiences, it’s often the case that we are all coming and going from many of the same popular destinations. As a result, the world’s busiest air routes have hundreds of flights per day connecting important city pairs together.

Ranking City Pairs

Today’s chart pulls data from OAG, which has compiled a detailed report ranking the busiest domestic and international air routes from around the globe.

It’s worth noting that the data is over the period of March 2018 to February 2019, and it excludes carriers that operate fewer than 500 routes per year.

Let’s dive in to see which city pairs have the most air travel between them.

Domestic Routes

Domestic routes are far more popular than international routes globally. According to the report, there are 15 domestic routes that have more operating flights per year than any international route anywhere.

Here’s a look at the top 10 domestic routes:

RankCountryCity PairFlights (Annually)Carriers
#1๐Ÿ‡ฐ๐Ÿ‡ทJeju โ†”๏ธ Seoul79,4607
#2๐Ÿ‡ฆ๐Ÿ‡บMelbourne โ†”๏ธ Sydney54,1024
#3๐Ÿ‡ฎ๐Ÿ‡ณMumbai โ†”๏ธ Delhi45,1886
#4๐Ÿ‡ง๐Ÿ‡ทSรฃo Paulo โ†”๏ธ Rio de Janeiro39,7473
#5๐Ÿ‡ฏ๐Ÿ‡ตFukuoka โ†”๏ธ Toyko39,4064
#6๐Ÿ‡ป๐Ÿ‡ณHanoi โ†”๏ธ Ho Chi Minh City39,2913
#7๐Ÿ‡ฏ๐Ÿ‡ตHokkaido โ†”๏ธ Tokyo39,2714
#8๐Ÿ‡ฎ๐Ÿ‡ฉJakarta โ†”๏ธ Surabaya City37,7626
#9๐Ÿ‡บ๐Ÿ‡ธLos Angeles โ†”๏ธ San Francisco35,3655
#10๐Ÿ‡ธ๐Ÿ‡ฆJeddah โ†”๏ธ Riyadh35,1495

The busiest domestic route might be a surprise, unless you are familiar with Asian geography.

With almost 80,000 annual flights, the 300-mile hop between Seoul and Jeju Island in South Korea is the busiest air route in the world by a large margin. Overall, there are seven carriers competing on it each day, with over 200 daily flights available between them.

What makes Jeju so popular?

Known as the “Hawaii of South Korea”, this volcanic island is an extremely popular vacation destination within the country, and it hosts roughly 15 million guests per year.

International Routes

On an international basis, the busiest route has almost 50,000 fewer flights per year than the Jeju-Seoul city pair listed above. Not surprisingly, this route – and many other top international routes – are also located in the Asia Pacific region.

RankCountriesCity PairFlights (Annually)Carriers
#1๐Ÿ‡ฒ๐Ÿ‡พ๐Ÿ‡ธ๐Ÿ‡ฌKuala Lumpur โ†”๏ธ Singapore30,1878
#2๐Ÿ‡ญ๐Ÿ‡ฐ๐Ÿ‡น๐Ÿ‡ผHong Kong โ†”๏ธ Taipei28,4475
#3๐Ÿ‡ฎ๐Ÿ‡ฉ๐Ÿ‡ธ๐Ÿ‡ฌJakarta โ†”๏ธ Singapore27,0467
#4๐Ÿ‡ญ๐Ÿ‡ฐ๐Ÿ‡จ๐Ÿ‡ณHong Kong โ†”๏ธ Shanghai20,6785
#5๐Ÿ‡ฎ๐Ÿ‡ฉ๐Ÿ‡ฒ๐Ÿ‡พJakarta โ†”๏ธ Kuala Lumpur19,7418
#6๐Ÿ‡ฐ๐Ÿ‡ท๐Ÿ‡ฏ๐Ÿ‡ตSeoul โ†”๏ธ Osaka19,7118
#7๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ‡จ๐Ÿ‡ฆNew York (LGA) โ†”๏ธ Toronto17,0383
#8๐Ÿ‡ญ๐Ÿ‡ฐ๐Ÿ‡ฐ๐Ÿ‡ทHong Kong โ†”๏ธ Seoul15,7709
#9๐Ÿ‡น๐Ÿ‡ญ๐Ÿ‡ธ๐Ÿ‡ฌBangkok โ†”๏ธ Singapore14,6985
#10๐Ÿ‡ฆ๐Ÿ‡ช๐Ÿ‡ฐ๐Ÿ‡ผDubai โ†”๏ธ Kuwait14,5814

The short hop between Singapore and Kuala Lumpur takes only one hour, and it connects two major Southeast Asian commercial hubs. The route has 41 flights per day between eight airlines, making it one of the most competitive routes globally.

The busiest international route outside of the Asia Pacific is between Toronto and New York (LaGuardia) with 17,038 annual flights. Interestingly, it only has three competing carriers – the lowest of any of the top 10 routes.

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Chart of the Week

Visualizing Africa’s Free Trade Ambitions

The Gambia recently became the latest country to ratify the African Continental Free Trade Area (AfCFTA), helping the landmark agreement reach critical mass to move forward.

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africa free trade

Visualizing Africa’s Free Trade Ambitions

A united African continent working towards common goals would be a major force on the global economic stage.

To this end, nations in the region have been working towards an ambitious plan to create the worldโ€™s largest trade area. The Gambia recently became the latest country to ratify the African Continental Free Trade Area (AfCFTA), helping the agreement reach critical mass to move forward.

Todayโ€™s graphic helps put the region โ€“ and the status of AfCFTA โ€“ into perspective.

The Patchwork Problem

One key to unlocking the region’s economic potential is making it easier for Africa’s 55 countries to trade with one another.

Currently, Africa is a patchwork of regulations and tariffs, and trade between countries has suffered as a result. For example, only 10% of Nigeria’s annual trade activity is with other African countries. This is a surprising given the country’s dominant economic standing and location firmly in the center of the continent.

As a whole, Africa’s intra-continental trade level hovers at just around 20%, while nations in Europe and Asia are at 69% and 59%, respectively. Clearly, there is a lot of room for growth.

What is AfCFTA?

AfCFTA is the biggest free trade agreement since the establishment of the World Trade Organization.

The objective of the agreement is to create a single continental market for goods and services, with free movement of business people and investments.

Last year, 44 African leaders signed an agreement to ratify AfCFTA, with half that number needed to move the agreement forward. Earlier this week, The Gambia was the 22nd country to announce that its government has ratified the agreement, meeting the threshold to officially put the wheels in motion.

We have witnessed a historic moment for the African Continent. AfCFTA is now set to become operational within
the month, creating a single continental market for goods
and services.

โ€“ Mark-Anthony Johnson, CEO, JIC Holdings

The good news for the agreement is that many of Africa’s largest economies โ€“ including Egypt and South Africa โ€“ are already on board. There is, however, one significant holdout.

The Elephant in the Room

Even though the threshold for pushing AfCFTA forward has been reached, Nigeria’s lack of commitment is still a major blow to the strength and credibility of the agreement.

Nigeria’s situation is complicated. The country’s economic prospects are bright, and Lagos is on a trajectory to become the world’s largest city over the next few decades. On the other hand, there is fierce opposition from labor unions, and the country is home to largest concentration of people living in extreme poverty in the world.

[AfCFTA is] an extremely dangerous and radioactive
neo-liberal policy initiative.

โ€“ Ayuba Wabba, President of NLC, Nigeriaโ€™s largest labor union

While the majority of African nations appear to be on board with the plan to enact AfCFTA, it remains to be seen whether Nigeria comes along for the ride or decides to go it alone.

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