Visualizing the Most Miserable Countries in the World
Every year, the Cato Institute publishes a list of the world’s most “miserable countries” by using a simple economic formula to calculate the scores. Described as a Misery Index, the tally for each country can be found by adding the unemployment rate, inflation, and lending rate together, and then subtracting the change in real GDP per capita.
Disaster in Venezuela
According to the think tank, countries with misery scores over 20 are “ripe for reform”. If that’s true, then socialist Venezuela is way overdue.
The troubled nation finished with a misery score of 214.9, the highest marker in 2015 by far. Unfortunately, the number is not looking better for this year, as the IMF has projected that hyperinflation will top 720% by the end of 2016. For the average Venezuelan, that means that food staples and other necessities will be doubling in price every four months.
Hyperinflation has taken its toll on citizens already. Three years ago, one US dollar could buy four Venezuelan bolivars. Today, one dollar can buy more than 1,000 bolivars on the black market. If the inflation rate keeps accelerating, the situation could approach a similar trajectory to hyperinflation in Weimar Germany, where rates eventually catapulted to one trillion percent after six years.
While hyperinflation is certainly one of Venezuela’s biggest concerns, the nation has also been short on luck lately. The Zika virus has hit the country hard, and the oil crash has created political, economic, and social tensions in a nation that depends on oil exports to balance the budget. Three in four Venezuelans have fallen into poverty, and the country’s GDP is expected to contract 8% in 2016.
Venezuelans are now facing dire shortages for many necessities, including power. Droughts have caused mayhem on the country’s hydro reservoirs, making blackouts common and widespread. Food, medical supplies, and toilet paper are in short supply, and even beer production has been shut down.
- Approval Rating of Nicolas Maduro: 26.8%
- People in poverty: 76%
- Oil exports, as a percent of total revenue: 96%
- Homicides per capita: 2nd highest in world
- Good shortages: Power, medical supplies, food, toilet paper, beer
- Fiscal deficit: 20% of GDP
Recent measures taken to dampen the crisis in Venezuela have been bold.
The government has moved entire time zones while reducing the work week of public sector workers to try and work around power deficiencies. Meanwhile, minimum wage earners have been given a 30% raise to keep up with inflation.
However, the crisis may be coming to a head. A recent survey shows that 87% of Venezuelans do not have enough money to purchase enough food to meet their needs, and people are getting restless.
In early May, the opposition party submitted a list 1.85 million signatures to the electoral commission to seek a recall referendum against President Nicolas Maduro. Days after the submission, the leader of an opposition party was found dead after being shot in the head.
Unless the country gets ruled with an iron fist, the level of misery can only reach a certain point before the people take decisive action.
About the Money Project
The Money Project aims to use intuitive visualizations to explore ideas around the very concept of money itself. Founded in 2015 by Visual Capitalist and Texas Precious Metals, the Money Project will look at the evolving nature of money, and will try to answer the difficult questions that prevent us from truly understanding the role that money plays in finance, investments, and accumulating wealth.
Mapped: The Salary You Need to Buy a Home in 50 U.S. Cities
Is owning a home still realistic? This map lays out the salary you’d need to buy a home in 50 different U.S. metro areas.
This is the Salary You Need to Buy a Home in 50 U.S. Cities
Depending on where you live, owning a home may seem like a far off dream or it could be fairly realistic. In New York City, for example, a person needs to be making at least six figures to buy a home, but in Cleveland you could do it with just over $45,000 a year.
This visual, using data from Home Sweet Home, maps out the annual salary you’d need for home ownership in 50 different U.S. cities.
Note: The map above refers to entire metro areas and uses Q1 2022 data on median home prices. The necessary salary was calculated by the source, looking at the base cost of principal, interest, property tax, and homeowner’s insurance.
Home Ownership Across the U.S.
San Jose is by far the most expensive city when it comes to purchasing a home. A person would need to earn over $330,000 annually to pay off the mortgage at a monthly rate of $7,718.
Here’s a closer look at the numbers:
|Rank||Metro Area||Median Home Price||Salary Needed|
|#7||New York City||$578,100||$129,459|
|#15||Salt Lake City||$556,900||$100,970|
Perhaps surprisingly, Boston residents need slightly higher earnings than New Yorkers to buy a home. The same is also true in Seattle and Los Angeles. Meanwhile, some of the cheapest cities to start buying up real estate in are Oklahoma City and Cleveland.
As of April, the rate of home ownership in the U.S. is 65%. This number represents the share of homes that are occupied by the owner, rather than rented out or vacant.
The American Dream Home
As of the time of this data (Q1 2022), the national yearly fixed mortgage rate sat at 4% and median home price at $368,200. This put the salary needed to buy a home at almost $76,000—the median national household income falls almost $9,000 below that.
But what kind of homes are people looking to purchase? Depending on where you live the type of home and square footage you can get will be very different.
In New York City, for example, there are fairly few stand-alone, single-family houses in the traditional sense—only around 4,000 are ever on the market. People in the Big Apple tend to buy condominiums or multi-family units.
Additionally, if you’re looking for luxury, not even seven figures will get you much in the big cities. In Miami, a million dollars will only buy you 833 square feet of prime real estate.
One thing is for sure: the typical American dream home of the big house with a yard and white picket fence is more attainable in smaller metro areas with ample suburbs.
Buying vs. Renting
The U.S. median household income is $67,500, meaning that today the typical family could only afford a home in about 15 of the 50 metro areas highlighted above, including New Orleans, Buffalo, and Indianapolis.
With the income gap widening in the U.S., the rental market remains a more attractive option for many, especially as prices are finally tapering off. The national median rent price was down nearly 3% from June to July for two-bedroom apartments.
At the end of the day, buying a home can be an important investment and may provide a sense of security, but it will be much easier to do in certain types of cities.
Which Countries Produce the Most Wheat?
Global wheat production is concentrated in just a handful of countries. Here’s a look at the top wheat-producing countries worldwide.
Visualizing Global Wheat Production by Country (2000-2020)
Wheat is a dietary staple for millions of people around the world.
After rice and corn (maize), wheat is the third most-produced cereal worldwide, and the second-most-produced for human consumption. And considering wheat’s importance in the global food system, any impact on major producers such as droughts, wars, or other events, can impact the entire world.
Which countries are the largest producers of wheat? This graphic by Kashish Rastogi visualizes the breakdown of 20 years of global wheat production by country.
Top 10 Wheat Producing Countries
While more than 80 different countries produce wheat around the world, the majority of global wheat production comes from just a handful of countries, according to data from The Food and Agriculture Organization of the United Nations (FAO).
Here’s a look at the top 10 wheat-producing countries worldwide, based on total yield in tonnes from 2000-2020:
|Rank||Country||Continent||Total yield (tonnes, 2000-2020)||% of total (2000-2020)|
|#1||🇨🇳 China||Asia & Oceania||2.4 B||17.0%|
|#2||🇮🇳 India||Asia & Oceania||1.8 B||12.5%|
|#3||🇷🇺 Russia||Asia & Oceania||1.2 B||8.4%|
|#4||🇺🇸 U.S.||Americas||1.2 B||8.4%|
|#5||🇫🇷 France||Europe||767 M||5.4%|
|#6||🇨🇦 Canada||Americas||571 M||4.0%|
|#7||🇩🇪 Germany||Europe||491 M||3.5%|
|#8||🇵🇰 Pakistan||Asia & Oceania||482 M||3.4%|
|#9||🇦🇺 Australia||Asia & Oceania||456 M||3.2%|
|#10||🇺🇦 Ukraine||Europe||433 M||3.1%|
China, the world’s largest wheat producer, has yielded more than 2.4 billion tonnes of wheat over the last two decades, making up roughly 17% of total production from 2000-2020.
A majority of China’s wheat is used domestically to help meet the country’s rising food demand. China is the world’s largest consumer of wheat—in 2020/2021, the country accounted for approximately 19% of global wheat consumption.
The second-largest wheat-producing country is India. Over the last two decades, India has produced 12.5% of the world’s wheat. Like China, India keeps most of its wheat domestic because of significant food demand across the country.
Russia, the world’s third-largest wheat producer, is also the largest global exporter of wheat. The country exported more than $7.3 billion worth of wheat in 2021, accounting for approximately 13.1% of total wheat exports that year.
Russia-Ukraine Impact on Global Wheat Market
Because Russia and Ukraine are both significant global wheat producers, the ongoing conflict between the two countries has caused massive disruptions to the global wheat market.
The conflict has had an impact on adjacent industries as well. For instance, Russia is one of the world’s major fertilizer suppliers, and the conflict has led to a global fertilizer shortage which could lead to food shortages worldwide.
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