America Continues To Lead the World in Wealth by a Longshot
1. US Continues to Dominate World in Gross Domestic Product
2. Top 12 Countries Ranked by Gross Domestic Product
3. US Economy is Not Falling Behind the Rest of the World
4. Two-Thirds of Workers Don’t Put Money in Their 401(k)s
5. Other Reasons Why Only One-Third of Americans Contribute
Today, we’ll take a look at some very interesting data released by the World Bank last month, which shows that the United States still dominates the global economy by a wide margin. The US produces almost one-fourth of all global GDP, and has been at that level or higher for over two generations. This is remarkable.
Following that discussion, we’ll turn to another topic which is quite disturbing. New data from the US Census Bureau finds that two-thirds of Americans are not contributing anything to their 401(k) or similar retirement savings plan at work. The latest numbers are far worse than we have assumed over the last 15-20 years.
So we have very good news and very bad news to cover today. It should make for an interesting discussion.
US Continues to Dominate World in Gross Domestic Product
Many of us are guilty of being critical of America in one way or another. Hardly a week passes when there is not some economic or other report that provides cause for concern. But not the one I will share with you today.
The latest global Gross Domestic Product numbers by country from the World Bank were released last month. The graphic below was created by HowMuch.net to show the relative share each country contributes to the global economy.
The chart represents the entirety of the $74 trillion global economy in nominal terms. Meanwhile, each country’s segment is sized accordingly to their percentage of global GDP output. Continents are also grouped together and sorted by color.
The chart clearly illustrates just how dominant the United States of America is economically. The US accounted for a whopping 24.3% of global GDP in 2015, and it should be even higher today. China came in a distant second at just under 15% of global GDP.
So whenever you hear about the decline of the United States in terms of the economy, keep this chart in mind.
Per capita output of the United States remains high. Given the size of the country, which is the third largest in the world, per capita output of the United States is still mind-boggling.