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2024-11-21 17:27:12 UTC
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https://www.visualcapitalist.com/ranked-u-s-states-vs-g7-countries-by-gdp-per-capita/
Ranked: U.S. States vs. G7 Countries by GDP per Capita Published 3 days
ago on November 18, 2024
By Pallavi Rao
Graphics/Design:
Anna Diederichs
See this visualization first on the Voronoi app.
This graphic compares the GDP per capita of G7 countries with the
richest and poorest U.S. states by the same metric.
Use This Visualization
Ranked: U.S. States vs. G7 Countries by GDP per Capita
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.
This graphic charts the GDP per capita of G7 countries against select
U.S. states.
Why compare states vs G7? By going down to the state level we account
for differences in population and aggregate demand which can mask output
inequalities between the U.S. and its peer economies.
Data for this graphic is sourced from the International Monetary Fund
(IMF), Bureau of Economic Analysis, and the Census Bureau, as of 2023.
ℹ️ G7 per capita GDP figures were accessed in October, a few weeks
before a semi-annual IMF update. Thus, data in this article and chart
may be slightly different from current estimates.
The American Economic Dream is Only Gathering Steam
The United States is outpacing the rest of the G7 in terms of
productivity. And this is true at a state level as well.
Mississippi, the state with the lowest GDP per capita, is still
wealthier than four G7 countries.
Rank U.S. State / G7 Member GDP per Capita
1 🇺🇸 Washington D.C
(Richest State*) $259,954
2 🇺🇸 New York
(Second-Richest State) $110,980
3 🇺🇸 Massachusetts
(Third-Richest State) $105,164
4 🇺🇸 U.S. Average $81,600
5 🇺🇸 Arkansas
(Third-poorest State) $58,220
6 🇺🇸 West Virginia
(Second-poorest State) $57,710
7 🇨🇦 Canada $54,900
8 🇩🇪 Germany $52,730
9 🇺🇸 Mississippi
(Poorest State) $51,420
10 🇬🇧 UK $49,100
11 🇫🇷 France $46,000
12 🇮🇹 Italy $38,330
13 🇯🇵 Japan $33,810
Note: *U.S. territory in this case
Meanwhile, West Virginia, with the second-lowest per capita GDP,
surpasses all six of the other G7 nations.
These massive gaps in output could be surprising for those not paying
attention. The U.S. economy has surged since the pandemic, with its GDP
per capita increasing by $20,000 between 2020 and 2024—a growth none of
the other G7 countries have matched, even when going all the way back to
2010.
Of course these last four years have also seen record inflation, and a
strengthening U.S. dollar, affecting these numbers.
G7 Country GDP per Capita
in 2010 GDP per Capita
in 2024 % Change
🇺🇸 U.S. $48,590 $86,600 +78%
🇨🇦 Canada $47,630 $53,830 +13%
🇯🇵 Japan $45,140 $32,860 -27%
🇩🇪 Germany $43,230 $55,520 +28%
🇫🇷 France $42,200 $48,010 +14%
🇬🇧 UK $39,640 $52,420 +32%
🇮🇹 Italy $35,960 $49,290 +37%
Nevertheless, there’s no denying America is staying ahead of its rivals.
And there’s a lot of factors to its success story in the last two
decades, as this article from The Economist covers well. A combination
of the shale oil revolution in the 2000s, tech sector boom in the 2010s,
and pandemic stimulus in 2020 have kept growth steady, even while
Europe, Canada, and Japan have struggled.
Adding to this: a vast consumer and capital market, integrated labor
pool, and hegemony on the world’s best universities is keeping the
flywheel of growth spinning.
Learn More on the Voronoi App
America’s productivity gains versus the rest of the G7 are only set to
grow. Check out Projections for the G7’s GDP per Capita by 2029 to see
how the other countries rank.
Enjoying the data visualization above?
https://www.visualcapitalist.com/ranked-u-s-states-vs-g7-countries-by-gdp-per-capita/
Ranked: U.S. States vs. G7 Countries by GDP per Capita Published 3 days
ago on November 18, 2024
By Pallavi Rao
Graphics/Design:
Anna Diederichs
See this visualization first on the Voronoi app.
This graphic compares the GDP per capita of G7 countries with the
richest and poorest U.S. states by the same metric.
Use This Visualization
Ranked: U.S. States vs. G7 Countries by GDP per Capita
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.
This graphic charts the GDP per capita of G7 countries against select
U.S. states.
Why compare states vs G7? By going down to the state level we account
for differences in population and aggregate demand which can mask output
inequalities between the U.S. and its peer economies.
Data for this graphic is sourced from the International Monetary Fund
(IMF), Bureau of Economic Analysis, and the Census Bureau, as of 2023.
ℹ️ G7 per capita GDP figures were accessed in October, a few weeks
before a semi-annual IMF update. Thus, data in this article and chart
may be slightly different from current estimates.
The American Economic Dream is Only Gathering Steam
The United States is outpacing the rest of the G7 in terms of
productivity. And this is true at a state level as well.
Mississippi, the state with the lowest GDP per capita, is still
wealthier than four G7 countries.
Rank U.S. State / G7 Member GDP per Capita
1 🇺🇸 Washington D.C
(Richest State*) $259,954
2 🇺🇸 New York
(Second-Richest State) $110,980
3 🇺🇸 Massachusetts
(Third-Richest State) $105,164
4 🇺🇸 U.S. Average $81,600
5 🇺🇸 Arkansas
(Third-poorest State) $58,220
6 🇺🇸 West Virginia
(Second-poorest State) $57,710
7 🇨🇦 Canada $54,900
8 🇩🇪 Germany $52,730
9 🇺🇸 Mississippi
(Poorest State) $51,420
10 🇬🇧 UK $49,100
11 🇫🇷 France $46,000
12 🇮🇹 Italy $38,330
13 🇯🇵 Japan $33,810
Note: *U.S. territory in this case
Meanwhile, West Virginia, with the second-lowest per capita GDP,
surpasses all six of the other G7 nations.
These massive gaps in output could be surprising for those not paying
attention. The U.S. economy has surged since the pandemic, with its GDP
per capita increasing by $20,000 between 2020 and 2024—a growth none of
the other G7 countries have matched, even when going all the way back to
2010.
Of course these last four years have also seen record inflation, and a
strengthening U.S. dollar, affecting these numbers.
G7 Country GDP per Capita
in 2010 GDP per Capita
in 2024 % Change
🇺🇸 U.S. $48,590 $86,600 +78%
🇨🇦 Canada $47,630 $53,830 +13%
🇯🇵 Japan $45,140 $32,860 -27%
🇩🇪 Germany $43,230 $55,520 +28%
🇫🇷 France $42,200 $48,010 +14%
🇬🇧 UK $39,640 $52,420 +32%
🇮🇹 Italy $35,960 $49,290 +37%
Nevertheless, there’s no denying America is staying ahead of its rivals.
And there’s a lot of factors to its success story in the last two
decades, as this article from The Economist covers well. A combination
of the shale oil revolution in the 2000s, tech sector boom in the 2010s,
and pandemic stimulus in 2020 have kept growth steady, even while
Europe, Canada, and Japan have struggled.
Adding to this: a vast consumer and capital market, integrated labor
pool, and hegemony on the world’s best universities is keeping the
flywheel of growth spinning.
Learn More on the Voronoi App
America’s productivity gains versus the rest of the G7 are only set to
grow. Check out Projections for the G7’s GDP per Capita by 2029 to see
how the other countries rank.
Enjoying the data visualization above?