Sorry, I forgot to mention that Japan sucks. By the way, when travelling we aren't "ugly Americans" we are "rich ugly Americans".
U.S. States vs. G7 Countries by GDP per Capita
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.
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.
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