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The global economy is expected to reach $126 trillion in 2026, but that output is highly concentrated.

Just four countries—the United States, China, Germany, and Japan—generate roughly half of all economic activity worldwide.

This graphic visualizes the full global economy using IMF projections from the April 2026 World Economic Outlook, breaking down nearly 200 countries by their share of nominal GDP.

Half of Global GDP Comes From Just Four Countries

The U.S., China, Germany, and Japan together produce over $63 trillion in output—roughly equal to the rest of the world combined.

The table below lists all of the world’s economies as of 2026, ranked in descending order by size.

Rank	Country	2026 GDP (billions $)	Share
1	United States	32,384	25.6%
2	China	20,852	16.5%
3	Germany	5,453	4.3%
4	Japan	4,379	3.5%
5	United Kingdom	4,265	3.4%
6	India	4,153	3.3%
7	France	3,596	2.8%
8	Italy	2,738	2.2%
9	Russia	2,656	2.1%
10	Brazil	2,636	2.1%
11	Canada	2,507	2.0%
12	Australia	2,124	1.7%
13	Mexico	2,121	1.7%
14	Spain	2,091	1.7%
15	South Korea	1,931	1.5%
16	Turkey	1,640	1.3%
17	Indonesia	1,540	1.2%
18	Netherlands	1,450	1.1%
19	Saudi Arabia	1,389	1.1%
20	Switzerland	1,147	0.9%
21	Poland	1,134	0.9%
22	Taiwan	977	0.8%
23	Ireland	779	0.6%
24	Belgium	777	0.6%
25	Sweden	760	0.6%
26	Israel	720	0.6%
27	Argentina	688	0.5%
28	Singapore	660	0.5%
29	Austria	624	0.5%
30	United Arab Emirates	622	0.5%
31	Norway	599	0.5%
32	Thailand	580	0.5%
33	Colombia	540	0.4%
34	Vietnam	527	0.4%
35	Malaysia	516	0.4%
36	Philippines	512	0.4%
37	Bangladesh	511	0.4%
38	Denmark	504	0.4%
39	Romania	481	0.4%
40	South Africa	480	0.4%
41	Hong Kong	450	0.4%
42	Czech Republic	433	0.3%
43	Egypt	430	0.3%
44	Chile	408	0.3%
45	Pakistan	408	0.3%
46	Peru	381	0.3%
47	Portugal	381	0.3%
48	Nigeria	377	0.3%
49	Kazakhstan	360	0.3%
50	Finland	338	0.3%
51	Algeria	317	0.3%
52	Greece	308	0.2%
53	Iran	300	0.2%
54	New Zealand	279	0.2%
55	Hungary	271	0.2%
56	Iraq	265	0.2%
57	Ukraine	225	0.2%
58	Qatar	217	0.2%
59	Morocco	194	0.2%
60	Uzbekistan	182	0.1%
61	Kuwait	173	0.1%
62	Slovakia	169	0.1%
63	Angola	152	0.1%
64	Bulgaria	148	0.1%
65	Kenya	147	0.1%
66	Ecuador	138	0.1%
67	Dominican Republic	136	0.1%
68	Puerto Rico	129	0.1%
69	Guatemala	129	0.1%
70	Congo (DRC)	123	0.1%
71	Ethiopia	122	0.1%
72	Ghana	118	0.1%
73	Oman	117	0.1%
74	Croatia	117	0.1%
75	Côte d'Ivoire	112	0.1%
76	Serbia	112	0.1%
77	Venezuela	111	0.1%
78	Luxembourg	110	0.1%
79	Costa Rica	110	0.1%
80	Lithuania	106	0.1%
81	Belarus	102	0.1%
82	Sri Lanka	99	0.1%
83	Uruguay	96	0.1%
84	Panama	95	0.1%
85	Tanzania	95	0.1%
86	Slovenia	87	0.1%
87	Myanmar	84	0.1%
88	Turkmenistan	83	0.1%
89	Bolivia	81	0.1%
90	Azerbaijan	78	0.1%
91	Uganda	73	0.1%
92	Cameroon	65	0.1%
93	Jordan	65	0.1%
94	Tunisia	61	0.0%
95	Paraguay	61	0.0%
96	Zimbabwe	57	0.0%
97	Macao	54	0.0%
98	Latvia	54	0.0%
99	Libya	52	0.0%
100	Cambodia	52	0.0%
101	Estonia	52	0.0%
102	Bahrain	49	0.0%
103	Nepal	46	0.0%
104	Cyprus	45	0.0%
105	Sudan	45	0.0%
106	Iceland	44	0.0%
107	Georgia	43	0.0%
108	Honduras	42	0.0%
109	Zambia	41	0.0%
110	Senegal	40	0.0%
111	El Salvador	40	0.0%
112	Haiti	39	0.0%
113	Bosnia and Herzegovina	37	0.0%
114	Lebanon	34	0.0%
115	Papua New Guinea	34	0.0%
116	Guyana	34	0.0%
117	Mali	34	0.0%
118	Albania	33	0.0%
119	Burkina Faso	33	0.0%
120	Armenia	32	0.0%
121	Malta	31	0.0%
122	Guinea	30	0.0%
123	Mongolia	28	0.0%
124	Benin	28	0.0%
125	Trinidad and Tobago	27	0.0%
126	Chad	26	0.0%
127	Niger	25	0.0%
128	Nicaragua	24	0.0%
129	Kyrgyz Republic	24	0.0%
130	Gabon	23	0.0%
131	Mozambique	23	0.0%
132	Jamaica	23	0.0%
133	Botswana	22	0.0%
134	Moldova	22	0.0%
135	North Macedonia	22	0.0%
136	Madagascar	21	0.0%
137	Tajikistan	20	0.0%
138	Afghanistan	20	0.0%
139	Laos	19	0.0%
140	Malawi	18	0.0%
141	Rwanda	17	0.0%
142	Namibia	17	0.0%
143	Mauritius	17	0.0%
144	Bahamas, The	17	0.0%
145	Congo, Rep. of the	17	0.0%
146	Brunei	17	0.0%
147	West Bank and Gaza	16	0.0%
148	Mauritania	14	0.0%
149	Somalia	14	0.0%
150	Kosovo	14	0.0%
151	Equatorial Guinea	14	0.0%
152	Togo	13	0.0%
153	Montenegro	10	0.0%
154	Liechtenstein	9.4	0.0%
155	Barbados	8.5	0.0%
156	Sierra Leone	8.3	0.0%
157	Burundi	8.1	0.0%
158	Maldives	8.1	0.0%
159	Yemen	7.4	0.0%
160	Fiji	6.4	0.0%
161	South Sudan	6.1	0.0%
162	Suriname	5.9	0.0%
163	Eswatini	5.8	0.0%
164	Liberia	5.6	0.0%
165	Andorra	4.9	0.0%
166	Djibouti	4.7	0.0%
167	Aruba	4.7	0.0%
168	Bhutan	3.9	0.0%
169	Central African Republic	3.5	0.0%
170	Belize	3.5	0.0%
171	Cabo Verde	3.4	0.0%
172	Guinea-Bissau	3.0	0.0%
173	Lesotho	3.0	0.0%
174	Gambia, The	2.8	0.0%
175	Saint Lucia	2.8	0.0%
176	San Marino	2.4	0.0%
177	Antigua and Barbuda	2.4	0.0%
178	Seychelles	2.3	0.0%
179	Timor-Leste	2.2	0.0%
180	Solomon Islands	1.8	0.0%
181	Comoros	1.8	0.0%
182	Grenada	1.5	0.0%
183	Vanuatu	1.4	0.0%
184	Samoa	1.4	0.0%
185	Saint Vincent and the Grenadines	1.2	0.0%
186	São Tomé and Príncipe	1.2	0.0%
187	Saint Kitts and Nevis	1.1	0.0%
188	Dominica	0.8	0.0%
189	Tonga	0.7	0.0%
190	Micronesia	0.5	0.0%
191	Kiribati	0.4	0.0%
192	Palau	0.4	0.0%
193	Marshall Islands	0.3	0.0%
194	Nauru	0.2	0.0%
195	Tuvalu	0.1	0.0%
--	World	126,254	100.0%

Size does not necessarily translate into high growth. Among the world’s four largest economies, China leads with projected 4.4% real growth in 2026, while the U.S. is expected to grow a still respectable 2.3%. Germany and Japan, which have faced years of stagnation, are projected to grow by just 0.7–0.8%.

China’s outperformance continues a trend seen over the past few decades, although the country faces headwinds of its own, including a demographic slowdown and a prolonged property sector crisis.

The Shifting Balance of Power Towards Asia

Beyond China and Japan, Asia is increasingly driving global economic growth. Major emerging markets like India ($4.2 trillion) and Indonesia ($1.5 trillion) are expected to reshape the global economic order in the decades ahead.

India, which in recent years became the world’s most populous country, is now the sixth-largest economy globally. Its strong 6.6% growth forecast for 2026 could see it surpass the United Kingdom ($4.3 trillion) and even Japan by 2028.

Meanwhile, Indonesia’s projected 5% growth comes despite ongoing challenges in its manufacturing sector since the COVID-19 pandemic, as well as continued supply chain pressures linked to geopolitical tensions.

The Downstream Effects of Trade Tensions

Indonesia is not alone in feeling the effects of shifting global trade dynamics. High-tariff policies introduced by the U.S. since early 2025 have led to downward revisions in growth forecasts across several economies, particularly in North America.

Canada ($2.3 trillion) and Mexico ($2.1 trillion), both highly dependent on U.S. trade, are especially exposed. With U.S.-Canada relations strained and negotiations over a trilateral trade agreement progressing slowly, the North American economic bloc faces increasing uncertainty.

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China produces more coal than all nations combined.

According to the 2025 Statistical Review of World Energy, China produced 4.78 billion tonnes of coal in 2024, accounting for 51.7% of the global total.

Coal production is also highly concentrated beyond China. The top six producing countries, including India, Indonesia, and the U.S., together account for 87% of total supply.

This chart ranks the world’s largest coal producers in 2024, illustrating how concentrated global coal output remains.

Coal Production by Country

China’s dominance becomes even clearer when compared side by side with other major producers:

Rank	Country	Millions of tonnes of coal mined (2024)	Share
1	China	4,780.0	51.7%
2	India	1,085.1	11.7%
3	Indonesia	836.1	9.0%
4	U.S.	464.6	5.0%
5	Australia	462.9	5.0%
6	Russia	427.2	4.6%
7	South Africa	235.0	2.5%
8	Germany	91.9	1.0%
9	Türkiye	87.0	0.9%
10	Poland	85.2	0.9%
11	Colombia	52.7	0.6%
12	Vietnam	43.8	0.5%
13	Canada	42.6	0.5%
--	Other	547.4	5.9%
--	World	9,241.5	100.0%

India ranks second at just over 1 billion tonnes, but its 11.7% share is far behind China’s majority.

The top six is rounded out by Indonesia (9.0%), the United States (5.0%), Australia (5.0%), and Russia (4.6%), after which production drops off sharply.

Where Is Coal Production Growing?

Below are the major countries that increased coal production between 2023 and 2024:

Rank	Country	Coal Produced (2023)	Coal Produced (2024)	Growth (YoY)
1	Türkiye	74.2	87.0	16.9%
2	Pakistan	17.4	19.1	9.5%
3	Indonesia	775.2	836.1	7.6%
4	India	1011.3	1085.1	7.0%
5	China	4723.3	4780.0	0.9%

Türkiye saw the strongest year-over-year growth at 16.9%, but is still only the ninth-largest coal producer globally.

Notably, all countries on this list are in Asia, highlighting how rising energy demand in the region is driving new coal production even as other parts of the world reduce reliance on the fuel.

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To learn more about this topic, check out this graphic on the share of global carbon emissions by country.

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Charted: U.S. Debt Could Hit $182 Trillion by 2056

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For decades, U.S. federal debt grew in long, gradual cycles. That pace is now accelerating rapidly.

This chart shows how debt expanded from $51 billion in 1940 to nearly $40 trillion today, and how it could climb to $182 trillion by 2056. At that point, the U.S. may be adding $10 trillion in debt every one to two years.

The data comes from the Congressional Budget Office (CBO) and the White House as of March 2026. Data is in nominal dollars.

How the U.S. Federal Debt Accelerated

Each new $10 trillion in U.S. debt is arriving faster than the last, shrinking from decades to just years.

It took nearly 70 years for U.S. debt to reach its first $10 trillion. In the decades ahead, that same increase could happen in just one to two years.

The data table below shows how the U.S. national debt has changed since WWII and how quickly it is projected to rise over the next three decades:

After World War II, it took over 60 years for U.S. debt to reach $10 trillion.

The next $10 trillion took nine years following the 2008 financial crisis.

In the 2020s, pandemic spending compressed the interval to just five years.

By the 2050s, each additional $10 trillion could take just one to two years.

That is under modest assumptions, with no new wars, no recessions, and manageable interest rates. Even so, debt projections still reach $182 trillion by 2056.

For context, that is a 4.6x jump from the current all-time high of $39 trillion, or nearly 3x the current valuation of all S&P 500 companies combined.

Why Debt Matters for America’s Future

As debt rises, a growing share of the federal budget is expected to go toward interest payments, crowding out spending on defense, infrastructure, and public services.

If borrowing costs increase, the effects could spread across the economy, raising rates for households and businesses, slowing investment, and weighing on long-term growth.

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To learn more about who the major holders of America’s debt are, check out this graphic, which gives a comprehensive breakdown of the country’s main creditors.

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Mapped: Most Americans Can’t Afford New Homes

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Most Americans can’t afford a new home.

A new analysis from the National Association of Home Builders (NAHB) shows that 65% of U.S. households are priced out of newly built homes, based on current prices and mortgage rates.

In some parts of the country, the situation is even more extreme. More than 80% of households can’t afford a new home, highlighting how widespread the affordability gap has become.

This map shows where Americans are being priced out and where barriers to homeownership are highest.

Ranked: Where Americans Are Most Priced Out of New Homes

At the extreme end, buying a new home is nearly out of reach. In New Hampshire, 83.4% of households are priced out of a new median-priced home.

In total, 11 states have at least 80% of households locked out.

This table shows the share of households priced out of new homes by state in 2026. A household is considered “priced out” if total housing costs—principal, interest, taxes, and insurance—exceed 28% of income, based on median new home prices and a 6% mortgage rate.

State	% of Households Priced Out of New Homes	Median New Home Price	Income Needed to Qualify
New Hampshire	83.4%	$677,982	$211,080
Hawaii	83.0%	$884,781	$234,818
Maine	82.7%	$548,493	$160,714
Alaska	82.2%	$627,077	$188,313
Connecticut	81.8%	$696,752	$224,811
Wyoming	81.8%	$580,627	$164,982
Montana	81.5%	$495,610	$141,997
Oregon	81.0%	$608,135	$173,717
New York	80.5%	$656,108	$204,163
Vermont	80.1%	$580,627	$181,064
Pennsylvania	80.0%	$528,370	$160,900
Massachusetts	79.8%	$836,236	$246,370
Wisconsin	77.3%	$485,449	$149,085
Ohio	76.5%	$443,646	$137,310
Washington	76.1%	$649,812	$185,213
Colorado	75.1%	$644,149	$179,928
Kansas	73.4%	$401,237	$128,372
Rhode Island	72.9%	$578,724	$174,451
South Carolina	72.5%	$421,098	$118,180
New Mexico	71.7%	$362,847	$104,055
Illinois	71.3%	$428,712	$143,374
Michigan	71.3%	$371,503	$122,158
Kentucky	71.3%	$398,741	$109,299
Florida	71.1%	$429,644	$127,139
Indiana	70.7%	$418,993	$123,219
District of Columbia	70.1%	$836,441	$232,260
Iowa	70.0%	$348,337	$120,598
Arkansas	70.0%	$381,881	$100,780
Alabama	69.2%	$375,944	$106,586
New Jersey	69.1%	$527,069	$172,356
Utah	68.2%	$531,151	$145,638
Tennessee	67.7%	$399,580	$111,631
Oklahoma	67.6%	$351,771	$107,846
Arizona	66.6%	$446,796	$122,364
Missouri	66.6%	$371,515	$111,332
Idaho	66.4%	$430,280	$117,615
North Carolina	66.4%	$394,058	$112,263
Louisiana	66.2%	$318,728	$95,895
California	65.6%	$545,892	$153,471
Nevada	65.5%	$420,782	$115,555
West Virginia	64.8%	$308,607	$88,071
Texas	64.5%	$369,798	$117,131
Georgia	62.5%	$374,579	$109,329
Minnesota	62.1%	$402,209	$122,025
Nebraska	62.0%	$328,603	$107,185
South Dakota	62.0%	$346,894	$106,233
North Dakota	61.4%	$382,451	$116,480
Mississippi	61.1%	$266,837	$80,174
Virginia	58.9%	$429,184	$122,542
Maryland	58.5%	$432,949	$127,559
Delaware	56.0%	$376,478	$104,282

While high-cost states like Hawaii and Massachusetts rank among the least affordable, others such as Maine and Wyoming show that affordability pressures are no longer limited to major metro areas.

Affordability Isn’t Just a Coastal Problem

The most striking takeaway is how universal the problem has become.

Even in lower-cost states like Mississippi ($267K) and West Virginia ($309K), a majority of households are still priced out new homes. While buyers need under $90,000 in income—compared to over $200,000 in the least affordable markets—that threshold remains out of reach for many.

In other words, moving to a cheaper state is no longer a reliable solution. Instead, the data points to a deeper issue, which is that incomes have not kept pace with rising housing costs across the country.

While existing homes can be more affordable than new construction, this data highlights a key constraint: much of the new housing supply entering the market is already out of reach for most households.

The Bigger Picture

As new home prices continue to outpace income growth, the gap between who can and can’t afford newly built homes is widening. That shift is reshaping where Americans live, how they build wealth, and whether homeownership is attainable at all.

If even the most affordable states are out of reach for most households looking at new homes, the question becomes harder to ignore: where can buyers realistically go next?

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To learn more about this topic, check out this graphic on where wealth is moving in America.

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Charted: The Global Fertility Divide

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A widening gap is emerging in global birth rates.

This chart shows population-weighted total fertility rates (TFR) across major world regions, based on data from the UN World Population Prospects 2024 Revision, and how they compare to the 2.1 replacement level.

While Africa remains far above this threshold, most of the world, including Asia, Europe, and the Americas, has already fallen below it. This split highlights where future population growth is likely to be concentrated.

Africa Stands Apart

Africa’s fertility rate of 4.0 children per woman is the highest of any region. It is nearly double the global average of 2.2 and close to three times Europe’s rate of 1.4.

Region	Pop-Weighted TFR	Population (Millions)	% of World Pop
Africa	4.0	1549.8	18.8%
Middle East	2.3	388.2	4.7%
Oceania	2.0	46.6	0.6%
Asia	1.7	4445.8	54.0%
South America	1.7	438.1	5.3%
North America	1.7	617.3	7.5%
Europe	1.4	745.8	9.1%
World (total)	2.2	8231.6	100.0%

With a rapidly growing population base, Africa is expected to drive a significant share of global population growth in the coming decades.

Higher fertility rates are often linked to younger populations, lower urbanization, and differences in access to education and healthcare.

Below Replacement in Most Regions

Many parts of the world now have fertility rates below the replacement level of 2.1. Asia, North America, and South America each sit at 1.7, while Europe trails at 1.4.

These levels point to aging populations, slower natural population growth, and potential workforce pressures over time. In many countries, immigration and family-support policies are becoming more important parts of the demographic outlook.

Population Weight Matters

Asia accounts for 54% of the global population, meaning its relatively low fertility rate has an outsized influence on the global average.

By contrast, regions like Oceania and the Middle East have higher fertility rates but much smaller populations. This helps explain why the global average remains at 2.2 even as most major regions fall below replacement.

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Ranked: Where Emissions Are Rising Fastest

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Global emissions are still rising—but the increase is highly uneven.

Over the past decade, the fastest growth has come from rapidly industrializing economies. Vietnam more than doubled its emissions from 2014 to 2024, while Indonesia and India also posted steep gains as energy demand surged.

Meanwhile, several advanced economies have moved in the opposite direction. Countries like the UK, Germany, and Japan have significantly reduced their carbon output, largely by phasing out coal and expanding renewable energy.

Using data from the Global Carbon Budget via Our World in Data, this graphic ranks the world’s largest emitters by how their fossil fuel and industrial CO₂ emissions changed from 2014 to 2024.

Together, these countries account for roughly 80% of global emissions.

Emissions Change Among the World’s Top 20 Emitters

This table shows the world’s 20 largest emitters and how their carbon output has shifted over the last decade. Figures represent carbon emissions from fossil fuels and industry and exclude land-use change emissions.

Rank	Country	CO₂ Emissions 2014 (Tonnes)	CO₂ Emissions 2024 (Tonnes)	Change (2014-2024)
1	Vietnam	180M	371M	106.0%
2	Indonesia	498M	812M	63.1%
3	India	2.1B	3.2B	48.7%
4	Türkiye	367M	513M	39.7%
5	China	10B	12.3B	23.2%
6	Iran	644M	793M	23.0%
7	Malaysia	245M	290M	18.4%
8	Saudi Arabia	585M	692M	18.3%
9	Russia	1.6B	1.8B	8.7%
10	Australia	393M	387M	-1.5%
11	Mexico	484M	461M	-4.8%
12	Canada	565M	533M	-5.6%
13	South Korea	629M	584M	-7.3%
14	South Africa	482M	440M	-8.7%
15	U.S.	5.5B	4.9B	-11.3%
16	Brazil	557M	483M	-13.2%
17	Italy	349M	302M	-13.6%
18	Japan	1.3B	962M	-23.7%
19	Germany	793M	572M	-27.8%
20	UK	439M	313M	-28.7%

Among the world’s largest emitters, the fastest increases are concentrated in Asia. Vietnam (+106%) leads by a wide margin, followed by Indonesia (+63.1%) and India (+48.7%).

At the same time, several advanced economies have sharply reduced emissions. The UK (-28.7%), Germany (-27.8%), and Japan (-23.7%) saw the largest declines over the decade.

Together, these trends highlight a growing divide: emissions are rising fastest in emerging economies, while many developed nations are cutting output.

The Giants: China vs. the U.S.

When looking at absolute volume, the sheer scale of the world’s two largest emitters—China and the U.S.—continues to dictate the global climate trajectory.

China’s emissions rose by 23.2%—an increase of 2.3 billion tonnes since 2014. This surge alone outweighs the total annual output of most other major nations combined. In contrast, the U.S. saw an 11.3% decline, dropping to 4.9 billion tonnes, primarily driven by a sharp drop in coal consumption.

India stands as the world’s third-largest emitter, with its carbon footprint ballooning 48.7% over the decade. However, more promisingly, emissions grew at their slowest pace in two decades in 2025 (excluding the 2020 pandemic), up just 0.7% thanks to record growth in clean energy.

As global manufacturing and energy demand continue to shift toward emerging markets, future emissions trends will depend increasingly on how quickly these economies scale lower-carbon energy sources.

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To learn more about this topic, check out this graphic on the share of global carbon emissions by country.

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Sovereign wealth funds now hold over $13 trillion in assets. But where is that capital actually concentrated?

Most of it sits in Asia and the Middle East, where export surpluses and energy revenues have fueled massive state-owned funds. At the same time, Norway stands apart as the single largest holder, with a fund that exceeds $2.1 trillion.

This graphic ranks the largest sovereign wealth funds using 2026 data from Global SWF, showing where the world’s state-owned capital is concentrated and which countries control the biggest pools of wealth.

Norway’s $2 Trillion Investment Fund

Norges Bank Investment Management (NBIM) was founded in 1990 to channel excess oil revenues into long-term investments. As of 2026, the fund has over $2.1 trillion in assets under management, making it the world’s largest sovereign wealth fund (SWF).

Given Norway’s relatively small population of just five million people, this translates to over $350,000 for each of the country’s citizens.

The table below shows how Norway’s fund compares with other major sovereign wealth funds, highlighting how concentrated global state-owned capital has become.

Rank	SWF/State Fund	Country	AUM (USD Billions)
1	NBIM	Norway	2,116
2	SAFE IC	China	1,988
3	CIC	China	1,567
4	ADIA	UAE - Abu Dhabi	1,187
5	PIF	Saudi Arabia	1,151
6	KIA	Kuwait	1,002
7	GIC	Singapore	936
8	QIA	Qatar	580
9	ICD	UAE - Dubai	429
10	Mubadala	UAE - Abu Dhabi	385
11	TWF	Turkiye	360
12	Temasek	Singapore	324
13	LIMAD	UAE - Abu Dhabi	300
14	KIC	South Korea	232
15	Danantara	Indonesia	230
16	Future Fund	Australia	225
17	NWF RU	Russia	178
18	DH	UAE - Dubai	136
19	EIA	UAE	116
20	NDF	Saudi Arabia	115
21	QIC	Australia - QLD	89
22	Samruk Kazyna	Kazakhstan	88
23	Alaska PFC	USA - AK	88
24	DIF	UAE - Dubai	80
25	PNB	Malaysia	78
New Entrant	Canada Strong	Canada	18

Norway’s government has used NBIM to help the country avoid the “resource curse” that affects many oil-dependent economies. By investing in diversified global assets, the country has built a war chest for future public investment and sustainable development.

The Middle East’s Many Funds

Norway is far from the only country to invest its oil and gas revenues in a government-managed fund. Across the Middle East, similar SWFs have been set up in Saudi Arabia ($1.3 trillion), Kuwait ($1 trillion), and Qatar ($580 billion).

In the United Arab Emirates, both the national government and individual emirate governments have done the same, with over $2.6 trillion in assets under management as of 2026.

Even non-petrostates in the Middle East have opened SWFs in recent years. The Turkey Wealth Fund, founded in 2016, has over $360 billion in assets under management, including holdings across the country such as a sizable minority stake in Turkish Airlines and full ownership of the Port of İzmir.

The World’s Newest SWF

Canada is the latest country to join the club. In April 2026, Prime Minister Mark Carney announced the Canada Strong Fund, a new $18 billion SWF that, at the point of establishment, will be the world’s 55th-largest SWF of its kind.

The Canadian government hopes to use the Canada Strong Fund to invest in strategic priorities across the country as it seeks to diversify trade partners and reduce reliance on the United States.

Oil, mining, and gas revenues will likely play a role in bolstering the fund’s capital, similar to the nearby Alaska Permanent Fund ($88 billion), an American state-level SWF that pays out an annual dividend to Alaskan residents in what has been called the sole existing example of basic income.

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What about the other side of the equation? See how much debt is held by governments on Voronoi.Use This Visualization

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Some U.S. cities average nearly 11 hours of sunshine per day—far more than the national norm.

Using NOAA data and visualized by Julie Peasley, this map ranks the 20 sunniest U.S. cities based on annual sunshine hours.

The results highlight a clear geographic divide. Southwestern cities dominate the top of the list, while Florida—despite its nickname—trails California in total entries.

The Sunniest Cities in America

Arizona dominates the very top of the ranking, with Yuma, Phoenix, and Tucson all placing in the top four. But California has the broader showing, with several cities across the state making the top 20.

Rank	City	State	Yearly Sunshine Hours
1	Yuma	AZ	4,015
2	Phoenix	AZ	3,872
3	Las Vegas	NV	3,825
4	Tucson	AZ	3,806
5	El Paso	TX	3,763
6	Sacramento	CA	3,608
7	Fresno	CA	3,564
8	Albuquerque	NM	3,415
9	Los Angeles	CA	3,254
10	Miami	FL	3,154
11	Denver	CO	3,107
12	Oklahoma City	OK	3,089
13	San Francisco	CA	3,062
14	San Diego	CA	3,055
15	Honolulu	HI	3,036
16	Salt Lake City	UT	3,029
17	Boise	ID	2,993
18	Tampa	FL	2,927
19	Wichita	KS	2,922
20	Memphis	TN	2,888

Florida still appears on the list, but its “Sunshine State” reputation does not translate into dominance. Miami and Tampa rank highly, though fewer Florida cities make the cut than California cities.

The Southwest: America’s Sunshine Capital

One pattern stands out immediately: geography drives the rankings. The sunniest cities cluster heavily in the U.S. Southwest, particularly Arizona, Nevada, California, and New Mexico.

Cities like Yuma, Phoenix, and Las Vegas benefit from desert climates where clear skies are the norm. Persistent high-pressure systems suppress cloud formation, while low humidity limits the moisture needed for clouds to develop.

In fact, the Southwest is one of the driest regions in North America. As noted in climate studies, limited precipitation and stable air masses create ideal conditions for near-constant sunshine.

Why So Few Clouds?

The Southwest’s sunshine advantage comes down to a simple recipe: dry air, stable weather patterns, and geography.

• Dry air: Desert regions lack the moisture needed to form clouds.
• High pressure systems: These systems promote sinking air, which inhibits cloud formation.
• Topography: Mountain ranges block moisture from the Pacific Ocean.

Together, these conditions create the clear, sunny skies that define cities like Phoenix, whose climate is comparable to global hotspots like Karachi and Baghdad.

Sunshine Beyond the Desert

While the Southwest leads, other regions still make appearances. Cities like Miami and Tampa benefit from tropical climates with strong seasonal sunshine, while Denver and Boise combine elevation with relatively dry air.

The gap across the ranking is striking. Yuma receives more than 1,000 additional sunshine hours per year than cities at the bottom of the top 20—underscoring how extreme the Southwest’s advantage really is.

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Explore how climate shapes cities worldwide in World Cities by Climate Type on the Voronoi app.

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Ranked: Where the World’s Migrants Live Today

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Global migration has surged over the past three decades, reshaping where people live and work worldwide. Today, more than 280 million people live outside their country of birth, with a growing share concentrated in a handful of destinations.

This graphic compares the countries with the largest migrant populations in 1990 and 2024, based on data from the UN DESA International Migrant Stock 2024. It highlights not only the continued dominance of the United States, but also the rapid rise of Europe and the Middle East as key migration hubs.

The U.S. Remains the Top Destination

With 52.4 million migrants in 2024, the United States hosts nearly one in six migrants worldwide—more than the next three countries combined.

This reflects decades of immigration driven by economic opportunity, education, and family reunification.

#	Country	Migrants (1990)	Country	Migrants (2024)
1	United States	23,266,147	United States	52,375,047
2	Russia	11,524,948	Germany	16,750,084
3	India	7,212,791	Saudi Arabia	13,683,841
4	Germany	6,960,112	United Kingdom	11,845,479
5	Ukraine	6,892,920	France	9,186,757
6	Pakistan	6,208,204	Spain	8,870,527
7	France	5,890,023	Canada	8,805,839
8	Saudi Arabia	4,484,868	United Arab Emirates	8,157,000
9	Iran	4,291,601	Australia	8,111,404
10	Canada	4,251,056	Russia	7,605,774
11	Australia	3,991,501	Türkiye	7,083,501
12	United Kingdom	3,664,896	Italy	6,553,671
13	Kazakhstan	3,289,058	Jordan	5,280,168
14	Hong Kong SAR	2,218,473	Ukraine	5,064,173
15	Ivory Coast	1,822,374	India	4,796,255
16	Uzbekistan	1,653,000	Pakistan	4,175,958
17	Argentina	1,647,935	Iran	3,840,654
18	Israel	1,622,505	Malaysia	3,806,514
19	Italy	1,529,367	Japan	3,409,529
20	Sudan	1,402,896	Kuwait	3,323,191

Europe’s Rapid Growth Since 1990

Europe has seen some of the fastest growth in migrant populations since 1990. Spain’s migrant population, for example, has increased nearly fivefold, while Italy and the UK have roughly tripled.

The European Union’s open-border framework has also facilitated migration within the region. At the same time, external migration has increased due to labor demand and geopolitical factors.

Middle East Driven by Labor Demand

In contrast to Western economies, migration to countries like Saudi Arabia and the United Arab Emirates is largely driven by foreign labor demand. These nations have seen rapid growth in migrant populations, particularly in construction, domestic work, and service industries.

Unlike the U.S. and Europe, migration to Gulf countries is largely temporary. In places like Saudi Arabia and the UAE, migrants often make up the majority of the workforce but have limited pathways to permanent residency.

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If you enjoyed today’s post, check out U.S. Immigration By Status, 2001 to 2024 on Voronoi, the new app from Visual Capitalist.