2025-11-22 02:22:39
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Last year, the economic impact of violence reached $19.1 trillion, or $717 billion higher than the previous year.
This came as conflict deaths hit 25-year highs, and wars continued in the Ukraine and Gaza. In response to heightened geopolitical tensions, European nations have injected billions into defense spending. Even Japan plans to double its defense spending to 2% of GDP.
This graphic shows the global cost of conflict in 2024, based on analysis from the Institute for Economic and Peace.
Below, we show the economic impact of violence worldwide, with figures including direct and indirect costs:
| Category | Total Economic Impact 2024 (PPP U.S. Dollars) |
YoY Change |
|---|---|---|
| Military expenditure | $9.0T | $540B |
| Internal security expenditure | $5.7T | $50B |
| Private security | $1.5T | $20B |
| Homicide | $1.1T | -$23B |
| Violent crime | $617B | -$5B |
| GDP losses | $462B | $141B |
| Refugees and IDPs | $343B | $1B |
| Incarceration | $142B | $2B |
| Conflict deaths | $56B | $4B |
| Peacebuilding | $30B | -$2B |
| Small arms | $22B | -$2B |
| Peacekeeping | $16B | -$2B |
| Terrorism | $8B | -$7B |
| Total | $19.1T | $717B |
In 2024, military spending grew by $540 billion to reach $9 trillion.
Overall, 84 countries increased spending on military as a share of GDP, with Norway, Denmark, and Bangladesh seeing the greatest jumps. U.S. military spending totaled $949 billion, while China followed at $450 billion, in international dollars.
As the second-highest cost, internal security expenditure hit $5.7 trillion. This includes costs associated with policing and the judicial system.
Meanwhile, GDP losses causes by conflict surged 44% in 2024 to reach $462 billion. Compared to 2008, GDP losses have more than quadrupled, while the cost of conflict deaths has followed a similar trend.
Adding to this, the cost of refugees and internally displaced persons (IDPs) had an economic toll of $343 billion. Today, 122 million people globally are forcibly displaced, more than doubling from 2008.
To learn more about this topic, check out this graphic on Europe’s biggest armies.
2025-11-21 22:42:11
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International migration has expanded at a remarkable pace over the past 35 years. As economies globalized and mobility increased, more people moved across borders for work, safety, and education.
This chart tracks how the share of foreign-born residents has changed across advanced economies since 1990. The data for this visualization comes from the United Nations.
Switzerland, Australia, and New Zealand show some of the highest migration shares among advanced economies.
Each has seen steady increases since 1990, driven by strong labor demand and open migration channels. Smaller economies like Iceland and Austria also experienced rapid growth, transforming their demographic landscapes. These countries have become some of the most internationally diverse populations in the world.
International migrants as a share of population, in OECD countries
| Country | 1990 | 2010 | 2024 |
|---|---|---|---|
 Switzerland |
18.7% | 26.2% | 31.1% |
 Australia |
23.3% | 26.6% | 30.4% |
 New Zealand |
15.5% | 22.0% | 28.2% |
 Austria |
8.3% | 15.4% | 25.5% |
 Iceland |
3.8% | 11.0% | 25.1% |
 Ireland |
6.5% | 16.5% | 23.1% |
 Canada |
15.3% | 20.6% | 22.2% |
 Sweden |
9.2% | 14.6% | 21.4% |
 Belgium |
9.5% | 14.3% | 20.0% |
 Germany |
8.7% | 14.4% | 19.8% |
 Spain |
2.1% | 13.4% | 18.5% |
 Norway |
4.5% | 10.7% | 18.2% |
 UK |
6.4% | 12.2% | 17.1% |
 Netherlands |
7.9% | 11.0% | 16.2% |
 U.S. |
9.2% | 14.1% | 15.2% |
 Denmark |
4.6% | 9.2% | 14.2% |
 Greece |
6.0% | 11.9% | 14.2% |
 France |
10.3% | 11.5% | 13.8% |
 Italy |
2.7% | 7.8% | 11.0% |
 Portugal |
4.4% | 7.2% | 10.8% |
 Czechia |
4.3% | 6.6% | 9.5% |
 Finland |
1.3% | 4.3% | 9.2% |
 Türkiye |
2.1% | 1.9% | 8.1% |
 Poland |
3.0% | 1.7% | 4.5% |
 South Korea |
0.0% | 1.2% | 3.5% |
 Japan |
0.9% | 1.7% | 2.8% |
 Mexico |
0.8% | 0.8% | 1.3% |
Spain, Türkiye, and South Korea illustrate how quickly migration patterns can shift. Spain saw one of the steepest increases, rising from just 2% in 1990 to over 18% today. South Korea’s share climbed from near zero to 3.5%, reflecting its shift to a high-income economy attracting foreign workers. Türkiye’s rise underscores its growing role as both a destination and a transit hub for regional migration.
Countries like the U.S., Germany, Canada, and the U.K. remain top global destinations based on total migrant populations. While their percentages have grown more gradually, their large base populations make them central to global migration flows. These economies continue to rely on international labor to fill workforce gaps and support long-term demographic stability.
If you enjoyed today’s post, check out Total Fertility Rates By Country on Voronoi, the new app from Visual Capitalist.
2025-11-21 20:26:45
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College affordability continues to be a major concern across the U.S., especially as student loan balances climb. This map breaks down the cost of college in each state based on how much of the median household income is required to cover tuition and education expenses.
The data for this visualization comes from WalletHub. WalletHub analyzed the cost of attendance for full-time, in-state undergraduate students living on campus, across 49 states. Alaska was removed from the sample due to data limitations.
Pennsylvania ranks as the least affordable state, with college costs equal to 72.48% of median household income. Rhode Island (71.16%) and New York (68.33%) follow closely. These Northeast states have some of the highest tuition levels in the country, driven by both private and public institutions. Even though Pennsylvania allocates significant funding for student aid, overall costs remain steep enough to outpace most other states.
| Overall Rank | State | College Cost as a% of Household Income |
|---|---|---|
| 1 | Pennsylvania | 72.5% |
| 2 | Rhode Island | 71.2% |
| 3 | New York | 68.3% |
| 4 | Massachusetts | 62.2% |
| 5 | Illinois | 61.9% |
| 6 | Vermont | 60.4% |
| 7 | Connecticut | 59.7% |
| 8 | Louisiana | 57.8% |
| 9 | Oregon | 57.8% |
| 10 | Ohio | 57.0% |
| 11 | Missouri | 56.6% |
| 12 | Tennessee | 56.3% |
| 13 | New Hampshire | 55.7% |
| 14 | Wisconsin | 54.7% |
| 15 | Mississippi | 54.3% |
| 16 | Kentucky | 52.3% |
| 17 | South Carolina | 51.9% |
| 18 | Indiana | 51.6% |
| 19 | California | 51.5% |
| 20 | Arkansas | 51.2% |
| 21 | Alabama | 50.8% |
| 22 | Oklahoma | 49.8% |
| 23 | Maine | 49.6% |
| 24 | Nebraska | 47.7% |
| 25 | Michigan | 47.6% |
| 26 | West Virginia | 47.1% |
| 27 | Minnesota | 46.0% |
| 28 | Arizona | 45.9% |
| 29 | Washington | 45.7% |
| 30 | New Jersey | 45.7% |
| 31 | Iowa | 45.6% |
| 32 | Florida | 45.2% |
| 33 | North Carolina | 44.5% |
| 34 | Texas | 43.8% |
| 35 | Georgia | 42.9% |
| 36 | Kansas | 42.6% |
| 37 | Montana | 42.4% |
| 38 | Virginia | 41.6% |
| 39 | New Mexico | 41.1% |
| 40 | Idaho | 39.9% |
| 41 | Delaware | 39.9% |
| 42 | Colorado | 39.7% |
| 43 | Maryland | 37.6% |
| 44 | South Dakota | 37.1% |
| 45 | Nevada | 36.6% |
| 46 | Hawaii | 35.4% |
| 47 | Wyoming | 34.6% |
| 48 | North Dakota | 33.1% |
| 49 | Utah | 27.7% |
A large portion of states fall between 45% and 60% of median household income. This group includes states like Oregon, Ohio, Missouri, and Tennessee.
Utah stands out as the most affordable state by far, with college costing just 27.69% of median household income.
Strong state funding and relatively low tuition at public universities keep higher education accessible for residents. North Dakota (33.09%) and Wyoming (34.58%) follow, offering similarly manageable cost structures.
If you enjoyed today’s post, check out Highest Paying Jobs with No College Degree Required on Voronoi, the new app from Visual Capitalist.
2025-11-21 02:35:58
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The U.S. job market has shifted dramatically in 2025. Employers announced more than a million layoffs through October, up 65% from the same period last year. Much of the increase came from government reductions, including large DOGE-related cuts.
Meanwhile, sectors like tech, retail, and warehousing continued to shed workers at an accelerated pace. This visualization ranks the industries facing the largest job cuts so far this year. The data for this rank comes from Challenger, Gray & Christmas.
Government job cuts jumped to more than 307,000, over eight times higher than the same period in 2024. A key driver was DOGE-related layoffs, which resulted in widespread workforce reductions. This made government the largest source of job cuts in 2025 by a wide margin.
| Industry | Job Cuts (YTD 2025) | Same period, 2024 |
|---|---|---|
| Government | 307,638 | 37,746 |
| Technology | 141,159 | 120,470 |
| Warehousing | 90,418 | 18,904 |
| Retail | 88,664 | 36,136 |
| Services | 63,580 | 39,296 |
| Financial | 48,968 | 38,625 |
| Health Care/Products | 44,256 | 44,816 |
| Consumer Products | 41,033 | 33,865 |
| Non-Profit | 27,651 | 5,329 |
| Food | 27,457 | 24,729 |
| Automotive | 26,149 | 34,314 |
| Pharmaceutical | 24,689 | 12,751 |
| Telecommunications | 22,896 | 10,280 |
| Entertainment/Leisure | 22,132 | 32,087 |
| Education | 20,013 | 26,466 |
| Media | 16,680 | 13,279 |
| Industrial Goods | 16,656 | 20,616 |
| Transportation | 15,544 | 25,739 |
| Energy | 15,161 | 9,702 |
| Electronics | 7,112 | 3,360 |
| Construction | 7,032 | 10,925 |
| Insurance | 5,324 | 5,990 |
| Apparel | 3,751 | 8,016 |
| Aerospace/Defense | 3,278 | 29,526 |
| Utility | 2,872 | 8,963 |
| Chemical | 2,800 | 1,588 |
| Mining | 2,526 | 1,373 |
| FinTech | 1,864 | 5,054 |
| Real Estate | 1,795 | 4,692 |
| Legal | 403 | 202 |
| Total | 1,099,500 | 664,839 |
The tech sector announced over 141,000 layoffs, extending a multi-year correction driven by restructuring, automation, and slower hiring pipelines. Warehousing recorded one of the steepest increases year over year, rising from 18,900 cuts in 2024 to more than 90,000 in 2025. Retail also saw layoffs more than double.
Not all sectors faced worsening conditions. Aerospace and defense layoffs fell sharply from roughly 29,500 last year to just over 3,200 in 2025. Transportation and apparel also saw significant declines. The improvement in these areas suggests stabilization after several years of turbulence, including Boeing’s 2024 layoff announcement of 2,500 U.S. workers.
If you enjoyed today’s post, check out Visualizing the Cost of the U.S. Government Shutdown on Voronoi, the new app from Visual Capitalist.
2025-11-21 00:32:01
Artificial intelligence (AI) is transforming nearly every part of the global economy, from automating everyday digital tasks to enabling life-saving surgical procedures. As adoption accelerates, investors are asking the same question: where are the biggest opportunities?
This visualization, created in partnership with New York Life Investments, explores four key things investors need to know about AI and how to invest around it.
Hundreds of AI models have emerged across the globe. However, a smaller group of companies is driving the majority of real-world deployment and innovation. Understanding who leads the AI race helps investors identify the firms best positioned to capture value.
Leading the pack by number of large-scale AI models developed are Google (18 models), Meta (14), and OpenAI (10), the creator of ChatGPT.
| Company | Total |
|---|---|
| 18 | |
| Meta | 14 |
| OpenAI | 10 |
| Anthropic | 9 |
| Alibaba | 6 |
| DeepMind | 6 |
| NVIDIA | 5 |
| Mistral AI | 4 |
| Tsinghua | 4 |
| BAAI | 4 |
| Hugging Face | 4 |
Developing these cutting-edge AI systems requires billions in annual R&D spending, as companies around the world pour capital into the next wave of AI breakthroughs.
In 2024, global artificial intelligence investment reached $252 billion, reflecting a rebound in enthusiasm after recent market volatility. While this is below the $361 billion peak in 2021, renewed momentum, particularly in the U.S. and Europe, signals AI’s return as a major driver of global innovation. Corporate investment, venture funding, and government spending are converging to accelerate adoption across sectors from healthcare to manufacturing.
| Year | Private Investment ($ billions) |
|---|---|
| 2017 | 53.7 |
| 2018 | 79.6 |
| 2019 | 103.3 |
| 2020 | 221.9 |
| 2021 | 360.7 |
| 2022 | 253.3 |
| 2023 | 201.0 |
| 2024 | 252.3 |
Financial resources are only part of the story. AI’s explosive growth also requires enormous amounts of electricity, water, and data center capacity.
AI workloads are becoming one of the fastest-growing sources of electricity demand worldwide. Data centers consume vast volumes of energy and water to operate and cool their systems. By 2030, artificial intelligence-related data center requirements could nearly triple, significantly reshaping regional power markets and stressing global infrastructure.
| Year | Share of total U.S. power demand (%) |
|---|---|
| 2023 | 3.7 |
| 2024 | 4.3 |
| 2025P | 5.2 |
| 2026P | 6.5 |
| 2027P | 8.0 |
| 2028P | 9.3 |
| 2029P | 10.3 |
| 2030P | 11.7 |
The technology’s data boom is straining power systems. This is creating major investment opportunities in energy, cooling, and data infrastructure.
With capital, innovation, and infrastructure needs rising rapidly, investors are increasingly looking at performance metrics to see where the strongest returns are emerging.
Riding the wave of AI-driven infrastructure demand, data center REITs surged 25.2% in 2024. This sector dramatically outperformed the broader REIT sector’s 4.9% gain.
| Sector | Performance, 2024 (%) |
|---|---|
| Data Centers | 25.2 |
| Healthcare | 24.2 |
| Office | 21.5 |
| Retail | 14.0 |
| Residential | 12.8 |
| FTSE Nareit All Equity REITs (average) | 4.9 |
| Self Storage | -0.5 |
| Lodging/Resorts | -2.0 |
| Diversified | -10.0 |
| Industrial | -17.8 |
As hyperscalers, cloud providers, and artificial intelligence companies expand their compute capacity, these REITs have become essential assets in the digital economy.
Artificial intelligence is reshaping everything from productivity and innovation to energy grids and global competition. For investors, the key is understanding how the technology aligns with long-term themes such as infrastructure modernization, enterprise digital transformation, and the rise of intelligent automation. Those who position early could benefit from the structural changes AI is driving across industries.
Explore more insights from New York Life Investments
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2025-11-20 23:37:27
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Condo prices in the world’s top urban markets remain sky-high in 2025, reflecting the global trend toward urban density, luxury demand, and limited housing supply.
According to the latest cost-of-living data, the most expensive places to buy an apartment are clustered in a few high-income regions, most notably Switzerland and East Asia.
The data for this ranking comes from Numbeo, a crowd-sourced global cost-of-living database. It compares average prices per square meter (in U.S. dollars) for apartments in city centers worldwide.
Hong Kong maintains its long-standing lead with condos averaging around $25,339 per square meter. Despite recent economic challenges, the city’s limited land, high population density, and enduring appeal as a financial hub continue to drive prices to extreme levels. Singapore, Asia’s other major real estate hotspot, ranks fourth with prices exceeding $22,000 per square meter.
| Rank | City | Price per Square Meter |
|---|---|---|
| 1 |
 Hong Kong (China) |
$25.3K |
| 2 |
Zurich, Switzerland |
$24.8K |
| 3 |
Lausanne, Switzerland |
$22.9K |
| 4 |
 Singapore, Singapore |
$22.5K |
| 5 |
Bern, Switzerland |
$22.2K |
| 6 |
Geneva, Switzerland |
$21.8K |
| 7 |
Seoul, South Korea |
$21.6K |
| 8 |
Basel, Switzerland |
$20.9K |
| 9 |
 Tel Aviv-Yafo, Israel |
$19.8K |
| 10 |
London, United Kingdom |
$19.7K |
| 11 |
New York, U.S. |
$16.1K |
| 12 |
 Shanghai, China |
$14.8K |
| 13 |
Beijing, China |
$14.7K |
| 14 |
 Taipei, Taiwan |
$14.4K |
| 15 |
Paris, France |
$13.7K |
| 16 |
Munich, Germany |
$13.1K |
| 17 |
Shenzhen, China |
$12.3K |
| 18 |
Sydney, Australia |
$12.1K |
| 19 |
 Luxembourg, Luxembourg |
$12.1K |
| 20 |
Stockholm, Sweden |
$11.8K |
Switzerland stands out with five cities appearing in the global top 10. Zurich ranks second overall at $24,758 per square meter, while Lausanne and Bern follow closely behind.
These prices reflect Switzerland’s combination of financial stability, strong currency, and limited developable land in urban centers.
Despite its reputation for high property costs, the United States makes only a single appearance in the top 20: New York City at #11. At $16,104 per square meter, it trails markets in Europe, Asia, and the Middle East.
Meanwhile, cities like Tel Aviv, Munich, and Sydney remain high-value real estate markets in their respective regions. The lowest in the top 20, Stockholm, still averages more than $11,000 per square meter.
If you enjoyed today’s post, check out Where’s the World Heading in 2026? on Voronoi, the new app from Visual Capitalist.
