2025-11-27 19:03:11
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Globally, real estate markets have been cooling over the last few years, with high mortgage rates and unaffordable prices affecting demand in many cities.
However, while housing bubble risks have eased across many markets, home prices in real estate hotspots like Miami and Tokyo continue to rise, inflating their bubble risk.
This infographic shows the cities with the highest bubble risk worldwide based on the UBS Global Real Estate Bubble Index 2025.
UBS’ Real Estate Bubble Index evaluates housing markets around the world using a range of indicators, including price-to-income ratios, price-to-rent ratios, and trends in mortgage lending and construction activity.
Cities are classified into three broad categories based on their index score:
Below is the full 2025 ranking of cities by UBS’s Bubble Index score, along with the annual real price change:
| Rank | City | Bubble Risk Index Score | Annual real home price change (2024 to 2025) |
|---|---|---|---|
| 1 | Miami | 1.73 | 1.9% |
| 2 | Tokyo | 1.59 | 5.7% |
| 3 | Zurich | 1.55 | 5.0% |
| 4 | Los Angeles | 1.11 | 0.9% |
| 5 | Dubai | 1.09 | 11.1% |
| 6 | Amsterdam | 1.06 | 1.2% |
| 7 | Geneva | 1.05 | 4.1% |
| 8 | Toronto | 0.8 | -7.5% |
| 9 | Sydney | 0.8 | 0.8% |
| 10 | Madrid | 0.77 | 13.6% |
| 11 | Frankfurt | 0.76 | -1.2% |
| 12 | Vancouver | 0.76 | -5.9% |
| 13 | Munich | 0.64 | 1.4% |
| 14 | Singapore | 0.55 | 2.6% |
| 15 | Hong Kong | 0.44 | -7.9% |
| 16 | London | 0.34 | -2.1% |
| 17 | San Francisco | 0.28 | -2.6% |
| 18 | New York | 0.26 | -1.5% |
| 19 | Paris | 0.25 | 0.1% |
| 20 | Milan | 0.01 | -2.7% |
| 21 | São Paulo | -0.1 | 0.0% |
The majority of cities in the index saw their bubble risk decline since 2024, with Toronto and Hong Kong experiencing the largest drops.
However, bubble risk rose in Miami, which ranks highest with an index score of 1.73, supported by rising home prices. Tokyo and Zurich also sit above the critical 1.5 threshold.
Meanwhile, several real estate markets fall into the overvalued range but remain below the bubble-risk territory. These include Madrid, which saw the strongest rise in real home prices, up 13.6% from 2024 to 2025.
Dubai is another notable city in the overvalued bucket, with prices rising by over 11% year-over-year. According to UBS, average real prices in Dubai have grown by around 50% over the last five years. However, prices could potentially cool off in 2026 following a record increase in supply.
Several housing markets are undergoing corrections after the post-pandemic uproar in prices.
Toronto, one of the world’s most unaffordable housing markets, has seen its bubble risk score fall sharply, accompanied by a -7.5% real home price decline. Hong Kong saw an even larger drop in price levels, at -7.9%, pushing it into the fairly-valued category.
Other cities, including Vancouver, Frankfurt, London, and San Francisco, also reported price declines as affordability constraints and higher borrowing costs weighed on demand.
To learn more about this topic, see this graphic on the world’s most expensive housing markets on Voronoi.
2025-11-26 23:47:01
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The relationship between age and wealth offers insight into how financial security builds over time. In this graphic, we compare the mean and median household net worth across age groups, showing how dramatically the two averages can differ.
Due to extreme wealth (e.g. the presence of billionaires), the mean average paints a more optimistic picture than what most households actually experience. As a result, looking at both averages side by side gives a more complete view of American wealth.
The data for this visualization comes from Empower. It compares the average net worth by age in America.
| Age by decade | Mean Average | Median Average |
|---|---|---|
| 20s | $121,004 | $6,609 |
| 30s | $307,343 | $24,247 |
| 40s | $743,456 | $75,719 |
| 50s | $1,330,746 | $191,857 |
| 60s | $1,547,378 | $290,447 |
| 70s | $1,444,413 | $233,085 |
| 80s | $1,342,656 | $233,436 |
| 90s | $1,212,583 | $205,043 |
Net worth is the total value of your assets minus your liabilities. Here’s a summary of what the Federal Reserve includes under each category.
Assets include:
Cash within bank accounts
Investment accounts and life insurance policies
Retirement accounts, including IRAs and 401(k)s
Value of real estate and vehiclesMeanwhile, liabilities include:
Mortgages Home equity lines of credit or home equity loans
Credit card balances
Installment loans, including personal loans, auto loans, and student loansAcross every age group in the dataset, the mean net worth is larger than the median. For example, Americans in their 40s have a mean net worth of $743,456, yet the median sits at just $75,719.
This is because the mean is calculated by adding up all of the values in a dataset and dividing the total by the number of entries. As a result, very wealthy households pull the overall numbers upward.
On the other hand, the median is calculated by ordering all values from lowest to highest, and then selecting the middle one. This can be interpreted as a more realistic measure because it ignores the influence of a small number of extremely wealthy households.
If you enjoyed today’s post, check out Countries With the Most High Net Worth Individuals on Voronoi, the new app from Visual Capitalist.
2025-11-26 21:06:29
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Real wage growth in the U.S. has become a central focus as inflation and new tariffs continue to strain Americans’ purchasing power.
Nationally, between July 2024 and June 2025, the nominal average wage rose from $1,200 to $1,250 per week—a $50 increase, or 4.2% growth. After adjusting for inflation, real wages grew 2.5%, giving workers about $30 more in weekly purchasing power.
This map highlights how each state performed in the 12 months ending June 2025, showing where workers are gaining purchasing power, and where they are still falling behind. The data for this visualization comes from USAFacts.
Idaho and Mississippi top the nation, with real wages rising 6.7% and 5.0%. Both states have seen rapid population inflows and tight labor markets, contributing to stronger wage pressures.
Other high-performing states, including Georgia, Vermont, and Kansas, also recorded gains above 3%.
| State | Real wage growth (Avg.) |
|---|---|
| Idaho | 6.7% |
| Mississippi | 5.0% |
| Georgia | 4.3% |
| Vermont | 4.0% |
| Kansas | 3.4% |
| Texas | 3.2% |
| Nevada | 3.1% |
| Arizona | 2.7% |
| Florida | 2.7% |
| Virginia | 2.7% |
| Colorado | 2.6% |
| Wyoming | 2.6% |
| Alabama | 2.3% |
| Indiana | 2.3% |
| Connecticut | 2.2% |
| New Jersey | 2.2% |
| Ohio | 2.2% |
| Oregon | 2.1% |
| Arkansas | 2.0% |
| Missouri | 1.9% |
| Montana | 1.8% |
| Oklahoma | 1.8% |
| DC | 1.7% |
| Wisconsin | 1.7% |
| New Mexico | 1.5% |
| North Carolina | 1.5% |
| Maine | 1.4% |
| Nebraska | 1.2% |
| California | 1.1% |
| South Carolina | 1.1% |
| Alaska | 1.0% |
| Minnesota | 1.0% |
| Delaware | 0.9% |
| Utah | 0.9% |
| Washington | 0.9% |
| West Virginia | 0.9% |
| Pennsylvania | 0.8% |
| Hawaii | 0.5% |
| Kentucky | 0.4% |
| Illinois | 0.3% |
| Iowa | 0.3% |
| Massachusetts | 0.3% |
| Rhode Island | 0.2% |
| Louisiana | -0.1% |
| Maryland | -0.2% |
| Michigan | -0.2% |
| New York | -0.4% |
| North Dakota | -0.7% |
| South Dakota | -0.7% |
| Tennessee | -1.2% |
| New Hampshire | -1.7% |
| U.S. National Average | 2.5% |
A large portion of states saw real wage gains between 1% and 3%. This group includes major population centers like Texas, Florida, Virginia, and Colorado.
Steady job creation and cooling inflation have helped wages outpace consumer prices in these areas.
Eight states recorded negative real wage growth, meaning inflation outpaced pay increases. New Hampshire, Tennessee, and the Dakotas saw some of the largest declines, reflecting weaker labor market conditions.
New York and Michigan also posted modest decreases, suggesting ongoing economic transitions are weighing on earnings. These pockets of decline stand out against the broader national trend of improvement.
If you enjoyed today’s post, check out Ranked: The Cities Americans Are Moving To on Voronoi, the new app from Visual Capitalist.
2025-11-26 05:12:48
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Over five million travelers were impacted by the U.S. government shutdown given flight-reduction orders across the country.
While the average number of daily flight cancellations in 2024 was 340, it skyrocketed to 2,260 on November 9th. Adding to this, air traffic controllers were already facing a shortage of nearly 4,000 fully certified personnel ahead of the shutdown.
This graphic shows the surge in flight cancellations over the government shutdown, based on data from Flightaware via CNN.
Below, we show the number of flight cancellations over the longest shutdown in U.S. history, causing billions of dollars of damage to the U.S. travel industry:
| Date | Number of cancelled flights travelling to, from, or within the U.S. |
|---|---|
| Nov 9 | 2,260 |
| Nov 8 | 1,600 |
| Nov 7 | 1,000 |
| Nov 6 | 202 |
| Nov 5 | 171 |
| Nov 4 | 151 |
| Nov 3 | 84 |
| Nov 2 | 244 |
| Nov 1 | 173 |
| Oct 31 | 493 |
| Oct 30 | 1,300 |
| Oct 29 | 157 |
| Oct 28 | 153 |
| Oct 27 | 161 |
| Oct 26 | 193 |
| Oct 25 | 175 |
| Oct 24 | 454 |
| Oct 23 | 283 |
| Oct 22 | 57 |
| Oct 21 | 64 |
| Oct 20 | 86 |
| Oct 19 | 118 |
| Oct 18 | 324 |
| Oct 17 | 56 |
| Oct 16 | 49 |
| Oct 15 | 54 |
| Oct 14 | 146 |
| Oct 13 | 593 |
| Oct 12 | 271 |
| Oct 11 | 114 |
| 2024 Average | 340 |
After the Federal Aviation Administration ordered a 10% reduction in flights across 40 major airports, Delta Air Lines was among the hardest hit.
Over the last few days of the shutdown, as many as 34% of all Delta flights were delayed, while 11% were cancelled. American Airlines saw the second-highest number of flights impacted, with more than a third delayed.
Overall, airports in Chicago, New York, and Atlanta were among the most affected. Major airlines are expected to see up to a $200 million hit in operating income, while regional airlines could face up to $100 million.
Making matters worse, the U.S. travel industry is estimated to lose $5.7 billion in international tourism spending this year compared to 2024, largely driven by a decline in Canadian travelers.
To learn more about this topic, check out this graphic on the world’s busiest airports.
2025-11-26 03:23:41
Companies are rushing to implement AI, but it’s not all smooth sailing. More than half of businesses say the dangers of AI have led to at least one negative consequence.
But which issues plague businesses the most? This infographic breaks down the most common risks. It’s a preview of the brand-new executive guide from Terzo and Visual Capitalist, AI’s Illusion of Truth: The Data Behind AI Errors.
Inaccuracy is the biggest risk companies report, with almost a third experiencing a negative consequence at least once.
| Risk | Percent of Companies That Experienced Negative Consequences at Least Once |
|---|---|
| Inaccuracy | 30% |
| Explainability | 14% |
| Personal/Individual Privacy | 11% |
| Cybersecurity | 10% |
| Regulatory Compliance | 8% |
| Intellectual Property Infringement | 8% |
| Unauthorized or Unintended Action | 7% |
| Equity and Fairness | 7% |
| Workforce Displacement | 6% |
Source: McKinsey, online survey of 1,753 participants conducted June 25 to July 29, 2025.
The other dangers of AI are reported on a much lower scale. Explainability, which is the ability for people to understand an AI system’s inner workings, has affected half as many companies as inaccuracy has.
AI inaccuracy can lead to much bigger issues. It undermines trust in AI systems, causes operational inefficiencies, and can lead to flawed strategic decisions. When AI generates incorrect outputs, the damage is often amplified through cascading processes.
It also has the potential to create legal issues. As the Harvard Law School recently pointed out, many insurance companies are adding limitations or excluding coverage for AI-related losses. This means that leaders may not be covered under traditional Directors & Officers policies for any liabilities that arise from AI errors.
Many companies have started taking steps to combat the dangers of AI. In fact, 54% of businesses are actively working to mitigate AI inaccuracies.
Leaders can take charge by ensuring their teams have humans in the loop to review AI’s output before it is used.
See the data behind AI’s errors and how to get 99% accuracy in the free executive guide, AI’s Illusion of Truth.
Which university has had the most alumni become entrepreneurs in the last decade? Hint: its not Stanford or Harvard.
In many advanced economies, the number of retirees is climbing while the working-age population shrinks. What are the countries where workers are supporting the most seniors?
The national unemployment rate for the U.S. rose to 4.3% in August 2025. But that figure masks vast differences in local labor market health across states.
A trade war has threatened economic ties in 2025. Which economies are most exposed to these shifts in international trade?
Tariff rates vary by country, as does the value of goods each nation exports to the U.S. Which countries contribute the most?
As the U.S. labor market cools, which industries are still hiring—and which are cutting back their workforces?
Global debt continues to climb, reaching $150T in Q1 2025. Which countries carry the heaviest burdens?
How do Fed rate cuts in the U.S. compare with the interest rate changes in other G7 countries, and what does it mean for business?
Explore the fastest growing jobs by projected growth rate, plus salary insights, in a rapidly changing job market.
This graphic pieces together the $127T global stock market to reveal which countries and regions dominate—and how much equity they control.
The median age of first-time home buyers has reached a historic high. See just how long it’s taking people to get on the property ladder.
The Silent Generation’s share of real estate has dropped dramatically as people age, but how have Baby Boomers, Gen X, and Millennials fared?
Real estate is the biggest industry by GDP in 26 states. Find out why it dominates—and what fuels the rest of the country.
Tariffs are rising to boost American-made goods. Which states gain the most—and least—from manufacturing today?
Collectively, the ten most profitable U.S. companies have a net income of $684 billion—more than the entire GDP of Belgium.
New York City has the highest millionaire population globally. Which other cities attract the world’s wealthiest?
The global economy is expected to have slighter slower growth going forward. Which countries are on track to have the biggest GDP increases?
The U.S. has kept their target rate the same at 4.25-4.50%. What do interest rates look like in other countries amid economic uncertainty?
The national housing market saw a 4.5% rise in house prices. This graphic reveals which states had high price growth, and which didn’t.
If you held a $1,000 investment from 1975-2024, this chart shows how the inflation rate can drastically reduce the value of your money.
Trump cites trade deficits—the U.S. importing more than it exports—as one reason for tariffs. Which countries represent the largest deficits?
2025-11-26 02:51:08
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
The AI boom continues to reshape the technology landscape, which is evident in the explosive revenue growth of the world’s leading AI companies.
Increasing usage among consumers, along with enterprise adoption and new product offerings, have all fueled revenue growth for AI leaders.
This infographic shows how the annualized revenues of OpenAI, Anthropic, and xAI have scaled over the past two years using estimates from Epoch.ai.
Between 2023 and 2025, revenues for AI model developers grew at an accelerated pace. The table below shows the latest disclosed or reported revenue figures for each AI company:
| Company | Date | Annualized revenue (USD) |
|---|---|---|
| Anthropic | 2024-01-01 | $87,000,000 |
| Anthropic | 2024-12-31 | $1,000,000,000 |
| Anthropic | 2025-03-01 | $1,400,000,000 |
| Anthropic | 2025-03-31 | $2,000,000,000 |
| Anthropic | 2025-05-30 | $3,000,000,000 |
| Anthropic | 2025-07-01 | $4,000,000,000 |
| Anthropic | 2025-07-29 | $5,000,000,000 |
| Anthropic | 2025-10-21 | $7,000,000,000 |
| OpenAI | 2023-03-01 | $200,000,000 |
| OpenAI | 2023-08-29 | $1,000,000,000 |
| OpenAI | 2023-10-10 | $1,300,000,000 |
| OpenAI | 2023-12-30 | $1,600,000,000 |
| OpenAI | 2023-12-31 | $2,000,000,000 |
| OpenAI | 2024-06-12 | $3,400,000,000 |
| OpenAI | 2024-08-15 | $3,600,000,000 |
| OpenAI | 2024-09-12 | $4,000,000,000 |
| OpenAI | 2024-12-31 | $5,500,000,000 |
| OpenAI | 2025-06-09 | $10,000,000,000 |
| OpenAI | 2025-07-30 | $12,000,000,000 |
| OpenAI | 2025-08-01 | $13,000,000,000 |
| xAI | 2024-11-20 | $100,000,000 |
| xAI | 2025-01-31 | $178,000,000 |
| xAI | 2025-03-31 | $208,000,000 |
| xAI | 2025-07-31 | $500,000,000 |
OpenAI saw the steepest rise, jumping from $200 million in early 2023 to $13 billion in annualized revenue by August 2025. The majority of OpenAI’s revenue comes from consumers and the increasing usage of ChatGPT.
Anthropic’s revenue trajectory is similarly dramatic, growing from just $87 million in annualized revenue at the start of 2024 to $7 billion by late 2025, marking an 80-fold increase. Estimates suggest that 70-80% of Anthropic’s revenue is from enterprise customers.
Elon Musk’s xAI, founded in 2023, is much earlier in its growth curve. However, with annualized revenues jumping from $100 million in late 2024 to $500 million by mid-2025, xAI is becoming a notable name in the industry. XAI also has the world’s most powerful AI supercomputer.
As generative AI becomes embedded across industries, AI model developers are capturing new revenue streams.
OpenAI and Anthropic are racing to scale infrastructure, model capabilities, and enterprise integration tools, while xAI continues to expand its developer ecosystem and along with new versions of its model Grok.
If revenue trajectories continue on their current path, AI companies may soon mark one of the fastest industry expansions in recent history.
If you enjoyed today’s post, see how AI companies are dominating the list of global unicorns in this infographic on Voronoi.
