2025-12-04 01:51:35
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While global debt stands at 94.7% of GDP in 2025, some countries are managing to avoid this systemic burden.
Asia, for instance, is home to several countries with the lowest debt worldwide. In many ways, these are small economies with shrinking debt burdens and stable growth. In Europe, Liechtenstein is a clear outlier, with a debt-to-GDP ratio of just 0.5%.
This graphic shows the countries (and some other jurisdictions) with the lowest government debt ratios in 2025, based on data from the IMF’s latest World Economic Outlook.
Below, we show which countries have a debt-to-GDP ratio of less than 25%:
| Rank | Country | Government Gross Debt % of GDP in 2025 |
Region |
|---|---|---|---|
| 1 |
 Macao SAR |
0.0 | Asia |
| 2 |
 Liechtenstein |
0.5 | Europe |
| 3 |
 Brunei Darussalam |
2.3 | Asia |
| 4 |
 Tuvalu |
3.6 | Oceania |
| 5 |
 Turkmenistan |
3.9 | Asia |
| 6 |
 Kuwait |
7.3 | Middle East |
| 7 |
 Kiribati |
8.7 | Oceania |
| 8 |
 Hong Kong SAR |
11.7 | Asia |
| 9 |
 Haiti |
11.8 | Latin America and Caribbean |
| 10 |
 Timor-Leste |
13.9 | Asia |
| 11 |
 Nauru |
15.0 | Oceania |
| 12 |
 Kosovo |
17.6 | Europe |
| 13 |
 DRC |
19.1 | Africa |
| 14 |
 Samoa |
20.9 | Oceania |
| 15 |
 Tajikistan |
22.0 | Asia |
| 16 |
 Azerbaijan |
22.4 | Asia |
| 17 |
 Russia |
23.1 | Europe |
| 18 |
 Taiwan |
23.4 | Asia |
| 19 |
 Solomon Islands |
23.7 | Oceania |
| 20 |
 Türkiye |
24.3 | Asia |
As the world’s biggest gambling hub, Macao SAR has zero debt, bolstered by billions in gaming revenue and healthy financial reserves.
Liechtenstein ranks in second, with virtually no debt and the only country in Europe ranking in the top 10. As a financial center, it had more job postings than its total population in early 2025. Similarly, the number of corporate entities outnumbers its residents, which stands around 41,000.
Ranking in sixth is Kuwait, with a debt-to-GDP ratio of 7.3%. In 2024, the oil-rich country generated about $70 billion in oil revenues, equal to roughly 80% of government revenues.
Like Kuwait, Russia’s debt position has been boosted by its oil exports, despite Western sanctions. With debt standing at 23.1% of GDP in 2025, Russia’s wartime economy has surprisingly prospered, driven by tight fiscal policies and ample foreign exchange reserves.
To learn more about this topic, check out this graphic on government debt to GDP around the world.
2025-12-03 23:21:04
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The semiconductor industry powers nearly everything in today’s world, from smartphones to cars. In 2025, the sector’s market cap has surpassed an incredible $12 trillion, reflecting its critical role in training and deploying artificial intelligence tools.
In this graphic, we visualize the global semiconductor industry by market cap as of Nov. 24, 2025, breaking out the data by country.
The data for this visualization was sourced from CompaniesMarketCap.com. Rest of World category includes 16 companies across 11 countries.
| Name | Country | Market Cap ($) |
|---|---|---|
| SMIC |
 China |
$85,500,842,928 |
| Cambricon Technologies |
China |
$75,197,957,577 |
| NAURA Technology Group |
China |
$42,865,082,421 |
| AMEC |
China |
$23,969,119,889 |
| Rest of China (13) |
China |
$95,130,856,691 |
| Infineon |
 Germany |
$49,249,791,919 |
| Rest of Germany (5) |
Germany |
$6,515,088,010 |
| Tower Semiconductor |
 Israel |
$10,769,490,944 |
| Rest of Israel (3) |
Israel |
$13,623,792,624 |
| Tokyo Electron |
 Japan |
$91,227,495,265 |
| Advantest |
Japan |
$87,798,266,502 |
| Disco Corp. |
Japan |
$29,928,064,503 |
| Renesas Electronics |
Japan |
$20,393,528,416 |
| Rest of Japan (10) |
Japan |
$46,385,709,039 |
| ASML |
 Netherlands |
$383,420,000,000 |
| NXP Semiconductors |
Netherlands |
$48,295,071,744 |
| ASM International |
Netherlands |
$26,879,091,839 |
| BE Semiconductor |
Netherlands |
$11,316,401,019 |
| Samsung |
 South Korea |
$449,743,000,000 |
| SK Hynix |
South Korea |
$245,339,000,000 |
| HANMI Semiconductor |
South Korea |
$7,643,510,309 |
| STMicroelectronics |
 Switzerland |
$19,916,478,464 |
| u-blox |
Switzerland |
$1,278,470,581 |
| SEALSQ |
Switzerland |
$742,438,336 |
| TSMC |
Taiwan |
$1,476,290,000,000 |
| MediaTek |
Taiwan |
$60,195,775,303 |
| ASE Group |
Taiwan |
$30,891,462,656 |
| Rest of Taiwan (17) |
Taiwan |
$108,342,233,500 |
| Arm Holdings |
 United Kingdom |
$142,927,000,000 |
| IQE plc |
United Kingdom |
$65,518,055 |
| NVIDIA |
 United States |
$4,436,880,000,000 |
| Broadcom |
United States |
$1,784,860,000,000 |
| AMD |
United States |
$350,110,000,000 |
| Micron Technology |
United States |
$251,354,000,000 |
| Lam Research |
United States |
$189,634,000,000 |
| Applied Materials |
United States |
$183,953,000,000 |
| QUALCOMM |
United States |
$178,100,000,000 |
| Intel |
United States |
$170,718,000,000 |
| KLA |
United States |
$149,690,000,000 |
| Texas Instruments |
United States |
$146,607,000,000 |
| Analog Devices |
United States |
$117,774,000,000 |
| Synopsys |
United States |
$75,159,486,464 |
| Marvell Technology |
United States |
$72,243,740,672 |
| Monolithic Power Systems |
United States |
$42,779,512,832 |
| Microchip Technology |
United States |
$27,697,901,568 |
| Credo Technology |
United States |
$26,096,388,096 |
| Astera Labs |
United States |
$24,955,508,736 |
| Coherent Corp. |
United States |
$23,857,489,920 |
| Rest of U.S. (45) |
United States |
$161,547,006,550 |
| Rest of World |
 Rest of World |
$26,757,473,059 |
American companies make up the majority of the industry’s total valuation, exceeding $7 trillion combined.
Nvidia alone represents $4.4 trillion market cap, accounting for roughly 37% of the entire global sector. The company’s chips are widely used for developing and running modern AI workloads, powering everything from large language models to autonomous vehicles. Other leading U.S. players include Broadcom ($1.8 trillion) and AMD ($350 billion), both of which signed massive deals with OpenAI in 2025.
Note that all three of these companies are fabless semiconductor companies, meaning they design their chips in-house but rely on manufacturers like TSMC to actually produce them.
Taiwan remains a cornerstone of global chip manufacturing, with TSMC holding the title as the world’s largest contract chipmaker. The company is currently expanding into the U.S., constructing new fabs in Arizona that are backed by billions of dollars in incentives under the Biden administration’s CHIPS and Science Act.
MediaTek, Taiwan’s second-largest semiconductor company, is a major designer of mobile and connectivity chipsets, supplying processors for smartphones, smart TVs, and automotive systems used by many leading consumer-electronics brands.
Europe, though smaller in total market value, plays a crucial role in semiconductor equipment and design. The Netherlands’ ASML, valued at $383 billion, is the world’s sole supplier of EUV lithography technology.
ASML does not sell its most advanced lithography machines to China because of export restrictions imposed by the U.S. and supported by the Dutch government.
If you enjoyed today’s post, check out All of the World’s Data Centers in One Chart on Voronoi, the new app from Visual Capitalist.
2025-12-03 21:05:55
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Homeownership is a traditional path for building wealth, with about two-thirds of U.S. households falling into this category.
While nearly 60% of baby boomers owned homes by the age of 33, this figure has shrunk to about 40% for millennials. Today, boomers continue to own the greatest share of real estate by generation, outpacing millennials by about twofold.
This graphic shows homeownership rates across America, based on data from the U.S. Census Bureau.
Below, we show the share of homeowners in each state based on 2024 estimates:
| Rank | State | Homeownership Rate in 2024 (%) |
|---|---|---|
| 1 | West Virginia | 75.5 |
| 2 | Delaware | 73.8 |
| 3 | Michigan | 73.5 |
| 4 | Maine | 73.3 |
| 5 | Vermont | 73.2 |
| 6 | New Hampshire | 72.6 |
| 7 | South Carolina | 72.3 |
| 8 | Idaho | 71.7 |
| 9 | Wyoming | 71.7 |
| 10 | Minnesota | 71.6 |
| 11 | Iowa | 71.3 |
| 12 | New Mexico | 71.1 |
| 13 | Alabama | 71.0 |
| 14 | Indiana | 70.7 |
| 15 | Mississippi | 70.5 |
| 16 | Utah | 69.6 |
| 17 | Puerto Rico | 69.3 |
| 18 | Pennsylvania | 69.3 |
| 19 | Montana | 68.6 |
| 20 | Missouri | 68.6 |
| 21 | South Dakota | 68.3 |
| 22 | Kentucky | 68.1 |
| 23 | Kansas | 68.1 |
| 24 | Louisiana | 68.1 |
| 25 | Florida | 68.0 |
| 26 | Ohio | 68.0 |
| 27 | Wisconsin | 68.0 |
| 28 | Maryland | 67.8 |
| 29 | Arizona | 67.8 |
| 30 | Illinois | 67.6 |
| 31 | Virginia | 67.1 |
| 32 | Arkansas | 67.1 |
| 33 | North Carolina | 66.8 |
| 34 | Tennessee | 66.8 |
| 35 | Nebraska | 66.7 |
| 36 | Connecticut | 66.7 |
| 37 | Alaska | 66.5 |
| 38 | Georgia | 66.3 |
| 39 | Colorado | 65.9 |
| 40 | Oklahoma | 65.7 |
| 41 | New Jersey | 63.9 |
| 42 | Rhode Island | 63.5 |
| 43 | Oregon | 63.1 |
| 44 | Washington | 62.9 |
| 45 | Massachusetts | 62.4 |
| 46 | Texas | 62.3 |
| 47 | Hawaii | 61.7 |
| 48 | North Dakota | 61.2 |
| 49 | Nevada | 60.1 |
| 50 | California | 55.8 |
| 51 | New York | 54.3 |
| 52 | District of Columbia | 40.9 |
West Virginia leads nationally, with over three-quarters of residents owning homes.
The Mountain State is known for its affordability, requiring a household salary of just $71,000 to buy a home in 2025. What’s more, this is for a typical three-bedroom home, with a 10% down payment and a 6.67% mortgage rate.
Delaware ranks in second, at 73.8%, while several other small, coastal states rank among the top 10.
On the other end of the spectrum, 40.9% of residents in Washington, D.C. own real estate, lower than both New York (54.3%) and California (55.8%). High land values, restrictive zoning, and out-of-state migration are key factors that have reduced affordability in the nation’s capital.
To learn more about this topic, check out this graphic on rent and home price changes across major global cities since 2015.
2025-12-03 02:25:10
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The ranking of the world’s most profitable companies in 2025 highlights a powerful concentration of earnings across technology, finance, and energy.
The data for this visualization comes from FinanceCharts.com. It ranks companies by trailing 12-month net income as of November 2025 and shows the profit margins behind those earnings.
As in previous years, technology firms dominate the top of the ranking, with Alphabet earning $124.3 billion and Apple and Microsoft close behind. These companies benefit from high-margin digital services, advertising platforms, and enterprise software, all of which scale efficiently.
| Rank | Name | TTM Net Income | TTM Net Profit Margin |
|---|---|---|---|
| 1 | Alphabet | $124.3B | 30.1% |
| 2 | Apple | $112.0B | 24.8% |
| 3 | Microsoft | $104.9B | 35.7% |
| 4 | NVIDIA | $99.2B | 53.7% |
| 5 | Saudi Aramco | $95.6B | 21.7% |
| 6 | Amazon.com | $76.5B | 9.8% |
| 7 | Berkshire Hathaway | $67.5B | 22.0% |
| 8 | Meta Platforms | $58.5B | 36.7% |
| 9 | JPMorgan Chase & Co | $56.7B | 20.1% |
| 10 | Taiwan Semiconductor | $50.5B | 41.6% |
| 11 | Industrial and Commerci.. | $49.9B | 21.7% |
| 12 | China Construction Bank | $46.4B | 23.4% |
| 13 | Agricultural Bank of Ch.. | $38.5B | 18.8% |
| 14 | Bank of China | $31.4B | 16.3% |
| 15 | Exxon Mobil | $30.0B | 9.7% |
| 16 | HSBC Holdings | $29.6B | 14.7% |
| 17 | Toyota Motor | $29.5B | 9.6% |
| 18 | Tencent Holdings | $29.3B | 27.8% |
| 19 | Bank of America | $28.3B | 13.5% |
| 20 | Johnson & Johnson | $25.1B | 21.9% |
| 21 | China Life Insurance | $24.0B | 35.6% |
| 22 | Walmart | $22.9B | 3.0% |
| 23 | Comcast | $22.6B | 14.9% |
| 24 | PetroChina | $22.3B | 5.6% |
| 25 | AT&T | $22.2B | 10.7% |
| 26 | UniCredit SpA | $21.3B | 23.8% |
| 27 | Alibaba Group Holding | $20.9B | 11.3% |
| 28 | Samsung Electronics | $20.6B | 10.6% |
| 29 | China Merchants Bank | $20.2B | 28.3% |
| 30 | Allianz | $20.1B | 13.2% |
| 31 | Wells Fargo & Co | $20.0B | 15.2% |
| 32 | Visa | $19.9B | 52.2% |
| 33 | Verizon Communications | $19.8B | 12.2% |
| 34 | Ping An Insurance (Grou.. | $19.7B | 14.6% |
| 35 | Holcim | $19.1B | 31.4% |
| 36 | BNP Paribas | $19.1B | 8.5% |
| 37 | Merck & Co | $19.0B | 25.7% |
| 38 | Broadcom | $18.9B | 19.0% |
| 39 | Eli Lilly and Co | $18.4B | 24.7% |
| 40 | UnitedHealth Group | $17.6B | 4.3% |
| 41 | Uber Technologies | $16.6B | 24.0% |
| 42 | Procter & Gamble | $16.5B | 18.2% |
| 43 | Novo Nordisk | $16.0B | 34.6% |
| 44 | Sanofi | $15.9B | 16.2% |
| 45 | Goldman Sachs Group | $15.8B | 11.1% |
| 46 | Banco Santander | $15.7B | 9.8% |
| 47 | Morgan Stanley | $15.6B | 12.1% |
| 48 | Shell | $14.6B | 5.2% |
| 49 | Home Depot | $14.6B | 9.0% |
| 50 | Deutsche Telekom | $14.5B | 8.1% |
NVIDIA stands out with a remarkable 53.7% profit margin, underscoring how demand for AI chips continues to reshape the semiconductor industry. Together, the top U.S. tech firms account for several hundred billion dollars in annual profit, more than entire sectors in some countries.
JPMorgan Chase, Bank of America, and Wells Fargo all appear in the top 50, contributing tens of billions in profit.
China’s “Big Four” banks—ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China—also rank highly thanks to scale and extensive domestic networks.
European firms such as HSBC, BNP Paribas, and Santander add further evidence that financial services remain one of the world’s most profitable industries.
Saudi Aramco remains the world’s most profitable non-tech operator, generating $95.6 billion from energy production despite market volatility. Pharma companies like Merck, Eli Lilly, and Novo Nordisk show strong margins driven by high-value therapeutics and blockbuster drug pipelines.
In contrast, retail giants such as Walmart and Home Depot post lower margins due to their cost-intensive structures, though their absolute profits still place them among the world’s leaders.
If you enjoyed today’s post, check out When Will the Next $5 Trillion Dollar Company Emerge? on Voronoi, the new app from Visual Capitalist.
2025-12-03 00:37:00
AI is evolving faster than most teams can keep up. It’s often inaccurate, occasionally unpredictable, and forces businesses to rethink workflows they’ve trusted for years. In this environment, AI trust isn’t automatic. It has to be earned.
This graphic pulls back the curtain on what really makes people believe in AI—and why performance matters more than polish. 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.
Researchers reviewed over 500 studies to find the most commonly cited drivers of people’s trust in AI. At the top of the list is capability, an AI system’s ability to perform tasks accurately and effectively.
This makes intuitive sense. When an AI model repeatedly hallucinates or gives unreliable output, teams quickly lose trust. In a world where overconfidence and illusions of accuracy are common, competent AI matters most.
| Factor | Number of Times Reported as Precursor to Human Trust in AI |
|---|---|
| Capability | 92 |
| Anthropomorphism* | 67 |
| Individual Factors | 47 |
| Explainability | 41 |
| Privacy Risk | 37 |
*Anthropomorphism is attributing human characteristics to AI. Source: AI & Society, based on a systematic review of 562 studies of human trust in AI.
The second most common factor is giving AI human-like traits (anthropomorphism). For example, this can include things like the AI model referring to itself as “I,” using a conversational tone, or appearing friendly.
Beyond this, individual factors like age, gender, and education level play a large role.
People are also more likely to have confidence in AI if they understand the logic behind AI decisions (explainability) and if they feel there is a low privacy risk.
To move past illusions of confidence and toward dependable results, teams need to invest in AI that is competent and clear. While human-like traits can help ease adoption, they shouldn’t be a substitute for strong performance.
Dig deeper into the data behind AI errors and how to get 99% accuracy in the free executive guide, AI’s Illusion of Truth.
Find out how common AI hallucination is for leading models, and what that means for the businesses that rely on them.
Among the dangers of AI, one stands apart as causing trouble for almost a third of companies. What do leaders need to know?
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?
2025-12-02 23:36:05
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This graphic uses IRS data from 2022 analyzed by SmartAsset to show how much the richest people contribute to income tax revenue.
The table below includes each state’s share of income taxes paid by the top 1% and the total amount of income tax they paid.
Wyoming leads the nation, with the top 1% paying 54.67% of all state income taxes.
Florida and Nevada follow closely, both surpassing the 50% threshold. These states attract high-income individuals in part due to tax-friendly policies and large concentrations of wealthy households.
| Rank | State | Income taxes paid by top 1% | Total income tax paid by 1% (thousands of dollars) |
|---|---|---|---|
| 1 | Wyoming | 54.67% | $2,460,940 |
| 2 | Florida | 53.62% | $96,264,565 |
| 3 | Nevada | 51.12% | $11,010,104 |
| 4 | New York | 46.26% | $79,488,609 |
| 5 | Texas | 44.52% | $81,990,700 |
| 6 | Connecticut | 43.85% | $16,284,881 |
| 7 | Montana | 42.92% | $2,690,156 |
| 8 | Arkansas | 42.22% | $4,814,153 |
| 9 | Utah | 41.16% | $7,477,634 |
| 10 | Tennessee | 41.04% | $14,547,566 |
| 11 | South Dakota | 40.46% | $2,020,508 |
| 12 | Louisiana | 38.72% | $6,806,423 |
| 13 | California | 38.60% | $122,452,981 |
| 14 | Illinois | 38.39% | $32,677,874 |
| 15 | Georgia | 38.31% | $21,001,340 |
| 16 | Mississippi | 38.29% | $3,297,109 |
| 17 | Idaho | 38.20% | $3,392,957 |
| 18 | Massachusetts | 38.19% | $26,646,912 |
| 19 | Arizona | 38.00% | $14,438,918 |
| 20 | Oklahoma | 37.80% | $5,622,529 |
| 21 | Missouri | 37.16% | $10,481,163 |
| 22 | South Carolina | 37.05% | $8,867,845 |
| 23 | Nebraska | 37.03% | $3,704,671 |
| 24 | Alabama | 36.15% | $6,778,809 |
| 25 | Kansas | 35.79% | $5,066,051 |
| 26 | Wisconsin | 35.54% | $11,024,109 |
| 27 | Indiana | 35.52% | $10,518,818 |
| 28 | New Hampshire | 35.41% | $3,946,877 |
| 29 | North Carolina | 35.28% | $19,037,365 |
| 30 | Pennsylvania | 35.09% | $26,128,752 |
| 31 | Michigan | 35.01% | $16,650,121 |
| 32 | Ohio | 34.60% | $18,842,538 |
| 33 | Colorado | 34.51% | $14,894,687 |
| 34 | North Dakota | 34.41% | $1,521,767 |
| 35 | Kentucky | 34.26% | $5,451,182 |
| 36 | New Jersey | 33.78% | $26,899,308 |
| 37 | Rhode Island | 33.58% | $2,150,700 |
| 38 | Hawaii | 33.57% | $2,455,554 |
| 39 | Iowa | 33.16% | $4,813,252 |
| 40 | Virginia | 32.94% | $19,239,261 |
| 41 | Minnesota | 32.64% | $11,524,941 |
| 42 | New Mexico | 32.30% | $2,380,544 |
| 43 | Washington | 32.06% | $20,012,467 |
| 44 | Vermont | 32.04% | $1,078,255 |
| 45 | Maine | 30.48% | $1,976,671 |
| 46 | Maryland | 30.45% | $12,675,749 |
| 47 | Delaware | 30.38% | $1,647,326 |
| 48 | Oregon | 30.37% | $6,773,041 |
| 49 | West Virginia | 30.28% | $1,647,747 |
| 50 | Alaska | 26.37% | $1,016,945 |
In states like California, Texas, and New York, the share of taxes paid by the top 1% ranges from 39% to 46%, but the dollar amounts are higher due to population scale.
California’s top earners alone account for more than $122 billion in income taxes, the largest total contribution of any state. High adjusted gross incomes—often above $2 million—mean that even moderate tax-share percentages translate into substantial revenue.
States further down the ranking, such as Oklahoma, Arizona, and Idaho, still see the top 1% paying about 38% of income taxes. Alaska sits at the bottom, with top earners paying 26%. Across nearly every state, the top 1% shoulder between one-third and one-half of total income taxes.
If you enjoyed today’s post, check out Mean vs. Median: Visualizing Net Worth in the U.S. by Age Group on Voronoi, the new app from Visual Capitalist.
