2026-03-29 01:12:30
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In some parts of the world, water use has far exceeded what nature can replenish.
This map shows water stress by country, measured as freshwater withdrawals relative to renewable water resources. Countries with scores above 100% are using more water than is naturally available each year, often relying on groundwater depletion or desalination to close the gap. Data comes from the UN Food and Agriculture Organization.
Water is essential across agriculture, manufacturing, and daily life, making these imbalances increasingly important as climate patterns shift and demand rises.
Dive into the latest data, which is from 2022, below:
| Rank | Country | Water stress (%) |
|---|---|---|
| 1 |
Kuwait |
3,850.5 |
| 2 |
United Arab Emirates |
1,509.9 |
| 3 |
Saudi Arabia |
974.2 |
| 4 |
Libya |
817.1 |
| 5 |
Qatar |
431.0 |
| 6 |
Yemen |
169.8 |
| 7 |
Algeria |
144.8 |
| 8 |
Egypt |
141.2 |
| 9 |
Turkmenistan |
135.2 |
| 10 |
Bahrain |
133.7 |
| 11 |
Israel |
129.7 |
| 12 |
Syria |
124.4 |
| 13 |
Uzbekistan |
123.0 |
| 14 |
Sudan |
118.7 |
| 15 |
Oman |
116.7 |
| 16 |
Pakistan |
110.0 |
| 17 |
Jordan |
105.2 |
| 18 |
Tunisia |
98.1 |
| 19 |
Sri Lanka |
90.8 |
| 20 |
Barbados |
87.5 |
| 21 |
South Korea |
85.2 |
| 22 |
Iran |
81.3 |
| 23 |
Eswatini |
77.6 |
| 24 |
Malta |
72.6 |
| 25 |
Tajikistan |
69.9 |
| 26 |
South Africa |
67.6 |
| 27 |
India |
66.5 |
| 28 |
Armenia |
62.0 |
| 29 |
Cabo Verde |
59.7 |
| 30 |
Iraq |
59.6 |
| 31 |
Lebanon |
58.8 |
| 32 |
Azerbaijan |
57.5 |
| 33 |
Afghanistan |
54.8 |
| 34 |
Belgium |
52.8 |
| 35 |
North Macedonia |
52.6 |
| 36 |
Saint Kitts and Nevis |
50.8 |
| 37 |
Morocco |
50.8 |
| 38 |
Kyrgyzstan |
50.0 |
| 39 |
Palestine |
48.1 |
| 40 |
Türkiye |
47.9 |
| 41 |
Zimbabwe |
46.1 |
| 42 |
Mexico |
44.9 |
| 43 |
Spain |
43.3 |
| 44 |
China |
41.5 |
| 45 |
Bulgaria |
40.2 |
| 46 |
Dominican Republic |
39.6 |
| 47 |
Japan |
36.6 |
| 48 |
Germany |
35.4 |
| 49 |
Kazakhstan |
34.6 |
| 50 |
Singapore |
33.3 |
| 51 |
Kenya |
33.2 |
| 52 |
Poland |
32.5 |
| 53 |
Ethiopia |
32.3 |
| 54 |
Cyprus |
30.5 |
| 55 |
Italy |
29.8 |
| 56 |
Indonesia |
29.7 |
| 57 |
Timor-Leste |
28.3 |
| 58 |
United States |
28.2 |
| 59 |
Philippines |
27.8 |
| 60 |
North Korea |
27.7 |
| 61 |
Denmark |
25.3 |
| 62 |
Somalia |
24.5 |
| 63 |
Cuba |
23.9 |
| 64 |
Thailand |
23.0 |
| 65 |
Mauritius |
23.0 |
| 66 |
Czechia |
22.0 |
| 67 |
France |
21.4 |
| 68 |
Trinidad and Tobago |
20.3 |
| 69 |
Greece |
20.3 |
| 70 |
Rwanda |
20.2 |
| 71 |
Puerto Rico |
19.5 |
| 72 |
Vietnam |
18.1 |
| 73 |
Malawi |
17.5 |
| 74 |
The Netherlands |
16.7 |
| 75 |
Senegal |
16.3 |
| 76 |
Maldives |
15.7 |
| 77 |
United Kingdom |
14.4 |
| 78 |
Saint Lucia |
14.3 |
| 79 |
Haiti |
13.4 |
| 80 |
Mauritania |
13.2 |
| 81 |
Estonia |
13.0 |
| 82 |
Tanzania |
13.0 |
| 83 |
Moldova |
12.6 |
| 84 |
Jamaica |
12.4 |
| 85 |
Portugal |
12.3 |
| 86 |
El Salvador |
12.1 |
| 87 |
Uruguay |
12.1 |
| 88 |
Madagascar |
11.3 |
| 89 |
Eritrea |
11.2 |
| 90 |
Niger |
11.0 |
| 91 |
Argentina |
10.5 |
| 92 |
Burundi |
10.2 |
| 93 |
Dominica |
10.0 |
| 94 |
Nigeria |
9.7 |
| 95 |
Chile |
9.0 |
| 96 |
Austria |
8.7 |
| 97 |
Antigua and Barbuda |
8.5 |
| 98 |
Nepal |
8.3 |
| 99 |
Hungary |
8.1 |
| 100 |
Ireland |
8.1 |
| 101 |
New Zealand |
8.0 |
| 102 |
Mali |
8.0 |
| 103 |
Saint Vincent and the Grenadines |
7.9 |
| 104 |
Burkina Faso |
7.8 |
| 105 |
Romania |
7.6 |
| 106 |
Venezuela |
7.5 |
| 107 |
Finland |
7.1 |
| 108 |
Grenada |
7.1 |
| 109 |
Ecuador |
6.8 |
| 110 |
Switzerland |
6.5 |
| 111 |
Djibouti |
6.3 |
| 112 |
Ghana |
6.3 |
| 113 |
Ukraine |
6.3 |
| 114 |
Costa Rica |
5.9 |
| 115 |
Uganda |
5.8 |
| 116 |
Myanmar |
5.8 |
| 117 |
Guatemala |
5.7 |
| 118 |
Serbia |
5.7 |
| 119 |
Bangladesh |
5.7 |
| 120 |
Slovenia |
5.6 |
| 121 |
Côte d'Ivoire |
5.1 |
| 122 |
Peru |
4.8 |
| 123 |
Laos |
4.8 |
| 124 |
Albania |
4.8 |
| 125 |
Australia |
4.7 |
| 126 |
Belarus |
4.7 |
| 127 |
Honduras |
4.6 |
| 128 |
Chad |
4.3 |
| 129 |
South Sudan |
4.2 |
| 130 |
Georgia |
4.2 |
| 131 |
Russia |
4.1 |
| 132 |
Luxembourg |
4.0 |
| 133 |
Suriname |
4.0 |
| 134 |
Canada |
3.7 |
| 135 |
Colombia |
3.6 |
| 136 |
Sweden |
3.6 |
| 137 |
Brunei |
3.5 |
| 138 |
Malaysia |
3.4 |
| 139 |
Mongolia |
3.4 |
| 140 |
Togo |
3.4 |
| 141 |
Guyana |
3.3 |
| 142 |
Zambia |
2.8 |
| 143 |
Lesotho |
2.6 |
| 144 |
Slovakia |
2.4 |
| 145 |
Botswana |
2.2 |
| 146 |
Nicaragua |
2.2 |
| 147 |
Gambia |
2.2 |
| 148 |
Lithuania |
2.2 |
| 149 |
Bosnia and Herzegovina |
2.1 |
| 150 |
Norway |
2.0 |
| 151 |
Sao Tome and Principe |
1.9 |
| 152 |
Angola |
1.9 |
| 153 |
Paraguay |
1.8 |
| 154 |
Mozambique |
1.8 |
| 155 |
Cameroon |
1.6 |
| 156 |
Croatia |
1.5 |
| 157 |
Brazil |
1.5 |
| 158 |
Guinea-Bissau |
1.5 |
| 159 |
Bhutan |
1.4 |
| 160 |
Guinea |
1.4 |
| 161 |
Belize |
1.3 |
| 162 |
Cambodia |
1.0 |
| 163 |
Latvia |
1.0 |
| 164 |
Benin |
1.0 |
| 165 |
Panama |
0.9 |
| 166 |
Comoros |
0.8 |
| 167 |
Gabon |
0.5 |
| 168 |
Sierra Leone |
0.5 |
| 169 |
Iceland |
0.4 |
| 170 |
Central African Republic |
0.3 |
| 171 |
Namibia |
0.3 |
| 172 |
Fiji |
0.3 |
| 173 |
Liberia |
0.3 |
| 174 |
DRC |
0.2 |
| 175 |
Bolivia |
0.2 |
| 176 |
Equatorial Guinea |
0.2 |
| 177 |
Papua New Guinea |
0.1 |
| 178 |
Congo |
0.0 |
Some countries operate at 10–30x their natural water budget.
Kuwait leads by a wide margin, using the equivalent of 3,850% of its renewable water supply. The United Arab Emirates follows at 1,509.9%, highlighting a heavy reliance on desalination and non-renewable groundwater.
High water stress countries are clustered around the Middle East and North Africa, given they have naturally arid climates, meaning a slow supply of natural water. Some countries also have water intensive agriculture industries, which adds pressure.
Saudi Arabia is the third most water stressed country, at 974.2% its natural resources, while Libya and Qatar follow at 817.1% and 431%.
Even at a more modest level, countries are still overdrawn. Pakistan and Jordan hover above the 100% mark, at 110% and 105% respectively.
China uses 41.5% of its renewable water resources, while the U.S. is at 28.2%.
Elsewhere, Papua New Guinea, Bolivia and DRC have huge water reserves but are relatively underdeveloped economies, meaning water stress is negligible. The DRC, for example, is home to 62% of the Congo Basin, which is the world’s second-largest river system.
Congo is the only country in the dataset with zero water stress.
Countries that cash in their full water budget rely on non-renewable sources to plug that gap.
One tactic is fossil groundwater mining, which is where water from deep underground is pumped up but for use but there isn’t enough rainwater to replenish aquifers. While this is practiced in the Middle East and North Africa, it’s also widespread across the U.S. and China.
Countries in arid regions like the Middle East are leaders in desalination technology, which converts saltwater into drinking water. This process is typically energy intensive and expensive but recent advances in technology have made it more viable, making it an interesting investment theme.
As climate patterns shift and demand continues to rise, water availability is becoming a more critical constraint on growth.
Countries operating beyond their natural water limits will likely need to expand desalination, manage demand more aggressively, or invest in more efficient infrastructure—turning water into a key economic and strategic issue in the years ahead.
To learn more about water, check out this graphic which visualizes all the world’s water.
2026-03-28 22:22:54
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U.S. home prices are no longer moving in one direction.
This map shows year-over-year price changes across each state’s largest metro area as of December 2025. While prices are still rising in a majority of cities, a growing number—particularly in the West and Sun Belt—are now seeing declines.
The result is a housing market that’s increasingly split: steady gains in more affordable regions, and cooling in many of the markets that surged the most during the pandemic.
Data comes from Zillow’s January 2026 Market Report.
Overall, price growth has slowed considerably compared to the double-digit gains seen during the pandemic-era housing boom. While several Midwestern and Northeastern metros continue to post modest increases, many Sun Belt and Western markets are experiencing declines.
| State | Largest Metro Area | Home Value (Dec 2025) | YoY Value Change |
|---|---|---|---|
| Hawaii | Honolulu, HI | $620K | -8.1% |
| Iowa | Des Moines, IA | $290K | -6.5% |
| Florida | Miami, FL | $468K | -4.3% |
| Colorado | Denver, CO | $558K | -3.2% |
| Nevada | Las Vegas, NV | $426K | -2.7% |
| Georgia | Atlanta, GA | $374K | -2.7% |
| Arizona | Phoenix, AZ | $444K | -2.3% |
| Texas | Houston, TX | $302K | -2.2% |
| Vermont | Burlington, VT | $501K | -1.6% |
| Washington | Seattle, WA | $732K | -1.5% |
| Oregon | Portland, OR | $537K | -1.1% |
| Kansas | Wichita, KS | $277K | -1.1% |
| Tennessee | Nashville, TN | $445K | -0.8% |
| North Carolina | Charlotte, NC | $381K | -0.8% |
| Maine | Portland, ME | $540K | -0.7% |
| California | Los Angeles, CA | $946K | -0.5% |
| District of Columbia | Washington, DC | $568K | -0.4% |
| Nebraska | Omaha, NE | $300K | 0.0% |
| Maryland | Baltimore, MD | $392K | 0.6% |
| Alabama | Birmingham, AL | $253K | 0.6% |
| New Jersey | Newark | $472K | 0.7% |
| Ohio | Columbus, OH | $319K | 0.9% |
| Montana | Billings, MT | $386K | 1.0% |
| Oklahoma | Oklahoma City, OK | $240K | 1.0% |
| South Dakota | Sioux Falls, SD | $323K | 1.1% |
| Indiana | Indianapolis, IN | $285K | 1.1% |
| New Hampshire | Manchester, NH | $424K | 1.3% |
| South Carolina | Columbia, SC | $299K | 1.4% |
| Louisiana | New Orleans, LA | $254K | 1.4% |
| West Virginia | Charleston, WV | $160K | 1.6% |
| Minnesota | Minneapolis, MN | $376K | 1.6% |
| Massachusetts | Boston, MA | $713K | 1.7% |
| Virginia | Virginia Beach, VA | $362K | 1.7% |
| New Mexico | Albuquerque, NM | $387K | 1.8% |
| Utah | Salt Lake City, UT | $557K | 1.9% |
| Idaho | Boise, ID | $549K | 1.9% |
| Mississippi | Jackson, MS | $270K | 1.9% |
| Kentucky | Louisville, KY | $271K | 2.1% |
| Pennsylvania | Philadelphia, PA | $376K | 2.6% |
| Rhode island | Providence, RI | $505K | 2.7% |
| Missouri | Kansas City, MO | $314K | 2.8% |
| Michigan | Detroit, MI | $256K | 2.8% |
| Wyoming | Cheyenne, WY | $375K | 3.1% |
| Delaware | Wilmington, DE | $318K | 3.2% |
| Alaska | Anchorage, AK | $400K | 3.4% |
| New York | New York, NY | $708K | 3.9% |
| North Dakota | Fargo, ND | $310K | 4.0% |
| Illinois | Chicago, IL | $336K | 4.0% |
| Wisconsin | Milwaukee, WI | $366K | 4.8% |
| Connecticut | Hartford, CT | $379K | 4.9% |
| Arkansas | Little Rock, AR | $269K | 5.5% |
Chicago stood out in 2025, posting a 4.0% year-over-year gain. With a typical home value of roughly $336k, the city remains more affordable than coastal peers like New York ($708K) or Los Angeles ($946K).
Limited housing inventory and steady demand have helped support prices. Other Midwestern metros—including Milwaukee (+4.8%), Detroit (+2.8%), and Columbus (+0.9%)—also recorded gains, reflecting relative affordability and stable local economies.
Honolulu posted the steepest drop, with prices falling 8.1% year over year. Yet at $620K, it remains one of the most expensive large metros in the country.
Florida and Mountain West markets also saw notable declines. Miami fell 4.3%, Denver dropped 3.2%, and Phoenix declined 2.3%. These areas experienced rapid price acceleration earlier in the cycle, leaving them more exposed as borrowing costs rose.
Coastal markets remain among the priciest in the U.S., but growth has largely stalled. Los Angeles saw prices dip 0.5%, while Seattle fell 1.5%. In Boston, values edged up just 1.7% to over $713K.
New York was a relative bright spot among large coastal cities, posting a 3.9% gain and maintaining the second-highest typical home value in the dataset. Meanwhile, Washington, D.C. recorded a slight 0.4% decline.
If you enjoyed today’s post, check out Mapped: Job Growth in Every U.S. State in 2025 on Voronoi, the new app from Visual Capitalist.
2026-03-28 20:02:41
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Surveillance is becoming a defining feature of modern cities, but the level of monitoring varies significantly from one urban center to the next.
In Los Angeles, the number of cameras exceeds 46,000. Hyderabad, India has around 900,000. This visualization ranks major global cities by the number of CCTV cameras per 1,000 people using data from Comparitech, showing where surveillance is most concentrated.
As governments and municipalities expand surveillance for security and smart city initiatives, these rankings offer a snapshot of where camera density—and public surveillance—is highest today.
At the top of the list, Hyderabad, India leads globally with 79 cameras per 1,000 people, followed by Indore (72) and Bangalore (41). Collectively, they hold over 1.7 million cameras.
It’s worth noting that data for specific cities in China is unavailable owing to government secrecy. However, it’s estimated to have 494 cameras per capita, or nearly one camera for every two people.
The table below shows the number of CCTV cameras per capita, highlighting the scale of public surveillance around the world.
| Rank | City | Country | Cameras Per 1,000 People |
Number of CCTV Cameras |
|---|---|---|---|---|
| 1 | Hyderabad |
India |
79 | 900,000 |
| 2 | Indore |
India |
72 | 251,500 |
| 3 | Bangalore |
India |
41 | 585,300 |
| 4 | Lahore |
Pakistan |
28 | 410,300 |
| 5 | Seoul |
South Korea |
24 | 243,400 |
| 6 | Moscow |
Russia |
20 | 250,000 |
| 7 | Kabul |
Afghanistan |
18 | 90,000 |
| 8 | Singapore |
Singapore |
18 | 113,000 |
| 9 | Saint Petersburg |
Russia |
18 | 102,000 |
| 10 | Baghdad |
Iraq |
15 | 120,000 |
| 11 | London |
United Kingdom |
13 | 131,900 |
| 12 | Los Angeles |
United States |
12 | 46,800 |
| 13 | Busan |
South Korea |
12 | 42,800 |
| 14 | Istanbul |
Turkey |
11 | 179,000 |
| 15 | New York City |
United States |
10 | 80,300 |
| 16 | Delhi |
India |
9 | 313,300 |
| 17 | Chennai |
India |
9 | 106,600 |
| 18 | Ho Chi Minh City |
Vietnam |
8 | 79,100 |
| 19 | Kuwait City |
Kuwait |
7 | 24,900 |
| 20 | Bangkok |
Thailand |
7 | 81,100 |
| 21 | Pune |
India |
7 | 52,100 |
| 22 | Kochi |
India |
7 | 24,000 |
| 23 | Lucknow |
India |
7 | 27,200 |
| 24 | Hong Kong |
Hong Kong |
6 | 48,000 |
| 25 | Mexico City |
Mexico |
6 | 136,900 |
| 26 | New Taipei |
Taiwan |
6 | 27,200 |
| 27 | Ankara |
Turkey |
6 | 31,400 |
| 28 | Rome |
Italy |
5 | 22,500 |
| 29 | Sydney |
Australia |
5 | 26,200 |
Pakistan’s capital, Lahore, ranks fourth globally at 28 cameras per 1,000 people. With 410,300 cameras in total, facial recognition is often linked to national databases in real time.
Moscow, Russia ranks in sixth globally, with 20 cameras per capita. As one of the most pervasive surveillance systems worldwide, Moscow is blanketed in 250,000 cameras, which use facial recognition to identify protestors, journalists, and dissidents.
Across the West, London is the most highly surveilled cities, ranking in 11th overall. Following next in line is Los Angeles, with the number of cameras increasing by roughly 34% since 2022.
Beyond Los Angeles, several cities have mirrored this expansion of surveillance systems in public spaces.
Notably, the number of cameras jumped 104% in Hyderabad, 17% in Moscow, and 3.6% in London since 2022. At the same time, these systems are increasingly using machine learning algorithms to identify patterns, automate profiles, and detect “suspicious activity”.
Not only do vast networks of cameras allow government authorities to detect traffic or parking violations, they provide access to people’s movements, raising questions of privacy and data accumulation in an age of AI-powered monitoring.
To learn more about this topic, check out this graphic on the countries that have banned ChatGPT.
2026-03-27 23:34:35
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Global government debt has crossed a new milestone. Gross public debt worldwide reached $111 trillion in 2025, more than five times the $19.7 trillion recorded in 2000.
This visualization uses data from the IMF to trace that trajectory through a stacked area chart, breaking down world public debt by the U.S., the EU, Japan, China, the rest of advanced economies, and emerging market and developing economies from 2000 to 2025.
Two countries dominate the picture. The United States carries $38.3 trillion in public debt, while China holds $18.7 trillion. Combined, they account for roughly 51% of the global total.
The data table below shows the government debt from 2000 to 2025 in U.S. dollars for the U.S., China, the EU, Japan, and rest of the world:
| Year |
U.S. Gov't Debt ($T) |
EU Gov't Debt ($T) |
Japan Gov't Debt ($T) |
China Gov't Debt ($T) |
Other Countries' Gov't Debt ($T) |
World Total Gov't Debt ($T) |
|---|---|---|---|---|---|---|
| 2000 | $4.90 | $5.90 | $5.10 | $0.20 | $3.60 | $19.70 |
| 2001 | $5.66 | $4.86 | $6.35 | $0.33 | $5.02 | $22.21 |
| 2002 | $6.11 | $5.31 | $6.45 | $0.38 | $5.28 | $23.52 |
| 2003 | $6.75 | $6.65 | $7.23 | $0.44 | $5.83 | $26.91 |
| 2004 | $8.12 | $7.66 | $8.29 | $0.52 | $6.49 | $31.07 |
| 2005 | $8.58 | $8.03 | $8.44 | $0.60 | $6.94 | $32.58 |
| 2006 | $8.92 | $8.28 | $8.01 | $0.70 | $7.33 | $33.24 |
| 2007 | $9.40 | $9.21 | $7.92 | $1.04 | $8.25 | $35.81 |
| 2008 | $10.91 | $10.73 | $9.24 | $1.24 | $9.12 | $41.23 |
| 2009 | $12.61 | $11.21 | $10.52 | $1.76 | $9.38 | $45.47 |
| 2010 | $14.39 | $11.80 | $11.86 | $2.05 | $11.09 | $51.19 |
| 2011 | $15.60 | $13.10 | $13.66 | $2.53 | $12.65 | $57.53 |
| 2012 | $16.85 | $12.77 | $14.18 | $2.94 | $13.21 | $59.94 |
| 2013 | $17.73 | $13.68 | $11.96 | $3.57 | $13.80 | $60.73 |
| 2014 | $18.48 | $14.05 | $11.42 | $4.21 | $14.46 | $62.61 |
| 2015 | $19.29 | $11.88 | $10.15 | $4.61 | $14.21 | $60.13 |
| 2016 | $20.19 | $12.02 | $11.63 | $5.69 | $14.60 | $64.14 |
| 2017 | $20.86 | $12.39 | $11.41 | $6.74 | $15.83 | $67.23 |
| 2018 | $22.23 | $13.09 | $11.71 | $7.84 | $16.60 | $71.48 |
| 2019 | $23.43 | $12.51 | $12.10 | $8.66 | $17.16 | $73.85 |
| 2020 | $28.33 | $14.15 | $13.06 | $10.43 | $18.97 | $84.92 |
| 2021 | $29.66 | $15.48 | $12.78 | $12.76 | $21.39 | $92.07 |
| 2022 | $31.03 | $14.30 | $10.58 | $13.81 | $22.06 | $91.78 |
| 2023 | $33.33 | $15.27 | $10.11 | $14.98 | $23.77 | $97.46 |
| 2024 | $35.84 | $16.04 | $9.49 | $16.56 | $24.74 | $102.67 |
| 2025 | $38.29 | $17.55 | $9.83 | $18.67 | $26.60 | $110.93 |
The U.S. trajectory accelerated sharply in 2020, when pandemic-era spending pushed federal debt from $23.4 trillion to $28.3 trillion in a single year. It has continued climbing since, driven by elevated deficits, rising interest costs, and no meaningful fiscal consolidation.
China’s path has been different in character but equally striking in scale. Starting from just $0.2 trillion in 2000, Chinese public debt grew at approximately 18% per year, roughly 14 times the global average in dollar terms. Much of this reflects local government borrowing to fund infrastructure and property development.
The chart highlights several distinct phases in the buildup of global debt:
2000–2007: Debt Stabilization. Total public debt grew modestly from $19.7 trillion to $35.8 trillion, largely in line with global GDP growth.
2008–2009: Financial Crisis Surge. The global financial crisis triggered a sharp jump in sovereign borrowing as governments bailed out banks and launched stimulus programs. Global debt rose from $35.8 trillion to $45.5 trillion in two years.
2010–2012: European Debt Crisis. EU sovereign debt reached $13.1 trillion in 2011 as Greece, Italy, and Spain faced spiraling borrowing costs. Austerity measures followed across the eurozone.
2013–2019: Cheap Borrowing Era. Low interest rates allowed governments to sustain higher debt loads without immediate fiscal pressure. Global debt drifted from $60.7 trillion to $73.9 trillion.
2020: Pandemic Debt Explosion. COVID-19 pushed global debt from $73.9 trillion to $84.9 trillion in a single year, the largest one-year increase on record.
2022–2025: High Debt, Rising Costs. With interest rates elevated, the cost of servicing this debt has risen sharply, particularly for the U.S. and emerging economies.
Japan’s debt peaked at $14.2 trillion in 2012 and has since declined to $9.8 trillion, partly due to yen depreciation against the dollar (debt is denominated in yen but measured here in USD). In domestic terms, Japan’s debt-to-GDP ratio remains among the highest in the world at over 230%.
The EU followed a similar pattern of post-crisis consolidation, with debt falling from a peak of $15.5 trillion in 2021 to $14.3 trillion in 2022 before climbing again to $17.6 trillion in 2025 as member states increased defense and energy spending.
If you enjoyed today’s post, check out The World’s $111 Trillion in Government Debt on Voronoi.
2026-03-27 21:33:14
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The U.S. has produced more billionaires than any other country, and some states have generated far more than others.
This map shows where America’s billionaires were born, based on a 2026 PlayersTime analysis of the Forbes Real-Time Billionaires List.
It covers 1,647 billionaires with available birthplace data and compares both each state’s total billionaire births and its rate per 1 million people.
Adjusting for population by taking each state’s figure per one million people, there are some surprising results, such as the strong showing of both Massachusetts (3.2) and Missouri (2.6). These states outperform all but one of their peers in terms of per-capita billionaire births.
The data table below lists the states in which the most billionaires have been born by both sheer total and on a per-capita basis.
| State | Billionaires per 1 million people | Total number of billionaires |
|---|---|---|
| New York | 4.5 | 90 |
| Massachusetts | 3.2 | 23 |
| Missouri | 2.6 | 16 |
| Hawaii | 2.1 | 3 |
| Illinois | 2.0 | 25 |
| Nebraska | 2.0 | 4 |
| Maryland | 1.9 | 12 |
| Iowa | 1.9 | 6 |
| New Mexico | 1.9 | 4 |
| Pennsylvania | 1.8 | 23 |
| Rhode Island | 1.8 | 2 |
| Michigan | 1.7 | 17 |
| Montana | 1.7 | 2 |
| Wyoming | 1.7 | 1 |
| Oklahoma | 1.5 | 6 |
| New Jersey | 1.4 | 13 |
| Connecticut | 1.4 | 5 |
| Alaska | 1.4 | 1 |
| California | 1.3 | 51 |
| Ohio | 1.3 | 15 |
| Arkansas | 1.3 | 4 |
| North Dakota | 1.3 | 1 |
| Wisconsin | 1.2 | 7 |
| Oregon | 1.2 | 5 |
| Texas | 1.0 | 32 |
| Kansas | 1.0 | 3 |
| Georgia | 0.9 | 10 |
| Indiana | 0.9 | 6 |
| Minnesota | 0.9 | 5 |
| Louisiana | 0.9 | 4 |
| Nevada | 0.9 | 3 |
| Tennessee | 0.8 | 6 |
| Utah | 0.8 | 3 |
| Virginia | 0.7 | 6 |
| Mississippi | 0.7 | 2 |
| Washington | 0.6 | 5 |
| West Virginia | 0.6 | 1 |
| North Carolina | 0.4 | 4 |
| Alabama | 0.4 | 2 |
| Kentucky | 0.4 | 2 |
| South Carolina | 0.4 | 2 |
| Florida | 0.3 | 7 |
| Colorado | 0.2 | 1 |
| Arizona | 0.1 | 1 |
| Delaware | 0 | 0 |
| Idaho | 0 | 0 |
| Maine | 0 | 0 |
| New Hampshire | 0 | 0 |
| South Dakota | 0 | 0 |
| Vermont | 0 | 0 |
If Massachusetts and Missouri surprise, then New York (4.5) certainly does not. Despite being one of the most populous states, as well as being home to the poorest congressional district in the country, the Empire State manages to outperform the other 49 states even by per-capita measurements.
In large part, this is owing to New York City, which has birthed more billionaires than anywhere else worldwide.
Unsurprisingly given its high per-capita rate and population, New York scores the top spot in sheer numbers (with 90) as well.
Among the analyzed billionaires, more billionaires were born in the Empire State than in the next two most prominent states, California (51) and Texas (32), combined, despite the fact that both of those states are more populous than New York and house massive industries such as energy and technology.
In light of this, New York’s sky-high position reflects not only its namesake city’s central role in the global economy, but also its historic wealth centers like Westchester Country, which has the highest property taxes in the country.
Per Forbes, the world’s richest man as of 2026 is Elon Musk, who was born in South Africa before making his fortune in the United States. Musk’s net worth is over $800 billion as of 2026.
However, runner-up and Google cofounder Larry Page, who has a net worth of nearly $250 billion, was born in Lansing, Michigan, making him the richest individual worldwide to be born in the United States.
Following Page, the next richest U.S.-born individual would be Amazon founder Jeff Bezos, fourth on the Forbes list, who was born in Albuquerque, New Mexico and currently has a net worth of roughly $225 billion.
If you enjoyed today’s post, check out Breaking Down the Wealth of America’s Top 20 Billionaires on Voronoi, the new app from Visual Capitalist.
2026-03-27 19:04:04
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Anyone lucky enough to invest $100 in Berkshire Hathaway at the start of 1965 would be sitting on significant returns, but just how much would they have outperformed the S&P 500?
This graphic compares Berkshire Hathaway and the S&P 500 from 1965 to 2025, based on data from Berkshire Hathaway’s 2025 annual report.
A $100 investment in Berkshire Hathaway in 1965 would be worth $6.1 million investment at the end of 2025, significantly outperforming the S&P 500’s dollar return of $45,500.
The data table below shows the performance of Berkshire Hathaway between 1965 and 2025 versus the S&P 500 index.
Berkshire figures are based on per-share market value, while S&P 500 numbers are total returns with dividends reinvested.
| Year | $100 invested in Berkshire Hathaway in 1965 | $100 invested in the S&P 500 in 1965 | Berkshire Hathaway Annual Return | S&P 500 Annual Return |
|---|---|---|---|---|
| 1964 | $100 | $100 | 0.0% | 0.0% |
| 1965 | $150 | $110 | 50.0% | 10.0% |
| 1966 | $144 | $97 | -4.0% | -11.8% |
| 1967 | $164 | $127 | 13.9% | 30.9% |
| 1968 | $291 | $141 | 77.4% | 11.0% |
| 1969 | $347 | $129 | 19.2% | -8.5% |
| 1970 | $331 | $134 | -4.6% | 3.9% |
| 1971 | $598 | $154 | 80.7% | 14.9% |
| 1972 | $647 | $183 | 8.2% | 18.8% |
| 1973 | $630 | $156 | -2.6% | -14.8% |
| 1974 | $323 | $115 | -48.7% | -26.3% |
| 1975 | $331 | $157 | 2.5% | 36.5% |
| 1976 | $760 | $195 | 129.6% | 24.2% |
| 1977 | $1,116 | $180 | 46.8% | -7.7% |
| 1978 | $1,278 | $192 | 14.5% | 6.7% |
| 1979 | $2,587 | $227 | 102.4% | 18.2% |
| 1980 | $3,436 | $300 | 32.8% | 32.2% |
| 1981 | $4,529 | $285 | 31.8% | -5.0% |
| 1982 | $6,267 | $346 | 38.4% | 21.4% |
| 1983 | $10,592 | $423 | 69.0% | 22.3% |
| 1984 | $10,306 | $449 | -2.7% | 6.1% |
| 1985 | $19,963 | $591 | 93.7% | 31.6% |
| 1986 | $22,797 | $701 | 14.2% | 18.6% |
| 1987 | $23,846 | $737 | 4.6% | 5.1% |
| 1988 | $37,987 | $859 | 59.3% | 16.6% |
| 1989 | $70,124 | $1,131 | 84.6% | 31.7% |
| 1990 | $53,925 | $1,096 | -23.1% | -3.1% |
| 1991 | $73,123 | $1,431 | 35.6% | 30.6% |
| 1992 | $94,913 | $1,539 | 29.8% | 7.5% |
| 1993 | $131,834 | $1,695 | 38.9% | 10.1% |
| 1994 | $164,793 | $1,717 | 25.0% | 1.3% |
| 1995 | $259,384 | $2,362 | 57.4% | 37.6% |
| 1996 | $275,466 | $2,906 | 6.2% | 23.0% |
| 1997 | $371,604 | $3,876 | 34.9% | 33.4% |
| 1998 | $565,581 | $4,985 | 52.2% | 28.6% |
| 1999 | $453,030 | $6,032 | -19.9% | 21.0% |
| 2000 | $573,537 | $5,483 | 26.6% | -9.1% |
| 2001 | $610,816 | $4,830 | 6.5% | -11.9% |
| 2002 | $587,605 | $3,763 | -3.8% | -22.1% |
| 2003 | $680,447 | $4,843 | 15.8% | 28.7% |
| 2004 | $709,706 | $5,371 | 4.3% | 10.9% |
| 2005 | $715,384 | $5,634 | 0.8% | 4.9% |
| 2006 | $887,791 | $6,524 | 24.1% | 15.8% |
| 2007 | $1,142,588 | $6,883 | 28.7% | 5.5% |
| 2008 | $779,245 | $4,336 | -31.8% | -37.0% |
| 2009 | $800,284 | $5,485 | 2.7% | 26.5% |
| 2010 | $971,545 | $6,313 | 21.4% | 15.1% |
| 2011 | $925,883 | $6,446 | -4.7% | 2.1% |
| 2012 | $1,081,431 | $7,477 | 16.8% | 16.0% |
| 2013 | $1,435,059 | $9,900 | 32.7% | 32.4% |
| 2014 | $1,822,525 | $11,256 | 27.0% | 13.7% |
| 2015 | $1,594,709 | $11,414 | -12.5% | 1.4% |
| 2016 | $1,967,871 | $12,783 | 23.4% | 12.0% |
| 2017 | $2,398,835 | $15,570 | 21.9% | 21.8% |
| 2018 | $2,466,002 | $14,885 | 2.8% | -4.4% |
| 2019 | $2,737,262 | $19,574 | 11.0% | 31.5% |
| 2020 | $2,802,957 | $23,176 | 2.4% | 18.4% |
| 2021 | $3,632,632 | $29,827 | 29.6% | 28.7% |
| 2022 | $3,777,937 | $24,428 | 4.0% | -18.1% |
| 2023 | $4,374,851 | $30,853 | 15.8% | 26.3% |
| 2024 | $5,490,438 | $38,566 | 25.5% | 25.0% |
| 2025 | $6,088,896 | $45,469 | 10.9% | 17.9% |
Warren Buffett delivered a return of more than 6,088,000% on Berkshire’s stock as he transformed a struggling textile maker into the most valuable company in the world that isn’t either a tech giant or a state oil producer.
Put differently, the world’s greatest investor turned the same initial investment of just $100 into about 134 times as much wealth as the broader market over the same six-decade span.
The formula behind the success is simple in theory, but incredibly difficult in practice: buy high-quality businesses at attractive prices.
The 95-year-old legendary value investor is not afraid to accumulate large positions in companies he likes and then hold them “forever”.
Examples include American Express, first purchased in 1964; Coca-Cola in 1988; Moody’s in 2000; and Apple in 2016, all of which remain part of Berkshire’s portfolio.
Berkshire’s structure as a publicly traded holding company allowed shareholders to compound wealth alongside him without paying recurring management or performance fees.
Had Buffett charged hedge-fund-style fees, the ending value would likely have been only a few hundred thousand dollars rather than $6.1 million, depending on the exact fee model used.
Over the 61-year period, Berkshire posted positive returns in 50 years—slightly more often than the S&P 500. More importantly, its gains were much larger in winning years, averaging 32% versus 19% for the index.
Despite this long-term dominance, Buffett did experience periods of underperformance.
While Buffett outperformed the S&P 500 in every decade from 1965 to 2015, from 2015 to 2025 the S&P 500 returned 304% compared to Berkshire Hathaway’s 234%.
As the world’s largest public conglomerate, Berkshire’s sheer size—combined with a long bull market led by mega-cap AI stocks—has made it harder for the Oracle of Omaha to find great companies at attractive prices.
Many of the market’s biggest AI winners, like Nvidia, Meta, and Palantir, also fall outside his “circle of competence”.
Even so, Buffett’s long-term record of outsized returns is arguably the most extraordinary example of wealth creation in financial market history, helping cement his place among the world’s richest people.
To learn more about legendary money managers check out this graphic which visualizes Jim Simons’ Medallion Fund’s returns vs. the S&P 500.