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Visualized: Pop Mart’s Labubu Revenue Surge

2025-10-09 04:49:33

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chart of pop mart yearly revenue driven by labubu sales.

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Visualized: Pop Mart’s Labubu Revenue Surge

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.

Key Takeaways

  • Chinese toy maker Pop Mart saw its revenue double in 2024 to reach $1.8 billion as the excitement around the character Labubu began to grow.
  • Pop Mart CEO Wang Ning said that it should be quite easy for the company to reach $4.2 billion in revenue in 2025, which would more than double 2024’s revenue.

Pop Mart, the Chinese toy brand behind wildly popular collectible figures, has seen its revenues skyrocket in recent years, largely thanks to the breakout success of one quirky character: Labubu.

This graphic shows Pop Mart’s revenue growth from 2018 to 2024 using data from Pop Mart‘s annual reports, along with a 2025 estimate from Pop Mart executive Wang Ning.

Labubu’s Sales Drive Pop Mart’s Revenue Surge

Pop Mart’s annual revenue has more than doubled since the release of their Labubu collection in October 2023, and the toy maker expects it to double again in 2025.

The data table below shows Pop Mart’s annual revenues from 2022 to 2024, along with an estimate for 2025 from CEO Wang Ning.

Year Pop Mart Revenue (millions, USD)
2021 $707
2022 $669
2023 $887
2024 $1,800
2025 (estimate) $4,200

With Pop Mart’s leadership expecting it to be “quite easy” to reach $4.2 billion in revenue in 2025, much of this success for the toy maker is driven by Labubu sales, which have become social media sensations.

The Social Media Virality of Labubus

Labubu isn’t just another collectible character—it has become a pop culture icon. Videos of fans camping outside Pop Mart stores and unboxing Labubu figures have gone viral across social media platforms.

The secret behind this social media success largely comes from Pop Mart’s blind box model, which doesn’t reveal which type of Labubu is inside until it’s purchased and unboxed.

This pushes the most ardent fans to buy multiple blind boxes until they get their desired Labubu, often accompanied by reaction videos as they open their Labubu boxes to either another disappointment or wild excitement.

Learn More on the Voronoi App

To learn more about Pop Mart’s rising business success, check out this graphic which compares its valuation to other toy makers on Voronoi.

Where Extreme Poverty Rates Are Highest in the World

2025-10-09 03:05:54

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bar chart showing the highest rates of extreme poverty by country.

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The Highest Rates of Extreme Poverty by Country

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.

Key Takeaways

  • Africa is home to 23 of the top 30 countries with the highest rates of extreme poverty.
  • Kosovo ranks in 19th globally in 2024, seeing the highest rates outside of Africa—a country that faces high unemployment rates and ongoing conflict.

The Democratic Republic of Congo (DRC) produces roughly three-quarters of the world’s cobalt, it is also among Africa’s most populous nations.

Yet despite this vast mineral wealth, it has the highest extreme poverty rate in the world. Weak governance, armed conflict, and multinational human rights abuses have all contributed to entrenched poverty in the country for decades.

This graphic shows extreme poverty rates by country in 2024, based on data from the World Bank via Our World in Data.

Extreme Poverty by Country in 2024

Here are the 30 countries with the highest share of people living on less than $3 per day, adjusted for purchasing power.

Rank Country Share of population living below $3 per day (%)
1 🇨🇩 Democratic Republic of Congo 85.3
2 🇲🇿 Mozambique 82.2
3 🇲🇼 Malawi 75.4
4 🇧🇮 Burundi 74.2
5 🇿🇲 Zambia 71.7
6 🇨🇫 Central African Republic 71.6
7 🇳🇪 Niger 60.5
8 🇺🇬 Uganda 59.8
9 🇿🇼 Zimbabwe 49.2
10 🇰🇪 Kenya 46.4
11 🇧🇫 Burkina Faso 42.1
12 🇬🇼 Guinea-Bissau 39.9
13 🇹🇩 Chad 39.5
14 🇪🇹 Ethiopia 38.6
15 🇲🇱 Mali 36.1
16 🇹🇬 Togo 34.7
17 🇧🇯 Benin 27.2
18 🇨🇲 Cameroon 26.7
19 🇽🇰 Kosovo 25.0
20 🇬🇲 Gambia 22.0
21 🇨🇮 Cote d'Ivoire 20.9
22 🇻🇺 Vanuatu 19.5
23 🇸🇳 Senegal 17.9
24 🇭🇳 Honduras 17.0
25 🇸🇾 Syria 16.5
26 🇵🇭 Philippines 11.5
27 🇲🇷 Mauritania 10.2
28 🇬🇹 Guatemala 9.7
29 🇬🇶 Equatorial Guinea 8.8
30 🇧🇩 Bangladesh 8.0

Today, Africa is home to eight countries where more than half of the population lives in extreme poverty led by the DRC, Mozambique, and Malawi.

The post-conflict territory of Kosovo, meanwhile, has the highest level of extreme poverty outside of Africa. Across its population of 1.6 million, one in four live under $3 per day.

In Latin America, Honduras faces the highest levels of extreme poverty, ranking 24th globally. While poverty has declined in recent years, it remains the most unequal country in the region.

When it comes to Asia, the Philippines ranks among the poorest, with about 11% of its 110 million population facing extreme poverty. Although the poverty rate has dropped by nearly two-thirds since 1985, many citizens continue to lack reliable access to electricity, clean water, and education.

Learn More on the Voronoi App

To learn more about this topic, check out this graphic on poverty rates in America by state.

Steve Jobs vs. Tim Cook: How the Tenures of Both Apple CEOs Compare

2025-10-09 01:42:20

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Comparison chart of Apple’s market capitalization and product releases under Steve Jobs and Tim Cook from 1997 to 2025

Compared: Apple Under the Leadership of Steve Jobs and Tim Cook

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

  • Tim Cook has now led Apple longer than Steve Jobs, surpassing 14 years as CEO.
  • Under Cook, Apple’s market cap reached $3.7 trillion.
  • The company’s product strategy evolved from innovation-first to ecosystem expansion and service revenue.

From a scrappy garage startup to the world’s most valuable company, Apple’s journey is closely tied to the legacies of its two most influential CEOs: Steve Jobs and Tim Cook.

This visual, created by Made Visual Daily, compares the two eras side by side. It highlights key milestones, product launches, and the company’s market capitalization growth. The data comes from publicly available sources.

Year CEO Release Category Why it mattered
1998 Jobs iMac G3 Mac Revived Mac line with all-in-one colorful design
1999 Jobs iBook G3 (Clamshell) Mac First consumer laptop with Wi-Fi
2001 Jobs Mac OS X 10.0 (Cheetah) Software First major release of Mac OS X
2001 Jobs iPod (1st gen) Music “1,000 songs in your pocket”
2003 Jobs iTunes Music Store Service Legal per-song downloads at $0.99
2006 Jobs MacBook Pro (1st gen) Mac First Intel-based Mac notebook, replaced PowerBook G4
2007 Jobs iPhone (1st gen) iPhone Touchscreen smartphone
2008 Jobs App Store Platform Opened with ~500 apps
2008 Jobs MacBook Air Mac “World’s thinnest notebook” at launch
2010 Jobs iPad (1st gen) iPad Defined modern tablet category
2011 Jobs iCloud (announced) Service Syncs content across Apple devices
2013 Cook Mac Pro (Late 2013) Mac Radical cylindrical “trash-can” design with dual GPUs
2014 Cook Apple Pay Service NFC mobile payments on iPhone 6/6 Plus
2014 Cook Apple Watch (announced) Wearable Apple’s first smartwatch
2015 Cook Apple Music Service Subscription music streaming
2016 Cook AirPods Audio Truly wireless earbuds
2017 Cook HomePod (1st gen) Audio Smart speaker with Siri and high-fidelity sound
2019 Cook Apple Arcade Service Game subscription service
2019 Cook Apple Card Service Credit card with Goldman Sachs
2019 Cook Apple TV+ Service Original video streaming service
2020 Cook M1 chip / silicon Macs Silicon/Mac Start of Intel→Apple silicon transition
2021 Cook AirTag Accessory Find My network item tracker
2022 Cook Apple Watch Ultra Wearable Rugged, larger display, titanium case
2022 Cook M2 chip Silicon Second-gen Apple silicon
2023 Cook Apple Vision Pro (announced) Spatial First spatial computer
2023 Cook M3 family Silicon 3-nm chips for Macs
2024 Cook Apple Vision Pro (US) Spatial Available Feb 2024 (US)
2024 Cook M4 chip (iPad Pro) Silicon Debuted in new iPad Pro

Under Steve Jobs, Apple’s market cap surged from $2.5 billion to $350 billion, driven by iconic releases like the iMac, iPod, iPhone, and iPad. Meanwhile, Tim Cook has overseen a staggering $3.1 trillion increase in value, with the company reaching $3.7 trillion in 2025, bolstered by services, AirPods, Apple Silicon, and even the Apple Vision Pro.

Jobs: The Product Visionary

Jobs returned to Apple in 1997 during a time of crisis. Over the next 14 years, he delivered breakthrough products that redefined industries—from the original iMac and iPod to the game-changing iPhone and iPad. These weren’t just gadgets—they reshaped how people interact with technology.

The launch of the App Store in 2008 also set the foundation for Apple’s massive software and services ecosystem, now a major profit center for the company.

Cook: The Scaler and Strategist

When Cook took over in 2011, many questioned if Apple could continue innovating. But Cook’s operational acumen allowed the company to scale globally, optimize margins, and diversify revenue streams. Under his leadership, Apple launched the Apple Watch, AirPods, Apple Pay, and custom silicon (M1 chip), while significantly expanding its services segment.

Today, Apple’s ecosystem includes hardware, services, entertainment, and finance. Cook has successfully shepherded the company into new growth areas, helping it weather challenges like supply chain crises and slowing smartphone growth.

The Longevity of Leadership, and the Question of What’s Next

Cook has now led Apple longer than Jobs. His quiet, operational style has proved durable, weathering global disruptions while continuing to expand Apple’s footprint in China, health, and AI.

But with his tenure entering its twilight, attention is turning toward succession. Some analysts point to COO Jeff Williams or SVP of Services Eddy Cue as likely candidates, while others speculate that rising stars like John Ternus or Craig Federighi could take the reins.

As Apple’s next chapter unfolds, the bar remains high: Cook took the world’s most innovative company and turned it into one of its most valuable ones. The next leader will have to chart a path for both growth and reinvention.

As noted in this 2023 CNBC profile, Cook emphasizes collaboration and expects innovation from every level of the company. Whoever takes the reins next will need to balance Apple’s culture of secrecy with a rapidly evolving tech landscape—from AI to augmented reality.

Learn More on the Voronoi App

For how many years was Apple the most valuable company in the U.S. between 1995 to 2025? Find out in this nifty visualization on Voronoi.

Visualized: Where is the Most Natural Gas Production?

2025-10-08 23:41:00

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The following content is sponsored by Shale Crescent USA

Visualized: Where is the Most Natural Gas Production?

Key Takeaways

  • Nine countries account for over 70% of natural gas production.
  • Shale Crescent USA ranks third globally at 369 Bcm/Year across Ohio, West Virginia, and Pennsylvania.
  • Shale Crescent USA’s regional gas abundance can translate into cost, reliability, and siting benefits for manufacturers and energy-intensive operations.

Natural gas production is heavily concentrated in a few countries. Dense and abundant supply significantly influences costs, security, and industrial strategy. As energy demand grows, proximity to energy becomes more critical for manufacturers competing on energy and logistics.

This chart, in partnership with Shale Crescent USA, shows the concentration of global natural gas production in 2024 and the dominance of the top nine producers in supply. Data is from the Energy Institute’s Statistical Review of World Energy and the EIA.

How Global Production Stacks Up

Here is a table that shows global natural gas production in billion cubic meters per year and billion cubic feet per day.

Rank Country 2024 Bcm/y 2024 Bcf/d
1 🇺🇸 U.S. (excl. OH, WV, PA) 664 64
2 🇷🇺 Russia 630 61
3 🇺🇸 Shale Crescent USA 369 36
4 🇮🇷 Iran 263 25
5 🇨🇳 China 248 24
6 🇨🇦 Canada 194 19
7 🇶🇦 Qatar 179 17
8 🇦🇺 Australia 150 15
9 🇸🇦 Saudi Arabia 121 12
10 🇳🇴 Norway 113 11

Output is concentrated, with the U.S. (excluding Ohio, West Virginia, and Pennsylvania) producing 664 Bcm/year, and Russia producing 630 Bcm/year. Shale Crescent USA ranks third at 369 Bcm/year, followed by Iran (263), China (248), Canada (194), Qatar (179), Australia (150), Saudi Arabia (121), and Norway (113).

Together, these nine countries produce over 70% of the global supply. Consequently, reliable supply and energy security are only experienced in a few regions.

The Shale Crescent Abundance

Shale Crescent USA includes the states of Ohio, West Virginia, and Pennsylvania. Because the region sits atop Appalachian reserves and dense midstream infrastructure, manufacturers gain reliable and low-cost access to fuel and feedstock.

Beneath the Shale Crescent, resources are vast. The U.S. Geological Survey estimates the Marcellus and Point Pleasant–Utica formations hold a mean of 214 trillion cubic feet of undiscovered, technically recoverable natural gas—evidence of a durable, long-term supply for the region.

Abundant, stable gas lowers power and feedstock costs; it also shortens supply lines. Therefore, energy‑intensive projects can invest, scale, and operate with greater certainty across the U.S. industrial base.

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Central Banks Now Hold More Gold Than U.S. Treasuries

2025-10-08 22:25:02

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Foreign central banks’ gold now exceeds U.S. Treasuries for the first time since 1996.

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Central Banks Now Hold More Gold Than U.S. Treasuries

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.

Key Takeaways

  • For the first time since 1996, foreign central banks’ gold reserves have overtaken their U.S. Treasury holdings.
  • Persistent gold buying and rising U.S. debt risks are reshaping reserve composition toward hard assets.

Central banks have crossed a symbolic line: their combined gold reserves now exceed their U.S. Treasury holdings for the first time in nearly three decades.

The crossover underscores a gradual diversification away from dollar-denominated securities and toward hard assets.

This visualization tracks how these shares have evolved from the 1970s to today. The data comes from Crescat Capital macro strategist Tavi Costa.

From Petrodollars to De-Dollarization

After the end of Bretton Woods, soaring real interest rates and the rise of the petrodollar steered reserve managers toward U.S. Treasuries through the 1980s and 1990s.

In the 2000s, the dollar’s depth and liquidity reinforced that preference. Since 2022, however, heavy official gold buying has picked up again — 1,136 tonnes in 2022, a record — with 2023 and 2024 maintaining historically strong accumulation. The trend is even more striking considering that nearly one-fifth of all the gold ever mined is now held by central banks.

Date Gold Holdings As a % International Reserves U.S. Treasuries Holdings As a % International Reserves
1/30/1970 48% 13%
1/29/1971 43% 23%
1/31/1972 36% 32%
1/31/1973 39% 31%
1/31/1974 50% 17%
1/31/1975 50% 15%
1/30/1976 44% 18%
1/31/1977 41% 20%
1/31/1978 41% 23%
1/31/1979 44% 18%
1/31/1980 60% 8%
1/30/1981 54% 11%
1/29/1982 51% 13%
1/31/1983 57% 13%
1/31/1984 51% 15%
1/31/1985 46% 17%
1/31/1986 46% 16%
1/30/1987 44% 18%
1/29/1988 41% 19%
1/31/1989 37% 21%
1/31/1990 37% 19%
2/28/1990 36% 20%
1/31/1991 30% 21%
1/31/1992 29% 23%
1/29/1993 27% 23%
1/31/1994 27% 23%
1/31/1995 24% 24%
1/31/1996 23% 28%
1/31/1997 19% 31%
1/30/1998 16% 31%
1/29/1999 15% 31%
1/31/2000 14% 29%
2/29/2000 14% 29%
3/31/2000 14% 29%
4/28/2000 13% 29%
5/31/2000 13% 29%
6/30/2000 14% 28%
7/31/2000 13% 28%
8/31/2000 13% 28%
9/29/2000 13% 28%
10/31/2000 13% 29%
11/30/2000 13% 28%
12/29/2000 13% 28%
1/31/2001 12% 29%
2/28/2001 12% 28%
3/30/2001 12% 29%
4/30/2001 12% 28%
5/31/2001 12% 28%
6/29/2001 12% 28%
7/31/2001 12% 28%
8/31/2001 12% 28%
9/28/2001 13% 27%
10/31/2001 12% 30%
11/30/2001 12% 30%
12/31/2001 12% 30%
1/31/2002 12% 30%
2/28/2002 13% 29%
3/29/2002 13% 29%
4/30/2002 13% 30%
5/31/2002 13% 29%
6/28/2002 12% 28%
7/31/2002 12% 28%
8/30/2002 12% 28%
9/30/2002 12% 28%
10/31/2002 12% 30%
11/29/2002 12% 29%
12/31/2002 13% 28%
1/31/2003 13% 29%
2/28/2003 12% 29%
3/31/2003 12% 29%
4/30/2003 12% 30%
5/30/2003 12% 28%
6/30/2003 11% 28%
7/31/2003 11% 29%
8/29/2003 12% 29%
9/30/2003 12% 28%
10/31/2003 11% 29%
11/28/2003 12% 28%
12/31/2003 12% 28%
1/30/2004 11% 30%
2/27/2004 11% 29%
3/31/2004 11% 29%
4/30/2004 10% 31%
5/31/2004 10% 30%
6/30/2004 10% 30%
7/30/2004 10% 32%
8/31/2004 10% 31%
9/30/2004 11% 31%
10/29/2004 11% 31%
11/30/2004 11% 30%
12/31/2004 10% 29%
1/31/2005 10% 29%
2/28/2005 10% 29%
3/31/2005 9% 28%
4/29/2005 9% 29%
5/31/2005 9% 29%
6/30/2005 9% 28%
7/29/2005 9% 28%
8/31/2005 9% 28%
9/30/2005 10% 28%
10/31/2005 9% 28%
11/30/2005 10% 28%
12/30/2005 10% 27%
1/31/2006 11% 27%
2/28/2006 11% 27%
3/31/2006 11% 27%
4/28/2006 12% 26%
5/31/2006 11% 25%
6/30/2006 11% 25%
7/31/2006 11% 27%
8/31/2006 11% 26%
9/29/2006 10% 26%
10/31/2006 10% 27%
11/30/2006 10% 26%
12/29/2006 10% 26%
1/31/2007 10% 26%
2/28/2007 10% 26%
3/30/2007 10% 25%
4/30/2007 10% 25%
5/31/2007 9% 24%
6/29/2007 9% 24%
7/31/2007 9% 24%
8/31/2007 9% 24%
9/28/2007 10% 23%
10/31/2007 10% 24%
11/30/2007 10% 23%
12/31/2007 10% 23%
1/31/2008 11% 24%
2/29/2008 11% 23%
3/31/2008 10% 23%
4/30/2008 10% 23%
5/30/2008 10% 23%
6/30/2008 10% 22%
7/31/2008 10% 24%
8/29/2008 9% 25%
9/30/2008 9% 24%
10/31/2008 8% 30%
11/28/2008 9% 29%
12/31/2008 10% 29%
1/30/2009 10% 31%
2/27/2009 11% 31%
3/31/2009 10% 31%
4/30/2009 10% 32%
5/29/2009 11% 31%
6/30/2009 10% 30%
7/31/2009 10% 32%
8/31/2009 10% 31%
9/30/2009 10% 31%
10/30/2009 11% 31%
11/30/2009 12% 30%
12/31/2009 11% 30%
1/29/2010 11% 31%
2/26/2010 11% 31%
3/31/2010 11% 31%
4/30/2010 11% 31%
5/31/2010 12% 31%
6/30/2010 12% 31%
7/30/2010 11% 33%
8/31/2010 12% 33%
9/30/2010 12% 31%
10/29/2010 12% 31%
11/30/2010 12% 31%
12/31/2010 12% 31%
1/31/2011 12% 31%
2/28/2011 12% 30%
3/31/2011 12% 30%
4/29/2011 13% 29%
5/31/2011 12% 30%
6/30/2011 12% 29%
7/29/2011 13% 30%
8/31/2011 14% 29%
9/30/2011 13% 30%
10/31/2011 13% 29%
11/30/2011 14% 29%
12/30/2011 13% 30%
1/31/2012 14% 30%
2/29/2012 13% 30%
3/30/2012 13% 30%
4/30/2012 13% 31%
5/31/2012 12% 31%
6/29/2012 13% 31%
7/31/2012 13% 31%
8/31/2012 13% 31%
9/28/2012 13% 30%
10/31/2012 13% 31%
11/30/2012 13% 31%
12/31/2012 13% 31%
1/31/2013 13% 31%
2/28/2013 12% 31%
3/29/2013 12% 31%
4/30/2013 11% 30%
5/31/2013 11% 31%
6/28/2013 10% 32%
7/31/2013 10% 31%
8/30/2013 11% 31%
9/30/2013 10% 31%
10/31/2013 10% 31%
11/29/2013 10% 31%
12/31/2013 9% 31%
1/31/2014 9% 31%
2/28/2014 10% 30%
3/31/2014 10% 30%
4/30/2014 10% 30%
5/30/2014 9% 30%
6/30/2014 10% 30%
7/31/2014 10% 31%
8/29/2014 10% 30%
9/30/2014 9% 31%
10/31/2014 9% 31%
11/28/2014 9% 31%
12/31/2014 9% 31%
1/30/2015 10% 31%
2/27/2015 9% 32%
3/31/2015 9% 32%
4/30/2015 9% 32%
5/29/2015 9% 32%
6/30/2015 9% 32%
7/31/2015 9% 32%
8/31/2015 9% 33%
9/30/2015 9% 33%
10/30/2015 9% 32%
11/30/2015 9% 33%
12/31/2015 9% 33%
1/29/2016 10% 33%
2/29/2016 10% 33%
3/31/2016 10% 32%
4/29/2016 11% 32%
5/31/2016 10% 32%
6/30/2016 11% 32%
7/29/2016 11% 31%
8/31/2016 11% 31%
9/30/2016 11% 31%
10/31/2016 11% 30%
11/30/2016 10% 31%
12/30/2016 10% 31%
1/31/2017 10% 31%
2/28/2017 11% 31%
3/31/2017 11% 31%
4/28/2017 11% 32%
5/31/2017 11% 31%
6/30/2017 10% 31%
7/31/2017 11% 32%
8/31/2017 11% 31%
9/29/2017 11% 31%
10/31/2017 11% 31%
11/30/2017 11% 31%
12/29/2017 11% 30%
1/31/2018 11% 30%
2/28/2018 11% 30%
3/30/2018 11% 30%
4/30/2018 11% 30%
5/31/2018 11% 30%
6/29/2018 10% 30%
7/31/2018 10% 31%
8/31/2018 10% 31%
9/28/2018 10% 31%
10/31/2018 10% 31%
11/30/2018 10% 30%
12/31/2018 11% 30%
1/31/2019 11% 31%
2/28/2019 11% 31%
3/29/2019 11% 31%
4/30/2019 11% 31%
5/31/2019 11% 31%
6/28/2019 11% 30%
7/31/2019 11% 30%
8/30/2019 12% 30%
9/30/2019 12% 30%
10/31/2019 12% 30%
11/29/2019 12% 30%
12/31/2019 12% 29%
1/31/2020 13% 29%
2/28/2020 13% 29%
3/31/2020 13% 30%
4/30/2020 13% 29%
5/29/2020 14% 29%
6/30/2020 14% 29%
7/31/2020 15% 28%
8/31/2020 15% 28%
9/30/2020 14% 28%
10/30/2020 14% 28%
11/30/2020 14% 28%
12/31/2020 14% 27%
1/29/2021 14% 27%
2/26/2021 13% 28%
3/31/2021 13% 28%
4/30/2021 13% 28%
5/31/2021 14% 27%
6/30/2021 13% 28%
7/30/2021 14% 27%
8/31/2021 14% 27%
9/30/2021 13% 27%
10/29/2021 13% 27%
11/30/2021 13% 27%
12/31/2021 14% 27%
1/31/2022 14% 26%
2/28/2022 14% 26%
3/31/2022 15% 26%
4/29/2022 15% 26%
5/31/2022 14% 26%
6/30/2022 14% 27%
7/29/2022 14% 26%
8/31/2022 14% 26%
9/30/2022 14% 27%
10/31/2022 14% 27%
11/30/2022 14% 26%
12/30/2022 15% 26%
1/31/2023 15% 26%
2/28/2023 15% 26%
3/31/2023 15% 25%
4/28/2023 15% 25%
5/31/2023 15% 25%
6/30/2023 15% 26%
7/31/2023 15% 25%
8/31/2023 15% 25%
9/29/2023 15% 25%
10/31/2023 16% 26%
11/30/2023 16% 25%
12/29/2023 16% 25%
1/31/2024 16% 25%
2/29/2024 16% 25%
3/29/2024 17% 25%
4/30/2024 17% 25%
5/31/2024 17% 24%
6/28/2024 17% 24%
7/31/2024 18% 25%
8/30/2024 18% 24%
9/30/2024 19% 24%
10/31/2024 20% 23%
11/29/2024 19% 23%
12/31/2024 19% 23%
1/31/2025 20% 24%
2/28/2025 20% 24%
3/31/2025 22% 23%
4/30/2025 22% 23%
5/30/2025 22% 23%
6/30/2025 24% 23%

As political uncertainty and geopolitical risks continue to fuel safe-haven demand, this purchasing momentum has also lifted prices: gold surpassed $4,000 an ounce for the first time ever in October 2025.

Why “More Gold than Treasuries” Matters

Crossing above Treasuries signals that reserve managers are prioritizing durability, portability, and neutrality over yield.

According to the IMF, gold’s share of global reserves climbed to about 18% in 2024, up sharply from mid-2010s levels, reflecting a structural reweighting toward tangible assets.

Seen as an alternative to heavily indebted fiat currencies, especially the U.S. dollar, the share of gold in central bank reserves has increased most among emerging market economies. China, Russia, and Türkiye have been the largest official buyers over the past decade.

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Ranked: States With the Strongest Public Pensions in 2025

2025-10-08 20:03:20

See this visualization first on the Voronoi app.

Graphic ranking the states with the strongest public pensions in 2025

Use This Visualization

Ranked: States With the Strongest Public Pensions in 2025

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Key Takeaways

  • The funded ratio compares a pension plan’s assets to its liabilities, showing how prepared each state is to meet its future retirement promises.
  • A higher funded ratio means a pension plan has more assets set aside to cover future benefits, making it more financially secure.

Public pension health varies widely across the U.S., and 2025 estimates shows a clear divide between states with strong fiscal management and those still struggling to meet retirement promises.

In this visualization, we rank all 50 states (and D.C.) by the average funded ratio of their local pension plans, which measures how much of their pension obligations are backed by assets.

Data & Discussion

The data for this visualization comes from Equable.

A funded ratio of 100% means a state can fully meet its future pension obligations, while lower ratios indicate potential fiscal challenges that may require increased contributions or benefit adjustments. Pensions with less than 60% funding are classified as “distressed”.

State Percentage Range
Illinois Less than 60%
Kentucky Less than 60%
Mississippi Less than 60%
New Jersey Less than 60%
Connecticut 60% - 70%
Hawaii 60% - 70%
New Mexico 60% - 70%
South Carolina 60% - 70%
Alabama 70% - 80%
Alaska 70% - 80%
Arizona 70% - 80%
Colorado 70% - 80%
Maryland 70% - 80%
Massachusetts 70% - 80%
Montana 70% - 80%
New Hampshire 70% - 80%
North Dakota 70% - 80%
Pennsylvania 70% - 80%
Rhode Island 70% - 80%
Vermont 70% - 80%
Arkansas 80% - 90%
California 80% - 90%
Florida 80% - 90%
Georgia 80% - 90%
Indiana 80% - 90%
Kansas 80% - 90%
Louisiana 80% - 90%
Maine 80% - 90%
Michigan 80% - 90%
Missouri 80% - 90%
Nevada 80% - 90%
North Carolina 80% - 90%
Ohio 80% - 90%
Oklahoma 80% - 90%
Oregon 80% - 90%
Texas 80% - 90%
Virginia 80% - 90%
Wyoming 80% - 90%
DC 90% - 100%
Delaware 90% - 100%
Idaho 90% - 100%
Iowa 90% - 100%
Minnesota 90% - 100%
Nebraska 90% - 100%
New York 90% - 100%
South Dakota 90% - 100%
Tennessee 90% - 100%
Utah 90% - 100%
Washington 90% - 100%
West Virginia 90% - 100%
Wisconsin 90% - 100%

States in Distressed Status

Based on 2025 estimates, four states remain in a distressed status with less than 60% funding: New Jersey, Illinois, Kentucky, and Mississippi.

According to some sources, New Jersey’s pensions have the lowest funded ratios in America due to several factors:

  • Failure to make required payments: The state has regularly fallen behind on making required payments into the system
  • Benefit increases: Past administrations have increased benefits without establishing a concrete plan to fund them
  • Use of borrowing: Pensions have borrowed money to pay for their obligations, creating an additional debt burden

Illinois is also in a dire situation, with Chicago pensions growing their unfunded liabilities from $11 billion in 2001, to $56 billion in 2024.

The Top Three Causes of Unfunded Liabilities

According to Equable, the three primary reasons pensions are falling behind are assumption changes, investment experience, and interest on debt.

Managing pension plans requires a wide range of assumptions about future events: investment returns, mortality rates, workforce turnover, salary growth, inflation, government contributions, and more. There are lots of places where reality may not line up with actuarial expectations.
State of Pensions 2025

For example, in 2023, America’s public pension plans faced a collective $1.3 trillion in unfunded liabilities. Of this amount, 36% was due to “assumption changes”, which refers to adjustments in key actuarial assumptions.

When metrics like life expectancy rise, pension plans must pay their retirees benefits for longer than originally expected.

The second major reason, “investment experience”, accounts for 29% of the $1.3 trillion shortfall. Pension plans have faced high investment return volatility since the Global Financial Crisis, making it difficult to manage cash flows.

Finally, the third major reason is “interest on debt”, representing 22% of the shortfall. Equable reports that America’s public pensions have been underfunded for nearly two decades, and interest payments on debt are growing faster than the member contributions they collect.

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If you enjoyed today’s post, check out Which States Have the Highest Share of Retirement-Age Workers? on Voronoi, the new app from Visual Capitalist.