2025-12-05 05:45:10
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From Amazon’s massive cloud business to Spotify’s streaming subscriptions, digital exports totaled $4.8 trillion last year.
Not only that, they comprised over two-thirds of global service exports. America’s big tech giants play a major role not only in America’s digital export engine, but in countries like Ireland, where Meta, Google, and other major players base their European headquarters.
This graphic shows the top 30 countries by digitally-delivered exports in 2024, based on data from the World Trade Organization.
Below, we show the leading countries in digitally-delivered services:
| Rank | Country | 2024 Value ($USD) |
|---|---|---|
| 1 |
 U.S. |
$741B |
| 2 |
 UK |
$488B |
| 3 |
 Ireland |
$425B |
| 4 |
 Germany |
$280B |
| 5 |
 India |
$276B |
| 6 |
 China |
$221B |
| 7 |
 Singapore |
$220B |
| 8 |
 Netherlands |
$205B |
| 9 |
 France |
$204B |
| 10 |
 Luxembourg |
$140B |
| 11 |
 Switzerland |
$122B |
| 12 |
 Japan |
$119B |
| 13 |
 Belgium |
$89B |
| 14 |
 Canada |
$84B |
| 15 |
 Sweden |
$82B |
| 16 |
 Spain |
$81B |
| 17 |
 South Korea |
$68B |
| 18 |
 Israel |
$66B |
| 19 |
 Italy |
$65B |
| 20 |
 Poland |
$54B |
| 21 |
 UAE |
$51B |
| 22 |
 Hong Kong |
$49B |
| 23 |
 Denmark |
$39B |
| 24 |
 Austria |
$38B |
| 25 |
 Brazil |
$29B |
| 26 |
 Taiwan |
$29B |
| 27 |
 Finland |
$27B |
| 28 |
 Australia |
$23B |
| 29 |
 Philippines |
$23B |
| 30 |
 Norway |
$22B |
In 2024, U.S. digital exports reached $741 billion, covering 15% of the global total.
While these exports include Meta and Google’s multi-billion dollar ad businesses, they also cover online education, financial activity, and a wide spectrum of services delivered without in-person human interaction.
With $488 billion in exports, the UK stands as another global leader in digital sales. Today, roughly 3.2 million jobs in the country are linked to digital exports, driven by its tech and financial services industries.
As we can see, Ireland ranks third with $425 billion in digitally-delivered exports. Additionally, exports expanded 24% in 2024, the fastest rate across the biggest export nations. In particular, Ireland’s role as a European hub for major tech firms means many regional digital sales are attributed to the country, boosting its role in the global digital economy.
To learn more about this topic, check out this graphic on the world’s biggest exporters of goods.
2025-12-04 23:26:28
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In the first half of 2025, global trade in goods increased 6% year-over-year.
That’s triple the growth seen in the previous period, highlighting how firms are swiftly adapting to trade barriers. Whether or not tariffs will begin to bite into 2026 remains another question.
This graphic shows trade growth by product in 2025, based on data from the World Trade Organization.
Below, we show the year-over-year change in global trade across product categories:
| Product Category | H1 2025 Change vs 2024 | H1 2024 Change vs 2023 |
|---|---|---|
| Agricultural products | 7% | 3% |
| Fuels and mining products | -5% | -5% |
| Manufactures | 9% | 2% |
| Iron and steel | -3% | -6% |
| Chemicals | 10% | 2% |
| Office and telecom equipment | 18% | 9% |
| Automotive products | -1% | -1% |
| Other machinery* | 9% | 0% |
| Textiles | 5% | 0% |
| Clothing | 7% | 2% |
| Total Merchandise | 6% | 2% |
Office and telecommunications equipment—which includes electronics and AI-related infrastructure—surged 18% annually in the first half of 2025.
Notably, this is double the rate seen last year, as AI buildouts, particularly in North America, fueled demand for semiconductors, servers, and related equipment. In fact, trade in AI goods supported about half of global trade growth overall.
As we can see, trade in chemicals expanded 10%, while agricultural and clothing products each rose 7%. Key chemical export markets, such as China and Indonesia, witnessed strong growth. Meanwhile, European chemical manufacturers faced softening demand.
Fuels and mining products, meanwhile, declined 5%. This followed a similar trend seen in 2024, as oil supply gluts and subdued energy prices weighed on trade. This year to-date, the price of West Texas Intermediate crude has sunk about 16% as of December 2.
To learn more about this topic, check out this graphic on the world’s biggest exporters of goods.
2025-12-04 21:12:42
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About one in three U.S. households rents, a ratio that has stayed surprisingly steady over the past six decades.
But with mortgage rates soaring from 2.7% in 2020 to almost 7% today—and home prices continuing to climb—the share of renters has edged up. Today, it takes $121,400 to afford a typical home, or 43% higher than the average salary.
This graphic shows the share of Americans renting versus owning by state, based on data from the U.S. Census Bureau.
As the table below shows, states with the highest share of renters are found in states with high costs of living, led by Washington, D.C. and New York.
| State | Renters Share | Number of Renters |
|---|---|---|
| District of Columbia | 59.1% | 194,851 |
| New York | 45.7% | 3,575,503 |
| California | 44.2% | 6,095,762 |
| Nevada | 39.9% | 494,081 |
| North Dakota | 38.8% | 135,819 |
| Hawaii | 38.4% | 189,125 |
| Texas | 37.7% | 4,314,892 |
| Massachusetts | 37.6% | 1,064,480 |
| Washington | 37.1% | 1,175,739 |
| Oregon | 36.9% | 643,365 |
| Rhode Island | 36.5% | 163,639 |
| New Jersey | 36.1% | 1,279,124 |
| Oklahoma | 34.3% | 550,566 |
| Colorado | 34.1% | 844,547 |
| Georgia | 33.7% | 1,422,323 |
| Alaska | 33.5% | 91,753 |
| Connecticut | 33.3% | 484,999 |
| Nebraska | 33.3% | 274,595 |
| Tennessee | 33.2% | 971,761 |
| North Carolina | 33.2% | 1,491,646 |
| Arkansas | 32.9% | 410,057 |
| Virginia | 32.9% | 1,134,049 |
| Illinois | 32.4% | 1,655,487 |
| Arizona | 32.2% | 961,653 |
| Maryland | 32.2% | 773,227 |
| Wisconsin | 32.0% | 811,672 |
| Ohio | 32.0% | 1,577,508 |
| Florida | 32.0% | 2,921,559 |
| Louisiana | 31.9% | 590,367 |
| Kansas | 31.9% | 384,119 |
| Kentucky | 31.9% | 594,712 |
| South Dakota | 31.7% | 121,224 |
| Missouri | 31.4% | 805,811 |
| Montana | 31.4% | 147,248 |
| Pennsylvania | 30.7% | 1,647,768 |
| Puerto Rico | 30.7% | 381,561 |
| Utah | 30.4% | 360,409 |
| Mississippi | 29.5% | 347,008 |
| Indiana | 29.3% | 812,741 |
| Alabama | 29.0% | 598,257 |
| New Mexico | 28.9% | 247,984 |
| Iowa | 28.7% | 385,209 |
| Minnesota | 28.4% | 671,007 |
| Wyoming | 28.3% | 72,606 |
| Idaho | 28.3% | 212,713 |
| South Carolina | 27.7% | 615,532 |
| New Hampshire | 27.4% | 156,544 |
| Vermont | 26.8% | 76,431 |
| Maine | 26.7% | 164,145 |
| Michigan | 26.5% | 1,096,483 |
| Delaware | 26.2% | 108,115 |
| West Virginia | 24.5% | 181,425 |
Despite residents of Washington, D.C. having the highest average hourly wages nationally— reaching $51.30 in real terms—the number of renters far surpasses that of homeowners.
As a result of limited housing supply, it has one of the most competitive rental markets in the country. High home prices, and an influx of out-of-state residents, notably New York City and Boston, are further putting strain on renters.
Meanwhile, 45.7% of people in New York rent, ranking in second. In the Big Apple, the average monthly rent is $4,100 for a one-bedroom apartment in 2025, rising 22% in the past five years.
California (44.2%), Nevada (39.9%), and North Dakota (38.8%) round out the top five states by share of renters.
In contrast, West Virginia has the smallest share of renters across states, at just 24.5%. Supporting home ownership is its affordability, with the median home sale price standing at $225,506 in Q2 2025, significantly lower than the national median of $410,800.
To learn more about this topic, check out this graphic on rent prices in America by state.
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.
