2026-01-14 02:21:12
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Investment performance can vary widely depending on the time period analyzed. While equities and gold have delivered strong returns in recent years, bonds and some alternative assets have lagged, especially in the post-pandemic era of rising interest rates.
This graphic breaks down annualized returns and volatility across major asset classes over three distinct periods: long-term (1990–2025), mid-term (2010–2025), and the most recent cycle (2020–2025), using data from Goldman Sachs. Global equities and private markets exclude real estate, and data is as of September 2025.
Understanding volatility: Volatility measures how much an investment’s returns fluctuate year to year. For example, a volatility of 10% implies that returns typically move about 10 percentage points above or below the average in a given year. While higher volatility often accompanies higher returns, it also increases the risk of short-term losses.Over the past 35 years, risk assets have significantly outperformed safer alternatives.
| Asset Class | 1990–2025 Return (per annum) | Volatility |
|---|---|---|
| Global equities | 8.1% | 14.7% |
| Global sovereign bonds | 4.3% | 5.8% |
| Corporate bonds | 5.6% | 5.3% |
| Gold | 6.7% | 15.4% |
| Private markets | 10.5% | 21.3% |
| Real estate | 5.7% | 15.1% |
Private markets delivered the strongest annualized returns at 10.5%, although this came with substantial volatility of over 21%. Global equities also performed well, averaging just over 8% annually.
Bonds offered more modest but stable returns, while gold provided diversification benefits with mid-range returns and high volatility.
The period following the Global Financial Crisis was marked by low interest rates and strong equity performance.
| Asset Class | 2010–2025 Return (per annum) | Volatility |
|---|---|---|
| Global equities | 10.5% | 14.4% |
| Global sovereign bonds | 0.9% | 5.2% |
| Corporate bonds | 3.1% | 5.1% |
| Gold | 8.6% | 15.2% |
| Private markets | 9.4% | 22.3% |
| Real estate | 6.6% | 14.0% |
Global equities saw annualized returns rise to 10.5%, while private markets continued to outperform public assets.
In contrast, sovereign bonds struggled as yields compressed, delivering less than 1% annual returns. Gold remained resilient during this era, with prices rising sharply from 2009 to 2012, before falling and stabilizing.
The most recent five-year period highlights a sharp divergence across asset classes.
| Asset Class | 2020–2025 Return (per annum) | Volatility |
|---|---|---|
| Global equities | 12.5% | 16.8% |
| Global sovereign bonds | -1.1% | 5.8% |
| Corporate bonds | 1.3% | 6.3% |
| Gold | 18.4% | 15.4% |
| Private markets | 7.7% | 26.9% |
| Real estate | 1.9% | 17.2% |
Global equities delivered strong returns following the 2020 crash, despite market volatility.
Meanwhile, gold has been the best-performing asset amid rising inflation, geopolitical risks, and elevated interest rates, with prices hitting all-time highs twice since 2020.
Bonds experienced negative real and nominal performance as rapid interest rate hikes eroded prices. Rising inflation and high sovereign debt levels have put downward pressure on sovereign bond prices.
Furthermore, real estate has seen relatively low returns relative to medium- and long-term periods, with high mortgage rates dampening the demand for housing in many major markets.
If you found this infographic interesting, explore more investing and market insights on Voronoi, including The Ups and Downs of Global Markets in 2025
2026-01-14 00:45:00
Levels of economic development differ not only from one country to another, but also dramatically within their own borders.
This visualization, created in partnership with Hinrich Foundation, compares the evenness of economic development within countries, using data from the Fund for Peace.
The analysis comes from the 2025 Sustainable Trade Index (STI), which the Hinrich Foundation produced in collaboration with the IMD World Competitiveness Center.
The Uneven Economic Development Indicator captures both structural and perceived inequalities across groups, focusing on their relative opportunities to improve economic well-being. It serves as a sub-indicator within the Economics category of the Fragile States Index, developed by the Fund for Peace.
This measure examines three core dimensions: economic equality, access to opportunity, and socio-economic dynamics. Economies that demonstrate more balanced and inclusive development tend to score lower on the indicator, reflecting greater stability and resilience.
Canada, New Zealand, and Australia take the lead when it comes to economic evenness. Their strong performance on the Uneven Economic Development indicator stems from robust social safety nets, high levels of human development, and policies designed to redistribute wealth more equitably.
| Rank | Country | Uneven Economic Development (score) | Uneven Economic Development (index) |
|---|---|---|---|
| 1 |
 Canada |
100.0 | 2.5 |
| 2 |
 New Zealand |
94.4 | 2.8 |
| 3 |
 Australia |
92.6 | 2.9 |
| 4 |
 South Korea |
88.9 | 3.1 |
| 5 |
 Japan |
87.0 | 3.2 |
| 6 |
 United Kingdom |
79.6 | 3.6 |
| 6 |
 Vietnam |
79.6 | 3.6 |
| 8 |
 Malaysia |
75.9 | 3.8 |
| 9 |
 Singapore |
74.1 | 3.9 |
| 9 |
 United States |
74.1 | 3.9 |
| 11 |
 Thailand |
72.2 | 4.0 |
| 12 |
 Indonesia |
68.5 | 4.2 |
| 13 |
 Chile |
59.3 | 4.7 |
| 14 |
 Philippines |
57.4 | 4.8 |
| 15 |
 Pakistan |
53.7 | 5.0 |
| 16 |
 Russia |
51.9 | 5.1 |
| 17 |
 Laos |
50.0 | 5.2 |
| 18 |
 India |
40.7 | 5.7 |
| 19 |
 Bangladesh |
38.9 | 5.8 |
| 19 |
 Mexico |
38.9 | 5.8 |
| 21 |
 Peru |
37.0 | 5.9 |
| 22 |
 Ecuador |
35.2 | 6.0 |
| 23 |
 Sri Lanka |
33.3 | 6.1 |
| 24 |
 China |
31.5 | 6.2 |
| 25 |
 Cambodia |
29.6 | 6.3 |
| 26 |
 Brunei |
18.5 | 6.9 |
| 27 |
 Myanmar |
13.0 | 7.2 |
| 28 |
 Papua New Guinea |
0.0 | 7.9 |
Rounding out the top five are South Korea and Japan, while the United States places further down the list at #9.
In contrast, emerging markets tend to struggle with balanced economic growth. The lowest-ranked countries on this indicator are Papua New Guinea, Myanmar, Brunei, Cambodia, and China—highlighting the challenges these economies face in achieving more even distribution of wealth and opportunity.
This infographic was just a small subset of what the Sustainable Trade Index has to offer. To learn more, visit the Hinrich Foundation, where you can download additional resources including the entire report for free.
Visit the Hinrich Foundation to download the entire report, for free.
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2026-01-13 23:19:33
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Long commutes are a defining feature of life in many U.S. metro areas, where housing affordability, traffic congestion, and job concentration push workers farther from employment hubs.
This map shows the share of commuters in each U.S. state with a one-way commute longer than 60 minutes, using data from the U.S. Census Bureau’s American Community Survey (ACS) 2024 1-Year Estimates.
The longest commutes are heavily concentrated in the Northeast, where dense populations and interconnected metro areas make extended travel times more common. New York leads, with 17.2% of commuters traveling more than an hour each way.
The table below ranks states by the share of commuters with hour-long commutes:
| Rank | Name | Share of commuters with >60 minute commute |
|---|---|---|
| 1 | New York | 17.2% |
| 2 | New Jersey | 15.2% |
| 3 | Maryland | 14.5% |
| 4 | Massachusetts | 13.3% |
| 5 | California | 12.1% |
| 6 | Georgia | 11.3% |
| 7 | Illinois | 10.4% |
| 8 | New Hampshire | 10.0% |
| 9 | Virginia | 10.0% |
| 10 | West Virginia | 9.8% |
| 11 | Florida | 9.6% |
| 12 | Washington | 9.3% |
| 13 | Connecticut | 9.2% |
| 14 | Texas | 9.1% |
| 15 | District of Columbia | 8.9% |
| 16 | Delaware | 8.8% |
| 17 | Pennsylvania | 8.8% |
| 18 | Rhode Island | 8.6% |
| 19 | Louisiana | 8.5% |
| 20 | Hawaii | 8.5% |
| 21 | South Carolina | 7.8% |
| 22 | Mississippi | 7.7% |
| 23 | Tennessee | 7.7% |
| 24 | Wyoming | 7.4% |
| 25 | Arizona | 7.4% |
| 26 | Alabama | 7.2% |
| 27 | Maine | 7.2% |
| 28 | Colorado | 7.1% |
| 29 | New Mexico | 7.0% |
| 30 | North Carolina | 6.9% |
| 31 | Kentucky | 6.5% |
| 32 | Vermont | 6.4% |
| 33 | Indiana | 6.3% |
| 34 | Michigan | 6.1% |
| 35 | Oregon | 5.9% |
| 36 | Nevada | 5.9% |
| 37 | Missouri | 5.6% |
| 38 | Idaho | 5.6% |
| 39 | Arkansas | 5.6% |
| 40 | Utah | 5.5% |
| 41 | Ohio | 5.3% |
| 42 | Alaska | 5.2% |
| 43 | Oklahoma | 5.1% |
| 44 | Wisconsin | 5.1% |
| 45 | Montana | 5.0% |
| 46 | Minnesota | 4.9% |
| 47 | Iowa | 4.5% |
| 48 | South Dakota | 4.4% |
| 49 | North Dakota | 4.3% |
| 50 | Kansas | 4.0% |
| 51 | Nebraska | 4.0% |
| -- | National Average | 9.3% |
New Jersey (15.2%) and Maryland (14.5%) follow New York, both shaped by commuter flows into major job centers like New York City and Washington, D.C.
Massachusetts (13.3%) and California (12.1%) round out the top five, reflecting congestion in large metro regions such as Greater Boston and the Bay Area/Los Angeles corridors.
Generally, commutes are longer in states with high population density because jobs are often concentrated in a handful of major urban cores, while housing spreads outward into suburbs and exurbs. As traffic increases and public transit systems strain, commute times rise.
However, density isn’t the only factor. Rhode Island is a useful counterexample: despite having the second-highest population density in the country, its small geographic footprint helps limit commute lengths, with only 8.6% of commuters traveling more than an hour.
At the low end of the ranking, Great Plains states such as Nebraska (4.0%), Kansas (4.0%), and North Dakota (4.3%) have the smallest shares of long commuters, reflecting smaller metro areas and lower congestion.
If you enjoyed today’s post, explore more city and transportation insights on Voronoi, including The World’s Most Walkable Cities.
2026-01-13 21:03:57
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Affordability remains a potent issue in America, with both Trump and Mamdami campaigning on high costs of living.
Even though inflation has fallen to around 2.7%, prices are about 25% higher than in 2020. Meanwhile, certain sectors, like housing and healthcare, have far outpaced this rate, putting growing strain on consumer wallets.
This graphic shows U.S. inflation by category, based on data from the Bureau of Labor Statistics.
The chart was inspired by Mark J. Perry’s famous “Chart of the Century”, which you should also take a look at.
Note: The BLS calculates CPI by tracking price changes for a fixed “basket” of goods, adjusting for quality improvements over time. For tech products, rapid gains in performance mean consumers get far more value per dollar, which shows up as large price declines even if sticker prices don’t fall.Below, we show the cumulative rate of inflation across key goods and services between 2000 and September 2025.
| Category | Consumer Price Inflation 2000-2025 |
|---|---|
 Hospital Services |
+275% |
 College Tuition & Fees |
+196% |
 Child Care |
+185% |
 Medical Care |
+129% |
 Housing |
+111% |
 Food & Beverages |
+104% |
 New & Used Vehicles |
+25% |
 Furniture |
+9% |
 Clothing |
+2% |
 Cellphone Services |
-43% |
 Toys |
-74% |
 Computer Software |
-75% |
 TVs |
-98% |
 All U.S. Items |
+92% |
Hospital services have consistently outpaced inflation over the past several decades, with costs rising a stunning 275% since 2000.
For perspective, hospital services increased 6.9% annually as of June 2024, faster than nursing homes (6%), prescription drugs (2.4%), and overall inflation (3%). Today, nearly one in five dollars spent in the U.S. economy goes toward health care, up from one in 20 in 1960.
More broadly, prices for essential services have significantly outpaced overall inflation, fueled by consolidation and labor-intensive operations.
College tuition and fees have also skyrocketed, rising 196% since 2000. Driving up costs are the hiring of more faculty and increased spending to attract students. Additionally, state funding has seen a long-term downtrend, meaning that colleges must rely more on tuition.
As we can see, housing inflation has jumped 111% compared to a 92% increase for all U.S. items. When interest rates hovered near 0% in 2020, it turbocharged housing demand, leading prices to spike to multiple record highs, even as interest rates increased.
Interestingly, we can see that new and used vehicle inflation is far below the overall inflation rate, at 25%, averaging an annual increase of less than a percent. Like the housing market, however, prices increased notably over the pandemic amid supply chain bottlenecks.
On the other hand, software has seen a clear deflationary trend, driven by the rise of cloud computing and subscription models. Furthermore, TV prices are 98% cheaper than they were at the turn of the century, thanks to technological advancements and rising manufacturing efficiency.
To learn more about this topic, check out this graphic on inflation projections across OECD countries in 2026.
2026-01-13 02:50:01
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.
Africa is the world’s fastest-urbanizing continent, with hundreds of millions of people expected to move into cities over the coming decades.
This rapid growth has already produced some of the world’s largest metro areas, driven by population growth, rural-to-urban migration, and expanding economic opportunities.
This map ranks Africa’s 50 most populous cities in 2025, based on data from the UN World Urbanization Prospects 2025.
Cairo, officially known as Al-Qahirah, is Africa’s most populous city with 25.6 million residents. Egypt’s capital is not only Africa’s largest city, but also ranks among the largest cities in the world.
The table below lists 50 of Africa’s most populous cities in 2025:
| Rank | Country | City | 2025 Population |
|---|---|---|---|
| 1 |
 Egypt |
Al-Qahirah (Cairo) | 25,566,000 |
| 2 |
 Nigeria |
Lagos | 12,792,000 |
| 3 |
 Angola |
Luanda | 11,370,000 |
| 4 |
 DR Congo |
Kinshasa | 10,944,000 |
| 5 |
 Tanzania |
Dar es Salaam | 7,795,000 |
| 6 |
Egypt |
Alexandria | 7,267,000 |
| 7 |
 South Africa |
Johannesburg | 7,077,000 |
| 8 |
 Sudan |
Khartoum | 6,809,000 |
| 9 |
 Ethiopia |
Addis Ababa | 6,706,000 |
| 10 |
 Côte d’Ivoire |
Abidjan | 6,622,000 |
| 11 |
 Kenya |
Nairobi | 6,134,000 |
| 12 |
Nigeria |
Onitsha | 5,628,000 |
| 13 |
 Ghana |
Accra | 5,593,000 |
| 14 |
 Cameroon |
Yaoundé | 5,106,000 |
| 15 |
 Uganda |
Kampala | 4,881,000 |
| 16 |
Nigeria |
Kano | 4,840,000 |
| 17 |
South Africa |
Cape Town | 4,509,000 |
| 18 |
 Morocco |
Casablanca | 4,457,000 |
| 19 |
 Somalia |
Mogadishu | 4,399,000 |
| 20 |
Ghana |
Kumasi | 4,298,000 |
| 21 |
 Mali |
Bamako | 4,245,000 |
| 22 |
Egypt |
Luxor | 4,188,000 |
| 23 |
Cameroon |
Douala | 4,105,000 |
| 24 |
 Madagascar |
Antananarivo | 3,916,000 |
| 25 |
 Senegal |
Dakar | 3,852,000 |
| 26 |
Nigeria |
Owerri | 3,833,000 |
| 27 |
Nigeria |
Ibadan | 3,721,000 |
| 28 |
 Republic of the Congo |
Brazzaville | 3,656,000 |
| 29 |
DR Congo |
Kasaï-Oriental | 3,606,000 |
| 30 |
 Zambia |
Lusaka | 3,511,000 |
| 31 |
 Algeria |
Algiers | 3,246,000 |
| 32 |
 Burkina Faso |
Ouagadougou | 3,206,000 |
| 33 |
South Africa |
Durban | 3,178,000 |
| 34 |
 Mozambique |
Maputo | 3,166,000 |
| 35 |
DR Congo |
Lubumbashi | 2,833,000 |
| 36 |
 Guinea |
Conakry (Coyah) | 2,728,000 |
| 37 |
 Benin |
Cotonou | 2,506,000 |
| 38 |
 Tunisia |
Tunis | 2,473,000 |
| 39 |
 Togo |
Lomé | 2,415,000 |
| 40 |
Nigeria |
Port Harcourt | 2,341,000 |
| 41 |
 Zimbabwe |
Harare | 2,117,000 |
| 42 |
Egypt |
Banha | 2,089,000 |
| 43 |
Morocco |
Rabat | 2,069,000 |
| 44 |
 Sierra Leone |
Freetown | 1,936,000 |
| 45 |
 Chad |
N’Djaména | 1,935,000 |
| 46 |
DR Congo |
Beni | 1,924,000 |
| 47 |
Nigeria |
Kaduna | 1,890,000 |
| 48 |
 Liberia |
Monrovia | 1,879,000 |
| 49 |
Nigeria |
Benin City | 1,845,000 |
| 50 |
South Africa |
Pretoria | 1,836,000 |
Nigeria’s Lagos ranks second with nearly 12.8 million residents, followed closely by Luanda in Angola and Kinshasa in the Democratic Republic of the Congo. These cities have expanded rapidly due to high birth rates and sustained migration from rural areas.
Nigeria, the continent’s most populous nation, appears nine times in the top 50. Egypt follows with four cities, while South Africa has four major metropolitan areas, including Johannesburg, Cape Town, Durban, and Pretoria.
East Africa also features prominently, with Dar es Salaam, Addis Ababa, Nairobi, and Kampala all ranking among the continent’s largest cities. Many of Africa’s urban areas are projected to double in size within the next 25 years.
If you enjoyed today’s post, check out The True Size of Africa on Voronoi.
2026-01-13 01:11:00
As U.S. trade policy shifts under President Trump, global exporters are facing a more uneven competitive landscape. This visualization, created in partnership with OANDA, explores which countries are winning versus losing in this period of economic uncertainty.
Changes to tariffs and trade agreements mean countries are no longer operating under the same conditions when accessing the U.S. market. This visual compares countries based on their tariff exposure relative to key competitors, highlighting which exporters are gaining an advantage and which are falling behind as commerce dynamics evolve.
After a volatile start to 2025, several countries now stand out as relative winners. Mexico and Canada benefit from geographic proximity and established trade frameworks, while the UK, Singapore, and Italy have also emerged with more favorable tariff positioning.
| Country | Relative Advantage (%) |
|---|---|
|
Mexico |
17.4 |
|
Canada |
6.1 |
|
UK |
5.1 |
|
Singapore |
3.6 |
 Italy |
5.1 |
For exporters in these countries, improved access to the U.S. market is often associated with the potential for stronger trade volumes and firmer demand. These shifting dynamics create an environment that has historically supported capital flows and acted as a tailwind for respective currencies.
On the other side of the ledger, a group of major exporters is facing growing disadvantages. China continues to contend with elevated tariffs and ongoing trade tensions, while India and Brazil face higher relative exposure compared to peers. Switzerland and South Korea also appear less favorably positioned, potentially weighing on export competitiveness.
| Country | Relative Disadvantage (%) |
|---|---|
|
China |
-19.4 |
|
India |
-19.4 |
 Brazil |
-16.6 |
 Switzerland |
-6.9 |
|
South Korea |
-5.5 |
For these economies, higher commerce barriers represent a significant challenge that can weigh on export growth and corporate earnings. In the current landscape, these factors are being monitored for their potential to increase pressure on foreign exchange markets.
For traders and investors, these divergences highlight the evolving conditions within the global marketplace, as trade policy remains a key driver of capital and currency flows.
Note: Past performance is not indicative of future results.
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