2025-12-20 00:57:04
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South America is home to some of the world’s fastest-growing and most densely populated urban areas.
This map highlights South America’s most populated cities, showing where people are concentrated and how urban growth varies by country.
The data for this visualization comes from World Population Review (2025).
Brazil stands out as the continent’s urban heavyweight. São Paulo alone approaches 23 million residents, making it not only South America’s largest city but one of the largest in the world. In fact, São Paulo’s population exceeds that of well-known megacities like Mexico City, Moscow, Beijing, and New York.
Rio de Janeiro follows closely, reinforcing Brazil’s central role in the region’s urban landscape.
| Rank | City | Country | Population |
|---|---|---|---|
| 1 | São Paulo |
 Brazil |
22,990,000 |
| 2 | Buenos Aires |
 Argentina |
15,752,300 |
| 3 | Rio de Janeiro |
Brazil |
13,923,200 |
| 4 | Bogota |
 Colombia |
11,795,800 |
| 5 | Lima |
 Peru |
11,517,300 |
| 6 | Santiago |
 Chile |
6,999,460 |
| 7 | Belo Horizonte |
Brazil |
6,351,680 |
| 8 | Brasilia |
Brazil |
4,990,930 |
| 9 | Recife |
Brazil |
4,344,050 |
| 10 | Fortaleza |
Brazil |
4,284,450 |
| 11 | Porto Alegre |
Brazil |
4,268,960 |
| 12 | Medellin |
Colombia |
4,172,810 |
| 13 | Salvador |
Brazil |
4,029,910 |
| 14 | Curitiba |
Brazil |
3,889,140 |
| 15 | Asuncion |
 Paraguay |
3,627,220 |
| 16 | Campinas |
Brazil |
3,491,580 |
| 17 | Guayaquil |
 Ecuador |
3,244,750 |
| 18 | Caracas |
 Venezuela |
3,015,110 |
| 19 | Goiania |
Brazil |
2,927,080 |
| 20 | Cali |
Colombia |
2,916,790 |
| 21 | Belem |
Brazil |
2,453,800 |
| 22 | Manaus |
Brazil |
2,434,640 |
| 23 | Maracaibo |
Venezuela |
2,432,440 |
| 24 | Barranquilla |
Colombia |
2,396,400 |
| 25 | Valencia |
Venezuela |
2,030,790 |
| 26 | Quito |
Ecuador |
2,017,260 |
| 27 | La Paz |
 Bolivia |
1,997,370 |
| 28 | Santa Cruz de la Sierra |
Bolivia |
1,955,356 |
| 29 | Montevideo |
 Uruguay |
1,788,170 |
| 30 | Cordoba |
Argentina |
1,640,600 |
| 31 | Rosario |
Argentina |
1,631,090 |
| 32 | Natal |
Brazil |
1,575,050 |
| 33 | Cochabamba |
Bolivia |
1,460,280 |
| 34 | Joao Pessoa |
Brazil |
1,447,780 |
| 35 | Bucaramanga |
Colombia |
1,411,010 |
| 36 | Maceio |
Brazil |
1,387,920 |
| 37 | Joinville |
Brazil |
1,374,630 |
| 38 | Florianopolis |
Brazil |
1,323,850 |
| 39 | Barquisimeto |
Venezuela |
1,281,730 |
| 40 | Maracay |
Venezuela |
1,270,320 |
| 41 | Mendoza |
Argentina |
1,257,180 |
| 42 | Guarulhos |
Brazil |
1,169,577 |
| 43 | Cartagena |
Colombia |
1,105,540 |
| 44 | Aracaju |
Brazil |
1,081,930 |
| 45 | Teresina |
Brazil |
1,068,550 |
| 46 | San Miguel de Tucuman |
Argentina |
1,051,040 |
| 47 | Valparaiso |
Chile |
1,024,430 |
| 48 | Nova Iguacu |
Brazil |
1,002,118 |
| 49 | Ciudad Guayana |
Venezuela |
991,388 |
| 50 | Arequipa |
Peru |
983,715 |
Beyond these megacities, Brazil places numerous cities throughout the top 50, including Belo Horizonte, Brasília, Recife, and Fortaleza. Population is not concentrated in a single part of the country, with major cities spread from the south near Uruguay to the north near Venezuela.
Argentina, Colombia, and Peru also feature prominently. Buenos Aires ranks second overall, with more than 15 million people, reflecting its status as a political, cultural, and financial hub. Colombia places multiple cities on the list, including Bogotá, Medellín, Cali, and Barranquilla.
These cities serve as national anchors for commerce and transportation. Their growth mirrors broader demographic shifts from rural areas into metropolitan regions across the continent.
While the top five cities dominate by size, many mid-tier cities are rapidly expanding. Places like Santa Cruz de la Sierra, Campinas, and Arequipa illustrate how secondary cities are absorbing population growth as megacities become more saturated.
If you enjoyed today’s post, check out The World’s Safest (and Least Safe) Countries on Voronoi, the new app from Visual Capitalist.
2025-12-19 22:21:21
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The global distribution of billionaire wealth is becoming increasingly concentrated in major urban centers. This infographic ranks the world’s top 20 cities by the number of resident billionaires, offering a snapshot of where extreme wealth is clustered in 2025.
The data for this visualization comes from Forbes, based on Forbes’ annual global rich list.
New York City ranks first by a wide margin, with 109 billionaires calling the city home. Its dominance reflects decades of financial leadership, global capital flows, and a deep concentration of investment firms, real estate wealth, and corporate headquarters.
No other city comes close to this level of billionaire density. Even second-place Hong Kong trails New York by more than 30 individuals, highlighting just how unique the city’s wealth ecosystem is.
| Rank | City | Country | Number of Billionaires |
|---|---|---|---|
| 1 | New York |
 United States |
109 |
| 2 | Hong Kong |
 China (Hong Kong SAR) |
74 |
| 3 | Moscow |
 Russia |
73 |
| 4 | Mumbai |
 India |
69 |
| 5 | Beijing |
China |
63 |
| 6 | London |
 United Kingdom |
62 |
| 7 | Shanghai |
China |
54 |
| 8 | Singapore |
 Singapore |
52 |
| 9 | San Francisco |
United States |
50 |
| 10 | Delhi |
India |
43 |
| 11 | Shenzhen |
China |
37 |
| 12 | Los Angeles |
United States |
35 |
| 13 | Taipei |
 Taiwan |
34 |
| 14 | Hangzhou |
China |
31 |
| 14 | Seoul |
 South Korea |
31 |
| 16 | Paris |
 France |
28 |
| 17 | Tokyo |
 Japan |
27 |
| 18 | Bangkok |
 Thailand |
26 |
| 18 | Milan |
 Italy |
26 |
| 20 | Dallas |
United States |
24 |
Asian cities account for a significant share of the ranking. Hong Kong, Mumbai, Beijing, Shanghai, Singapore, and Shenzhen all place within the top 10. China alone features multiple cities on the list, including Beijing, Shanghai, Shenzhen, Hangzhou, and Guangzhou.
India also stands out with Mumbai and Delhi representing the country’s expanding billionaire class. These cities benefit from rapid economic growth, large domestic markets, and strong technology and manufacturing sectors.
Despite Asia’s rise, traditional wealth centers in Europe and North America remain highly competitive. London, Paris, and Milan continue to host large concentrations of ultra-wealthy residents.
Expanding beyond the top 20, U.S. cities such as Dallas, Chicago, and Palm Beach illustrate how billionaire wealth is distributed across America’s finance, technology, energy, and real estate hubs. Smaller but influential cities like Palo Alto highlight the outsized role of tech-driven wealth creation.
If you enjoyed today’s post, check out How Quality of Life Has Changed in 30 Countries, According to Citizens on Voronoi, the app from Visual Capitalist.
2025-12-19 20:12:11
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This visualization shows the share of people across 25 countries who believe that “most people can be trusted,” offering a snapshot of how trust varies around the world.
The data for this visualization comes from the Pew Research Center. It is based on nationally representative surveys of more than 37,000 adults conducted in early 2025.
Northern European countries dominate the top of the ranking. Sweden leads the list, with 83% of respondents saying most people can be trusted. The Netherlands follows closely at 79%, while Canada and Germany both exceed 70%.
These countries tend to have strong institutions, low corruption, and robust social safety nets. High levels of trust make cooperation easier, reducing friction in economic and civic life.
Several large, high-income economies fall closer to the middle of the distribution. In the United States, 55% of people say most people can be trusted, while 44% say they cannot. The UK, Japan, and South Korea show similar splits, with trust still outweighing distrust, but by narrower margins.
| Country | Can Be Trusted | Cannot Be Trusted | Income Group |
|---|---|---|---|
 Sweden |
83% | 17% | High-income |
 Netherlands |
79% | 20% | High-income |
 Canada |
73% | 26% | High-income |
 Germany |
72% | 27% | High-income |
 Australia |
69% | 31% | High-income |
|
Japan |
65% | 32% | High-income |
|
UK |
64% | 34% | High-income |
|
South Korea |
62% | 37% | High-income |
 Spain |
57% | 41% | High-income |
|
United States |
55% | 44% | High-income |
 Poland |
50% | 48% | High-income |
 Israel |
49% | 43% | High-income |
 Hungary |
46% | 54% | High-income |
 Greece |
45% | 53% | High-income |
|
France |
44% | 54% | High-income |
|
Italy |
43% | 56% | High-income |
 Indonesia |
53% | 47% | Middle-income |
|
India |
38% | 60% | Middle-income |
 Nigeria |
31% | 68% | Middle-income |
|
Argentina |
28% | 71% | Middle-income |
 South Africa |
27% | 72% | Middle-income |
|
Brazil |
22% | 77% | Middle-income |
 Kenya |
20% | 80% | Middle-income |
 Mexico |
18% | 82% | Middle-income |
 Turkey |
14% | 84% | Middle-income |
Trust levels are substantially lower across most middle-income countries in the survey. Turkey ranks last overall, with just 14% saying most people can be trusted. Mexico, Kenya, and Brazil also report trust levels below 25%.
In these countries, respondents are far more likely to say that most people cannot be trusted. Pew notes that lower income levels and less access to education are closely linked to reduced trust. Economic insecurity and weaker institutions may make people more guarded in their interactions.
If you enjoyed today’s post, check out How Quality of Life Has Changed in 30 Countries, According to Citizens on Voronoi, the new app from Visual Capitalist.
2025-12-19 03:21:17
We analyzed over 2,000 predictions from articles, reports, podcasts, and interviews to see what experts are predicting for the coming year. Below, we dig into a few of the top themes.
For the seventh straight year, we’ve sifted through the forecast landscape to bring you the Prediction Consensus, a synthesis of what analysts, thought leaders, and industry experts expect for the year ahead.
This year, we analyzed over 2,000 individual predictions from a wide variety of sources including Morgan Stanley, Goldman Sachs, the IMF, The Economist, Deloitte, Microsoft, Gartner, and dozens more.
By mapping where these forecasts overlap, we’ve distilled the noise into 25 high-conviction themes displayed in our “Bingo Card” format, with the number of dabs reflecting the volume of supporting predictions.
To get the full analysis of the Prediction Consensus and to see what’s ahead for 2026, become a member of VC+ or purchase the full Global Forecast Series report and package.
If 2025 was a year of adjustment—markets recalibrating to higher rates, geopolitics reshuffling around a second Trump administration and tariffs, and AI moving from hype to deployment—then 2026 is shaping up as a year of consolidation and consequence.
The consensus mood is cautiously optimistic but shot through with uncertainty. Morgan Stanley describes 2026 as “The Year of Risk Reboot,” a period where market focus shifts from macro anxieties to micro fundamentals, creating fertile ground for risk assets. The policy backdrop is unusually supportive: fiscal stimulus, continued (if slower) monetary easing, and deregulation form what analysts call a “policy triumvirate” rarely seen outside of recessions.
Yet The Economist strikes a more sober tone, warning that 2026 will be defined by uncertainty as Trump’s reshaping of geopolitical norms continues to ripple worldwide. The old rules-based order is drifting further, and the line between war and peace grows ever more blurred through gray-zone provocations, cyber incursions, and an ambient rivalry between nations.
In short: risk assets may thrive, but the world beneath them remains turbulent.
For the third consecutive year, artificial intelligence dominates the prediction landscape, but the narrative has evolved. Where 2024 forecasts centered on whether AI hype was justified and 2025 focused on deployment at scale, the 2026 conversation is about integration and consequences.
Across industries, AI is moving beyond answering questions to actively collaborating with people and amplifying their expertise.
This is the year of the agentic AI build-out. Deloitte predicts that by year-end 2026, as many as 75% of companies may be investing in agentic AI (autonomous systems that can plan, act, and adapt with limited human oversight). These AI agents are set to become “digital colleagues,” helping small teams punch above their weight. Microsoft envisions a future where a three-person marketing team can launch a global campaign in days, with AI handling data crunching and content generation while humans steer strategy.
After years of anticipation, productivity gains from AI are finally expected to materialize in measurable ways. Morgan Stanley points to AI-driven efficiency as one of six key drivers of their bullish earnings outlook. Software and internet companies are expected to see generative AI revenue grow more than 20-fold over the next three years.
Of course, AI will impact the job market in other ways as well. Professional and knowledge-worker classes that previously felt insulated are now beginning to feel anxiety around job security.
Conveniently, AI also dominates the market story. The consensus is unmistakably bullish, though tempered by valuation concerns and awareness of concentration risks.
Wall Street strategists are clustered in a tight range for year-end 2026 S&P 500 targets:
| Firm | Target | Implied Upside |
|---|---|---|
| Morgan Stanley | 7,800 | 15% |
| JPMorgan | 7,500 | 11% |
| UBS | 7,500 | 11% |
| CFRA | 7,400 | 10% |
| Bank of America | 7,100 | 5% |
The bull case from JPMorgan sees the index potentially topping 8,000 if the Fed eases more than expected. Morgan Stanley calls it their most bullish outlook in years, driven by returning operating leverage, AI efficiency gains, accommodative tax and regulatory policy, and contained interest rates.
Importantly, analysts expect earnings to do the heavy lifting in 2026. Bank of America’s Savita Subramanian projects 14% EPS growth but notes that P/E multiples may actually contract by 10 points, meaning the market climbs a wall of valuation skepticism. Morgan Stanley forecasts S&P 500 EPS of $317 in 2026 (17% growth).
Gold remains a favorite. Morgan Stanley targets $4,500 per ounce—about 9% upside from current levels. The World Gold Council notes that gold achieved over 50 all-time highs in 2025 and may post its fourth-strongest annual return since 1971.
The drivers are structural: central bank buying, geopolitical hedging, and concerns about fiscal sustainability. In a “doom loop” scenario of accelerating fiscal deterioration, gold could surge 15-30% from current levels.
The IMF projects global growth at 3.2% in 2025 and 3.1% in 2026—below the pre-pandemic average of 3.7% but not recessionary. Morgan Stanley expects similar numbers: 3.0% global growth in 2025, 3.2% in 2026 and 2027.
Advanced economies are expected to grow around 1.5-1.6%, while emerging markets hold above 4%. The consensus is a soft landing: growth moderates, inflation continues its gradual descent, and central banks ease policy—but not aggressively.
Central bank policy is expected to continue normalizing. Morgan Stanley’s base case has the Fed cutting to 3.0-3.25% by mid-year and then pausing for an extended period. The BoE is expected to bring rates to 2.75% before pausing. The ECB, facing below-target inflation and sluggish growth, may cut further than markets currently price.
Japan remains the outlier: the only major developed market central bank potentially hiking, with the BoJ expected to reach 0.75% by December before pausing.
Perhaps no theme generates more consensus than this: the tariff regime is here to stay. Trump’s reciprocal tariffs are bringing in close to $300 billion in revenue annually, and while they may face legal challenges (Barclays expects the Supreme Court to deem them illegal), the effective tariff rate has peaked at 12.1%—the highest since 1934.
The economic impact is being absorbed more gracefully than many feared. UBS expects a “soft patch” in early 2026 as tariffs affect U.S. prices, followed by a broadening and strengthening of growth from Q2 onward. But the structural shift is profound: trade may reroute permanently, supply chains are diversifying, and the U.S. is explicitly using tariffs as a tool of economic leverage.
Facing deflation, a property crisis, and slowing domestic growth, China is pivoting to manufacturing and export dominance. The country is positioning itself as a more reliable partner, particularly in the Global South, striking trade agreements as the U.S. retreats from multilateralism.
Morgan Stanley expects China’s real GDP to expand 5% in 2026, helped by front-loaded government support. But the strategy creates global tensions: industrial overcapacity could flood world markets, and tariff battles may intensify.
The Economist warns that Russia and China will test American commitment to allies through “gray-zone” provocations in northern Europe and the South China Sea. Tensions will rise in the Arctic, in orbit, on the sea floor, and in cyberspace.
This “ambient rivalry” short of outright war but beyond normal peacetime friction is expected to accelerate. Great-power competition will increasingly involve space-based intelligence, drone technology, and AI-powered cyber operations.
History teaches humility about forecasting. Previous years have contained unforeseen developments, and there’s no reason to expect 2026 to unfold precisely as consensus expects.
What’s valuable isn’t the specific predictions, but themes where informed observers are concentrating their attention. Examples include the transition from AI experimentation to building out infrastructure to support its widespread use. Or stablecoins becoming mainstream financial instruments.
Some of these themes will prove accurate; others will be derailed by events. But taken together, they sketch the landscape that institutions, investors, and policymakers are navigating as they position for the year ahead.
2025-12-19 00:51:00
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Amid trade shocks and strained geopolitical ties, stock markets in 2025 faced a test of resilience. How long did it take them to recover, and which key moments contributed to market rebounds?
In this graphic, we explore the performance of major stock markets and the milestones that fueled ups and downs throughout the year. It’s the year-end feature of our Markets in a Minute series with Terzo, which delivers quick economic insights for C-suite executives.
Using price return data in each market’s local currency, the table below shows the leaders and laggards in 2025 as of December 17.
Japan led with a 24% return, four percentage points above the UK in second place.
| Market | YTD Return as of Dec. 17, 2025 |
|---|---|
|
Japan |
+24% |
|
UK |
+20% |
 Europe |
+17% |
|
China |
+16% |
|
U.S. |
+14% |
|
India |
+9% |
Source: Yahoo Finance, TradingView. U.S. = S&P 500 Index, Europe = Euro Stoxx 50 Index, China = CSI 300 Index, Japan = Nikkei 225 Index, India = Nifty 50 Index, UK = FTSE 100 Index. The chart uses weekly data.
Meanwhile, the U.S. had a return of 14%, the second lowest compared to other major stock markets in 2025.
On April 2, the Trump administration announced sweeping tariffs to reduce trade deficits and boost American industry. All of the major stock markets saw declines as investors reassessed trade and growth prospects.
If we zoom in to daily data (as opposed to the weekly data shown in the graphic), Japan and Europe were tied for the largest decline. The UK experienced the longest time to recovery.
| Market | Liberation Day Drop | Trading Days to Recovery |
|---|---|---|
|
Europe |
-13% | 21 |
|
Japan |
-13% | 14 |
|
U.S. |
-12% | 18 |
|
UK |
-11% | 27 |
|
China |
-8% | 25 |
|
India |
-4% | 6 |
The drop is measured from the market’s close on April 1—just before the Liberation Day announcement—to its subsequent low. Recovery is defined as the number of days it took to return to the April 1 closing value.
On the other hand, India had the lowest and shortest drop in response to Liberation Day tariffs. Only 12% of India’s economy is dependent on exporting goods, and merchandise exports to the U.S. make up just 2.1% of the country’s GDP.
All major stock markets in 2025 rallied in the wake of Liberation Day.
In Japan, the stock market hit a record high on October 6 after Sanae Takaichi was elected as the leader of the ruling party, putting her on track to become the country’s prime minister. The rally was based on investors’ expectations of stronger government spending and stable monetary policy under Takaichi’s leadership.
The U.S. saw strong gains after reaching a trade agreement with China. American markets were also fueled by rate cuts, earnings growth, and strong consumer spending.
This is a special year-in-review edition of our Markets in a Minute series, which delivers quick economic insights for C-suite executives. Explore the full series for more visual market breakdowns.
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2025-12-18 23:31:56
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.
America commands a significant share of global investment assets, with U.S. equities and bonds accounting for 47% of the world portfolio.
This dominance is driven in part by the S&P 500’s strong long-term performance and the outsized influence of major U.S. tech firms. At the same time, the dollar’s status as the world’s reserve currency underpins demand for U.S. fixed income.
This graphic shows the global portfolio of investable assets, based on data from Goldman Sachs Investment Research.
Below, we show the value of each asset category in 2025:
| Asset Class | 2025 Value |
|---|---|
| U.S. equities | $81.8T |
| Asia equities (ex Japan) | $15.3T |
| Europe equities (ex UK) | $14.1T |
| Japan equities | $6.4T |
| UK equities | $3.8T |
| Other equities | $6.4T |
| U.S. bonds | $41.5T |
| Europe bonds | $28.0T |
| Asia bonds (ex Japan) | $20.3T |
| Other bonds | $6.8T |
| Gold | $15.7T |
| Private markets | $13.1T |
| Real estate | $5.2T |
| Crypto | $2.6T |
| Total | $261T |
Global equities total $127.9 trillion, and the U.S. alone accounts for 64% of global stock market capitalization.
In recent years, AI-driven optimism has pushed U.S. stocks higher, lifting America’s share to its highest level in decades. By comparison, the U.S. represented only about 40% of global equities following the global financial crisis.
Meanwhile, Asia ex-Japan ranks a distant second, representing 12% of global investable assets. Yet within the region, performance has diverged sharply. India’s main stock exchange has generated 16% annualized returns over the past five years, while China’s Shanghai Stock Exchange has returned just 2.8% over the same period.
Turning to fixed income, global bond markets stand at $96.6 trillion. Here again, the U.S. leads with a 43% share, while Europe follows with 29%.
Beyond stocks and bonds, gold stands at $15.7 trillion in value, accounting for 6% of the global portfolio. Cryptocurrencies, meanwhile, remain a small slice of the total, making up 1% of global assets with a market capitalization of $2.6 trillion.
To learn more about this topic, check out this graphic on the world’s biggest stock exchanges.
