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2025-12-02 02:25:42

How Investors Allocate Their Investments, by Country

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“Home bias” is a common tendency for investors to invest in domestic assets.

This pattern is especially pronounced among U.S. investors—likely influenced by the country’s outsized role in global financial markets. Similarly, Japanese investors heavily concentrate their investments in local assets.

This graphic shows how different countries invest across equities and bonds, based on data from Goldman Sachs Global Investment Research.

Equity Investment Allocation by Country

Below, we show the equity portfolios of countries across U.S. equities, domestic equities, and global equities:

Country	U.S. Equities	Domestic Equities	Rest of World Equities (ex U.S.)
U.S.	78%	N/A	22%
Norway	48%	12%	40%
Canada	45%	49%	6%
Denmark	43%	40%	17%
Australia	37%	33%	30%
Euro Area	36%	46%	18%
United Kingdom	34%	19%	47%
Sweden	31%	50%	19%
New Zealand	27%	53%	20%
Switzerland	26%	32%	42%
Japan	19%	78%	3%

U.S. investors keep 78% of their equity holdings in domestic markets, a share comparable to Japan.

In contrast, many countries allocate a significant portion of their portfolios to U.S. equities, such as Norway (48%) and Canada (45%). Notably, Norwegian investors hold only 12% of their equity allocation in domestic stocks, despite strong average annualized returns of 13.7% since 2020.

UK investors display a similar outward tilt, holding just 19% of their equities at home. This is likely influenced by weak stock market performance and the lingering effects of Brexit. Since 2020, the FTSE 100 has delivered less than 5% in annualized returns.

Bond Investment Allocation by Country

The below table shows how countries illustrate more of a home bias when it comes to bonds:

Country	U.S. Bonds	Domestic Bonds	Rest of World Bonds (ex U.S.)
U.S.	77%	N/A	23%
Norway	28%	19%	53%
Canada	24%	69%	7%
Denmark	5%	65%	30%
Australia	5%	62%	33%
Euro Area	14%	69%	16%
United Kingdom	25%	63%	13%
Sweden	10%	66%	24%
New Zealand	19%	47%	35%
Switzerland	33%	54%	13%
Japan	14%	80%	7%

As we can see, Japanese investors illustrate the strongest home bias, with 80% of fixed income investments held domestically.

Meanwhile, European investors also mirror this trend, with 69% allocated into domestic bonds. Factors such as familiarity and potential tax advantages may influence this trend.

For investors diversifying abroad, Switzerland has the highest allocation in U.S. bonds, at 33%. This is likely influenced by the strength of its currency, and comparatively higher U.S. bond yields given Switzerland’s current 0% interest rate.

Learn More on the Voronoi App

To learn more about this topic, check out this graphic on the $127 trillion dollar global stock market.

2025-12-01 23:28:08

Ranked: G20 Greenhouse Gas Emissions per Capita (1990–2024)

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Greenhouse gas emissions have shifted across the world over the last three decades. The data for this visualization comes from the European Commission’s EDGAR database. It tracks greenhouse gas emissions per capita across the G20 from 1990 through 2024. The dataset accounts for CO₂-equivalent emissions in tonnes per capita. Land use, land-use change, and forestry are not included.

While fossil-fuel-dependent economies continue to rank high, advanced industrial economies in Europe have seen marked declines. Rapidly growing middle-income countries have increased their emissions but remain far below Western levels on a per-capita basis.

Saudi Arabia Tops the Ranking

Saudi Arabia (22.8 tonnes), Australia (22.3 tonnes), Canada (19.8 tonnes), and the United States (17.3 tonnes) remain among the highest per-capita emitters in 2024.

These levels reflect carbon-intensive power systems, large transportation footprints, and high consumption patterns. Russia, a big producer of fossil fuels, completes the top five with 18.02 tonnes per capita.

Rank (2024)	Country (t CO2eq/cap)	1990	2024
1	Saudi Arabia	14.49	22.79
2	Australia	27.03	22.26
3	Canada	21.32	19.76
4	Russia	20.71	18.02
5	United States	24.62	17.34
6	South Korea	7.25	12.83
7	China	3.17	10.81
8	South Africa	10.84	9.31
9	Japan	10.41	8.52
10	Germany	15.62	8.17
11	Argentina	7.73	7.95
12	EU	11.58	7.14
13	Türkiye	4.19	6.76
14	Italy	8.83	6.32
15	Brazil	4.35	5.93
16	France	9.32	5.68
17	United Kingdom	13.61	5.63
18	Mexico	5.16	4.91
19	Indonesia	1.86	4.69
20	India	1.56	3.04

China and Emerging Economies Have Risen, but Still Lag Rich Countries

China’s per-capita emissions increased sharply, rising from 3.17 tonnes in 1990 to 10.81 tonnes in 2024.

Yet even at this level, it remains below the U.S., Canada, Australia, and Saudi Arabia. South Korea and Türkiye also saw significant increases as industrial output expanded. India and Indonesia remain among the lowest emitters on a per-person basis, despite rapid economic growth.

Europe and Japan Show the Steepest Long-Term Declines

Germany cut its per-capita emissions from 15.6 tonnes to 8.2 tonnes, while the UK saw an even larger drop—from 13.6 tonnes to 5.6 tonnes.

France, Italy, and the broader EU also show reductions of roughly 40–50% over the period. These declines reflect shifts toward renewable energy, energy-efficiency mandates, and broader economic transitions away from heavy industry. Japan followed a similar trend, falling from 10.4 tonnes to 8.5 tonnes.

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2025-12-01 21:05:57

Mapped: U.S. Credit Card Delinquency Rates by State (2025)

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The map above highlights how credit card delinquency varies widely across the U.S. in 2025.

These figures represent the share of credit card accounts that became 30 or more days past due from Q1 to Q2. The data for this visualization comes from WalletHub.

Southern States Lead in Delinquencies

The Deep South stands out with the nation’s highest delinquency rates. Mississippi tops the list at 37%, followed by Louisiana at 32% and Alabama at 31%.

These levels are far above the national norm and suggest elevated financial pressures, including lower median incomes and higher reliance on revolving debt. Several neighboring states—Arkansas, Oklahoma, Tennessee, and South Carolina—also exceed 25%.

Midwestern and Northeastern States Remain More Stable

Most states across the Midwest and Northeast report delinquency shares between 15% and 21%. These levels reflect more stable household budgets and stronger credit profiles.

States like Iowa (14%) and Minnesota (19%) show some of the lowest delinquency rates, pointing to higher financial resilience.

Western States Show Mixed Patterns

The Western U.S. presents a more mixed landscape. California, Washington, Utah, and Hawaii all sit near the lower end at around 15%, suggesting relatively healthy consumer finances despite high living costs.

Meanwhile, states like Arizona and Nevada land closer to 19–20% in late payments.

Learn More on the Voronoi App

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2025-12-01 04:12:34

Mapped: Where are America’s Dry Counties?

While the U.S. ended federal Prohibition in 1933, local restrictions on alcohol still persist across the country to this day. As shown in this map, based on work by Wikipedia user Mr. Matté, many counties remain “dry,” banning the sale of alcohol entirely, or “moist,” allowing only limited sales.

Where Alcohol is Still Restricted

The data, crowdsourced from local government sites and media reports, reveals that alcohol restrictions are concentrated in the South, particularly in states like Arkansas, Kentucky, Mississippi, and Tennessee.

Arkansas stands out the most in the map above, with a patchwork of red and orange counties indicating either total bans or partial restrictions on alcohol sales. In fact, the state has long struggled with outdated liquor laws, where even grocery stores in “moist” counties may be prohibited from selling wine or spirits.

Alcohol Status: It’s Complicated

Here’s what the terminology means:

• Dry county: No alcohol sales allowed by law
• Moist county: Alcohol sales are partially restricted (e.g. allowed in restaurants but not in stores)
• Wet county: Alcohol can be sold without county-level restriction

Even within “wet” counties, individual towns may choose to remain dry, and in “dry” counties, specific towns or establishments can apply for exemptions, creating a legal maze for consumers and businesses alike.

Declining Dryness Over Time

According to the National Alcohol Beverage Control Association, the number of dry counties has dropped significantly since the mid-20th century. In Texas, for example, only three dry counties remain.

Nonetheless, the persistence of these regulations reflects longstanding cultural attitudes and the influence of local referenda. While national consumption of spirits is rising, especially in certain states, the map shows that alcohol availability is still very much a local matter.

Learn More on the Voronoi App

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2025-12-01 02:27:47

Visualizing the Global Supply of Gold

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Gold is on a hot streak, up more than 50% to-date despite retreating from October’s record highs of $4,380 per troy ounce.

Driving global demand is the mixture of geopolitical tensions, a weaker U.S. dollar, and sticky inflation. In Q3 2025, central bank purchases were up 28% over the quarter, while inflows of gold-backed ETFs hit $26 billion.

This graphic breaks down the total global supply of gold, both above and below ground, based on data from the World Gold Council.

All of the World’s Above and Below-Ground Gold

As of year-end 2024, the total above-ground stock of gold was 216,265 tonnes. Based on a gold price of $4,166 per troy ounce, all of the world’s mined gold is valued at $29 trillion.

When including identified underground gold, the total reaches 348,375 tonnes. All of the world’s gold together in a sphere would be about 107 feet tall, matching the approximate height of the White House from the south side’s lawn to the top of its flagpole.

The data table below breaks down all of the world’s above and below-ground gold and its value.

The world’s below-ground stock (gold that hasn’t been mined yet) is an estimated 132,110 tonnes, covering reserves and resources. Gold reserves are the part of underground gold resources (identified deposits) that are economically viable to extract at current prices.

Resources are not yet proven to be economically viable to mine and process.

How Much Gold is Left to Mine?

With most of the world’s gold already having been mined, only about 38% of the known gold supply remains underground, identified as reserves and resources.

At 2024’s pace of roughly 3,661 tonnes of gold production a year, that below-ground stock equates to just under four decades of additional output, assuming prices or technological advancements make resources economically feasible to mine in the future.

For investors, that mix of finite physical supply, ongoing central-bank purchases, and rising investment demand helps explain why this 107-foot sphere of gold now represents more than $47 trillion in combined above- and below-ground value at current prices.

Learn More on the Voronoi App

To learn more about where the world’s gold is mined, check out this graphic which breaks down global gold production by region and country.

2025-11-30 23:22:42

Mapped: The Four Major Types of Forests Around the World

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Forests cover nearly one-third of the world’s land area, playing a vital role in storing carbon, supporting biodiversity, and regulating the planet’s climate.

In this graphic, we visualize data from the UN FAO’s 2025 Forest Resources Assessment to map out the four major types of forests: tropical, subtropical, temperate, and boreal.

Tropical Forests Lead All Other Types

Tropical forests represent the largest share of global forest cover, at about 45%. These ecosystems thrive near the equator, in regions like the Amazon Basin, Central Africa, and Southeast Asia.

These are biodiversity hotspots, supporting millions of plant and animal species while also storing massive amounts of carbon.

Despite their ecological importance, tropical forests are under heavy pressure from deforestation, agriculture, and mining. For example, Brazil has lost 2.9 million acres of its tropical forests since 2015, an area equal to the size of Rwanda.

How the World’s Forests Are Used

UN FAO data shows that 29% of forests are primarily used for production, referring to logging and other commercial activities. However, around 36% of global forests are designated for environmental or multiple-use purposes, including biodiversity conservation and water protection.

Objective	Share of total
Production	29
Protection of soil & water	9
Conservation of biodiversity	12
Social services	5
Multiple use	15
Other	7
No designation	4
Unknown	18

Interestingly, nearly one in five forests fall into the “unknown” category, underscoring gaps in global forest monitoring and classification.

Learn More on the Voronoi App

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