The United States is frequently referred to as the richest country on the planet, but is it really, and what does that mean for its residents?
In order to understand how world wealth is analyzed, it’s important to take a look at the people and industries controlling the bulk of wealth, as well as their locations.
When looking at the numbers, the United States is indeed the richest country in the world in terms of monetary value and economic influence.
However, the country also has one of the world’s biggest wealth gaps among its citizens. On the global index, the United States’ wages and standards of living are lower than those of other nations.
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How rich is the United States?
The total wealth of the US is considered to be about $126,340 (in USD billions). The wealth of the United States makes up about 30% of the total wealth in the world, while Northern America as a whole (including Canada but not including Mexico) is considered to make up 33%.
How is national wealth calculated?
The United States is the richest country according to national net worth. This number is the total sum of a nation’s assets (industries, natural resources, technology, trading power, etc.), subtracting its liabilities (debts and recessions, for instance).
National net worth is strongly influenced by world events as well as fluctuating real estate prices and trade rates.
What are the richest industries in the United States?
The bulk of the United States’ wealth comes from industry profits, much of it concerning the health and insurance industries.
The richest industries in the nation are as follows:
Retirement and pension plans – $1.257.9 billion
Health and medical insurance – $1.145.1 billion
Drugs, cosmetics, and toiletries – $1.049.9 billion
Hospitals and healthcare centers – $981 billion
New car retail – $978.7 billion
Life insurance and annuities – $886.7 billion
Pharmaceuticals – $868.8 billion
The United States has far larger profit margins in health-related industries (including pharmaceuticals) than other countries.
This is largely due to the country being the only developed nation (first world status) that does not have a universal healthcare system in place.
When did the United States become the richest country in the world?
The wealth that the United States is known for is a relatively newer occurrence in world history.
It wasn’t until the late 1800s that the country’s growing industrial sector propelled it to world superpower status.
It was at this time, in the late 19th Century, that the richest individuals in the United States (for example, businessmen Andrew Carnegie and J.P. Morgan) also became the wealthiest in the world.
By 1920, the United States had the largest economic output and input, and the population had exploded thanks to an influx of immigration across all class levels.
Continued technological advancements and a strong tendency toward capitalist economics (as opposed to socialist and collective leaning policies) have helped the nation maintain a growing lead.
What are the next wealthiest countries in the world?
The United States has a strong lead when it comes to national net worth with $126,340 in USD BN (United States Dollars in billions).
The next five wealthiest nations in the world are as follows (as of 2022 data):
China – $74,884 USD BN
Japan – $26,931 USD BN
Germany – $18,274 USD BN
United Kingdom – $15,284 USD BN
France – $14,948 USD BN
How much is the US dollar worth compared to other currencies?
Despite being the country with the largest national net worth, the United States’ currency is not the strongest currency in the world as far as exchange rates go.
In the following countries, the US dollar is worth less than one unit of their national currency:
Kuwait – 1 KWD = 3.26 USD
Jordan – 1 JOD = 1.41 USD
Cayman Islands – 1 KYD = 1.21 USD
United Kingdom (and territories) – 1 GBP = 1.25 USD
Three of the five richest people on the planet all live (at least primarily) in the United States and also run their businesses out of US cities.
The top five richest people in the world are as follows:
Elon Musk – $219 billion net worth
Jeff Bezos – $139 billion net worth
Bernard Arnault – $132 billion net worth
Bill Gates – $127 billion net worth
Gautam Adani – $120 billion net worth
How many billionaires live in the United States?
There are 2,668 billionaires in the world (according to 2022 Forbes data). Although most live in Asian and Middle Eastern nations, the United States leads the world on an individual country scale with 735 billionaires.
American billionaires are worth a collective $4.7 trillion.
What are the richest cities in the United States?
While the majority of the nation’s billionaires live in New York City and San Francisco, America’s richest cities are calculated by median income (strongest factor), employment rates, poverty rates, and property values.
With these factors in mind, the richest cities in the nation are:
Southlake, Texas – $240,248 median household income
Los Altos, California – $235,278 median household income
University Park, Texas – $224,485 median household income
McLean, Virginia – $207,184 median household income
Westport, Connecticut – $206,444 median household income
What are the richest US states?
The richest US states by median income are:
Maryland – $86,738 median household income
Massachusetts – $85,843 median household income
New Jersey – $85,751 median household income
Hawaii – $83,102 median household income
California – $80,440 median household income
It’s worth noting that the states with the highest household incomes also tend to have the highest costs of living in the country.
If evaluated in Gross Domestic Product (GDP – the total monetary value of goods and industrial value), the richest state is New York with $93,463 per capita.
What are the poorest US states?
There is a large wealth gap in the United States that continues to grow in the 21st Century, and economic analysts estimate it will continue to widen.
The top five poorest states by median income are all in the southern United States:
Mississippi – $45,792 median household income
West Virginia – $48,850 median household income
Arkansas – $48,952 median household income
Louisiana – $51,073 median household income
Alabama – $71,734 median household income
By GDP, the poorest state is Alabama with a per capita GDP of $49,027.
What is the average income in the United States?
Salaries fluctuate frequently in the United States, but averages tend to creep up slowly over time.
As of 2022, someone who is employed and working full-time in the country earns an average of $94,700 USD per year.
This is calculated from full-time salary averages across the nation that range from $24,000 to $423,000 USD (these are only the highest and lowest averages, and the actual extremes go beyond them).
How many people are living in poverty in the United States?
There are still many people living below the poverty line in the world’s richest nation, and the number tends to rise with every economic recession.
According to 2022 Census data, there are about 40 million people living in poverty in the United States.
The number rose by more than 3 million since 2019, the first rise in the country after five consecutive years of falling rates.
