Many people question whether or not the United State is still the richest nation. The answer is yes, depending on the way this is measured. But other countries around the world are catching up to our wealth, and while the United States is still the richest, other countries are catching up. Why is this? The Great Recession wrecked the U.S. economy, as evident by asking homeowners whose residences have plummeted in value. Or the worker who’s been hunting for a job for months. Just ask the employees nearing retirement who are eyeing their mutual funds nervously as values continue dropping.
It’s true that these are not the greatest of economic times for the United States. And because the recent recession was largely a global one, time are not much better for the world’s other wealthy countries. But developing nations have had some opportunities during this time. Developing Nations Building Their Wealth
Many developing nations are steadily building their wealth. This is undoubtedly a good thing for them as these countries put their wealth back into their own infrastructures. They’re boosting the medical care available to their citizens and improving their schools.
It actually benefits the world to have wealth distributed more evenly across the globe. Even the most ardent of U.S. patriots should understand that. In fact, you could argue that the economic gains that developing countries have made have helped the world recover more quickly from the economic crisis that has so devastated wealthier nations.
Yet this does not mean that everything is good in the world. Many countries across the globe remain devastatingly poor. Citizens in these countries struggle to afford medical care, remain uneducated, and for many, they don’t have enough food to survive.
Wealth Is Still Distributed Too Unevenly Across The Globe.
Fortunately, the numbers suggest that this is changing, even if it is not quickly enough. At least it is changing.
Closing the Wealth Gap
As you can see from the infographic attached to this story, the per capita wealth in the world’s richest countries is a whopping 45 times higher than it is in the poorest of countries. But this number actually represents progress. Just one decade ago, the per capita wealth among the world’s wealthiest countries was 135 times higher than it was in their poorer global neighbors. This is a big change in only 10 years.
The United States still dominates the globe when it comes to wealth, even if it doesn’t feel that way. U.S. residents own 39 percent of the world’s wealth while Western European nations own another 31 percent of the globe’s wealth. These are both impressive figures.
Other parts of the world are now starting to grow their own wealth as well. Eastern European nations have seen their wealth grow more than 16 percent every year since 2000, even though the outlook is not always positive. In Asian and Latin American countries, wealth has risen by more than 12 percent annually during the same period.
And if you think that type of growth is normal, you’re mistaken. In the United States, the average wealth growth since 2000 has only been 3 percent or less. If you live in the United States, this news is not all bad; the world's shrinking wealth gap is a positive matter.