Countries by Share of the Global Economy
As 2022 comes to a close we can recap many historic milestones of the year, like the Earth’s population hitting 8 billion and the global economy surpassing $100 trillion.
In this chart, we visualize the world’s GDP using data from the IMF, showcasing the biggest economies and the share of global economic activity that they make up.
ℹ️ Gross Domestic Product (GDP) is a broad indicator of the economic activity within a country. It measures the total value of economic output—goods and services—produced within a given time frame by both the private and public sectors.
The GDP Heavyweights
The global economy can be thought of as a pie, with the size of each slice representing the share of global GDP contributed by each country. Currently, the largest slices of the pie are held by the United States, China, Japan, Germany, and India, which together account for more than half of global GDP.
Here’s a look at every country’s share of the world’s $101.6 trillion economy:
| Rank | Country | GDP (Billions, USD) |
|---|---|---|
| #1 | 🇺🇸 United States | $25,035.2 |
| #2 | 🇨🇳 China | $18,321.2 |
| #3 | 🇯🇵 Japan | $4,300.6 |
| #4 | 🇩🇪 Germany | $4,031.1 |
| #5 | 🇮🇳 India | $3,468.6 |
| #6 | 🇬🇧 United Kingdom | $3,198.5 |
| #7 | 🇫🇷 France | $2,778.1 |
| #8 | 🇨🇦 Canada | $2,200.4 |
| #9 | 🇷🇺 Russia | $2,133.1 |
| #10 | 🇮🇹 Italy | $1,997.0 |
| #11 | 🇮🇷 Iran | $1,973.7 |
| #12 | 🇧🇷 Brazil | $1,894.7 |
| #13 | 🇰🇷 South Korea | $1,734.2 |
| #14 | 🇦🇺 Australia | $1,724.8 |
| #15 | 🇲🇽 Mexico | $1,424.5 |
| #16 | 🇪🇸 Spain | $1,389.9 |
| #17 | 🇮🇩 Indonesia | $1,289.4 |
| #18 | 🇸🇦 Saudi Arabia | $1,010.6 |
| #19 | 🇳🇱 Netherlands | $990.6 |
| #20 | 🇹🇷 Turkey | $853.5 |
| #21 | 🇹🇼 Taiwan | $828.7 |
| #22 | 🇨🇭 Switzerland | $807.4 |
| #23 | 🇵🇱 Poland | $716.3 |
| #24 | 🇦🇷 Argentina | $630.7 |
| #25 | 🇸🇪 Sweden | $603.9 |
| #26 | 🇧🇪 Belgium | $589.5 |
| #27 | 🇹🇭 Thailand | $534.8 |
| #28 | 🇮🇱 Israel | $527.2 |
| #29 | 🇮🇪 Ireland | $519.8 |
| #30 | 🇳🇴 Norway | $504.7 |
| #31 | 🇳🇬 Nigeria | $504.2 |
| #32 | 🇦🇪 United Arab Emirates | $503.9 |
| #33 | 🇪🇬 Egypt | $469.1 |
| #34 | 🇦🇹 Austria | $468.0 |
| #35 | 🇧🇩 Bangladesh | $460.8 |
| #36 | 🇲🇾 Malaysia | $434.1 |
| #37 | 🇸🇬 Singapore | $423.6 |
| #38 | 🇻🇳 Vietnam | $413.8 |
| #39 | 🇿🇦 South Africa | $411.5 |
| #40 | 🇵🇭 Philippines | $401.7 |
| #41 | 🇩🇰 Denmark | $386.7 |
| #42 | 🇵🇰 Pakistan | $376.5 |
| #43 | 🇭🇰 Hong Kong SAR | $368.4 |
| #44 | 🇨🇴 Colombia | $342.9 |
| #45 | 🇨🇱 Chile | $310.9 |
| #46 | 🇷🇴 Romania | $299.9 |
| #47 | 🇨🇿 Czech Republic | $295.6 |
| #48 | 🇮🇶 Iraq | $282.9 |
| #49 | 🇫🇮 Finland | $281.4 |
| #50 | 🇵🇹 Portugal | $255.9 |
| #51 | 🇳🇿 New Zealand | $242.7 |
| #52 | 🇵🇪 Peru | $239.3 |
| #53 | 🇰🇿 Kazakhstan | $224.3 |
| #54 | 🇬🇷 Greece | $222.0 |
| #55 | 🇶🇦 Qatar | $221.4 |
| #56 | 🇩🇿 Algeria | $187.2 |
| #57 | 🇭🇺 Hungary | $184.7 |
| #58 | 🇰🇼 Kuwait | $183.6 |
| #59 | 🇲🇦 Morocco | $142.9 |
| #60 | 🇦🇴 Angola | $124.8 |
| #61 | 🇵🇷 Puerto Rico | $118.7 |
| #62 | 🇪🇨 Ecuador | $115.5 |
| #63 | 🇰🇪 Kenya | $114.9 |
| #64 | 🇸🇰 Slovakia | $112.4 |
| #65 | 🇩🇴 Dominican Republic | $112.4 |
| #66 | 🇪🇹 Ethiopia | $111.2 |
| #67 | 🇴🇲 Oman | $109.0 |
| #68 | 🇬🇹 Guatemala | $91.3 |
| #69 | 🇧🇬 Bulgaria | $85.0 |
| #70 | 🇱🇺 Luxembourg | $82.2 |
| #71 | 🇻🇪 Venezuela | $82.1 |
| #72 | 🇧🇾 Belarus | $79.7 |
| #73 | 🇺🇿 Uzbekistan | $79.1 |
| #74 | 🇹🇿 Tanzania | $76.6 |
| #75 | 🇬🇭 Ghana | $76.0 |
| #76 | 🇹🇲 Turkmenistan | $74.4 |
| #77 | 🇱🇰 Sri Lanka | $73.7 |
| #78 | 🇺🇾 Uruguay | $71.2 |
| #79 | 🇵🇦 Panama | $71.1 |
| #80 | 🇦🇿 Azerbaijan | $70.1 |
| #81 | 🇭🇷 Croatia | $69.4 |
| #82 | 🇨🇮 Côte d'Ivoire | $68.6 |
| #83 | 🇨🇷 Costa Rica | $68.5 |
| #84 | 🇱🇹 Lithuania | $68.0 |
| #85 | 🇨🇩 Democratic Republic of the Congo | $63.9 |
| #86 | 🇷🇸 Serbia | $62.7 |
| #87 | 🇸🇮 Slovenia | $62.2 |
| #88 | 🇲🇲 Myanmar | $59.5 |
| #89 | 🇺🇬 Uganda | $48.4 |
| #90 | 🇯🇴 Jordan | $48.1 |
| #91 | 🇹🇳 Tunisia | $46.3 |
| #92 | 🇨🇲 Cameroon | $44.2 |
| #93 | 🇧🇭 Bahrain | $43.5 |
| #94 | 🇧🇴 Bolivia | $43.4 |
| #95 | 🇸🇩 Sudan | $42.8 |
| #96 | 🇵🇾 Paraguay | $41.9 |
| #97 | 🇱🇾 Libya | $40.8 |
| #98 | 🇱🇻 Latvia | $40.6 |
| #99 | 🇪🇪 Estonia | $39.1 |
| #100 | 🇳🇵 Nepal | $39.0 |
| #101 | 🇿🇼 Zimbabwe | $38.3 |
| #102 | 🇸🇻 El Salvador | $32.0 |
| #103 | 🇵🇬 Papua New Guinea | $31.4 |
| #104 | 🇭🇳 Honduras | $30.6 |
| #105 | 🇹🇹 Trinidad and Tobago | $29.3 |
| #106 | 🇰🇭 Cambodia | $28.3 |
| #107 | 🇮🇸 Iceland | $27.7 |
| #108 | 🇾🇪 Yemen | $27.6 |
| #109 | 🇸🇳 Senegal | $27.5 |
| #110 | 🇿🇲 Zambia | $27.0 |
| #111 | 🇨🇾 Cyprus | $26.7 |
| #112 | 🇬🇪 Georgia | $25.2 |
| #113 | 🇧🇦 Bosnia and Herzegovina | $23.7 |
| #114 | 🇲🇴 Macao SAR | $23.4 |
| #115 | 🇬🇦 Gabon | $22.2 |
| #116 | 🇭🇹 Haiti | $20.2 |
| #117 | 🇬🇳 Guinea | $19.7 |
| #118 | West Bank and Gaza | $18.8 |
| #119 | 🇧🇳 Brunei | $18.5 |
| #120 | 🇲🇱 Mali | $18.4 |
| #121 | 🇧🇫 Burkina Faso | $18.3 |
| #122 | 🇦🇱 Albania | $18.3 |
| #123 | 🇧🇼 Botswana | $18.0 |
| #124 | 🇲🇿 Mozambique | $17.9 |
| #125 | 🇦🇲 Armenia | $17.7 |
| #126 | 🇧🇯 Benin | $17.5 |
| #127 | 🇲🇹 Malta | $17.2 |
| #128 | 🇬🇶 Equatorial Guinea | $16.9 |
| #129 | 🇱🇦 Laos | $16.3 |
| #130 | 🇯🇲 Jamaica | $16.1 |
| #131 | 🇲🇳 Mongolia | $15.7 |
| #132 | 🇳🇮 Nicaragua | $15.7 |
| #133 | 🇲🇬 Madagascar | $15.1 |
| #134 | 🇬🇾 Guyana | $14.8 |
| #135 | 🇳🇪 Niger | $14.6 |
| #136 | 🇨🇬 Republic of Congo | $14.5 |
| #137 | 🇲🇰 North Macedonia | $14.1 |
| #138 | 🇲🇩 Moldova | $14.0 |
| #139 | 🇹🇩 Chad | $12.9 |
| #140 | 🇧🇸 The Bahamas | $12.7 |
| #141 | 🇳🇦 Namibia | $12.5 |
| #142 | 🇷🇼 Rwanda | $12.1 |
| #143 | 🇲🇼 Malawi | $11.6 |
| #144 | 🇲🇺 Mauritius | $11.5 |
| #145 | 🇲🇷 Mauritania | $10.1 |
| #146 | 🇹🇯 Tajikistan | $10.0 |
| #147 | 🇰🇬 Kyrgyzstan | $9.8 |
| #148 | 🇽🇰 Kosovo | $9.2 |
| #149 | 🇸🇴 Somalia | $8.4 |
| #150 | 🇹🇬 Togo | $8.4 |
| #151 | 🇲🇪 Montenegro | $6.1 |
| #152 | 🇲🇻 Maldives | $5.9 |
| #153 | 🇧🇧 Barbados | $5.8 |
| #154 | 🇫🇯 Fiji | $4.9 |
| #155 | 🇸🇸 South Sudan | $4.8 |
| #156 | 🇸🇿 Eswatini | $4.7 |
| #157 | 🇸🇱 Sierra Leone | $4.1 |
| #158 | 🇱🇷 Liberia | $3.9 |
| #159 | 🇩🇯 Djibouti | $3.7 |
| #160 | 🇧🇮 Burundi | $3.7 |
| #161 | 🇦🇼 Aruba | $3.5 |
| #162 | 🇦🇩 Andorra | $3.3 |
| #163 | 🇸🇷 Suriname | $3.0 |
| #164 | 🇧🇹 Bhutan | $2.7 |
| #165 | 🇧🇿 Belize | $2.7 |
| #166 | 🇱🇸 Lesotho | $2.5 |
| #167 | 🇨🇫 Central African Republic | $2.5 |
| #168 | 🇹🇱 Timor-Leste | $2.4 |
| #169 | 🇪🇷 Eritrea | $2.4 |
| #170 | 🇬🇲 The Gambia | $2.1 |
| #171 | 🇨🇻 Cabo Verde | $2.1 |
| #172 | 🇸🇨 Seychelles | $2.0 |
| #173 | 🇱🇨 St. Lucia | $2.0 |
| #174 | 🇦🇬 Antigua and Barbuda | $1.7 |
| #175 | 🇬🇼 Guinea-Bissau | $1.6 |
| #176 | 🇸🇲 San Marino | $1.6 |
| #177 | 🇸🇧 Solomon Islands | $1.6 |
| #178 | 🇰🇲 Comoros | $1.2 |
| #179 | 🇬🇩 Grenada | $1.2 |
| #180 | 🇰🇳 St. Kitts and Nevis | $1.1 |
| #181 | 🇻🇺 Vanuatu | $1.0 |
| #182 | 🇻🇨 St. Vincent and the Grenadines | $1.0 |
| #183 | 🇼🇸 Samoa | $0.83 |
| #184 | 🇩🇲 Dominica | $0.60 |
| #185 | 🇸🇹 São Tomé and Príncipe | $0.51 |
| #186 | 🇹🇴 Tonga | $0.50 |
| #187 | 🇫🇲 Micronesia | $0.43 |
| #188 | 🇲🇭 Marshall Islands | $0.27 |
| #189 | 🇵🇼 Palau | $0.23 |
| #190 | 🇰🇮 Kiribati | $0.21 |
| #191 | 🇳🇷 Nauru | $0.13 |
| #192 | 🇹🇻 Tuvalu | $0.06 |
| #193 | 🇺🇦 Ukraine | Data not available |
| Total World GDP | $101,559.3 |
Just five countries make up more than half of the world’s entire GDP in 2022: the U.S., China, Japan, India, and Germany. Interestingly, India replaced the UK this year as a top five economy.
Adding on another five countries (the top 10) makes up 66% of the global economy, and the top 25 countries comprise 84% of global GDP.
The World’s Smallest Economies
The rest of the world — the remaining 167 nations — make up 16% of global GDP. Many of the smallest economies are islands located in Oceania.
Here’s a look at the 20 smallest economies in the world:
| Country | GDP (Billions, USD) |
|---|---|
| 🇹🇻 Tuvalu | $0.06 |
| 🇳🇷 Nauru | $0.13 |
| 🇰🇮 Kiribati | $0.21 |
| 🇵🇼 Palau | $0.23 |
| 🇲🇭 Marshall Islands | $0.27 |
| 🇫🇲 Micronesia | $0.43 |
| 🇹🇴 Tonga | $0.50 |
| 🇸🇹 São Tomé and Príncipe | $0.51 |
| 🇩🇲 Dominica | $0.60 |
| 🇼🇸 Samoa | $0.83 |
| 🇻🇨 St. Vincent and the Grenadines | $0.95 |
| 🇻🇺 Vanuatu | $0.98 |
| 🇰🇳 St. Kitts and Nevis | $1.12 |
| 🇬🇩 Grenada | $1.19 |
| 🇰🇲 Comoros | $1.24 |
| 🇸🇧 Solomon Islands | $1.60 |
| 🇸🇲 San Marino | $1.62 |
| 🇬🇼 Guinea-Bissau | $1.62 |
| 🇦🇬 Antigua and Barbuda | $1.69 |
| 🇱🇨 St. Lucia | $1.97 |
Tuvalu has the smallest GDP of any country at just $64 million. Tuvalu is one of a dozen nations with a GDP of less than one billion dollars.
The Global Economy in 2023
Heading into 2023, there is much economic uncertainty. Many experts are anticipating a brief recession, although opinions differ on the definition of “brief”.
Some experts believe that China will buck the trend of economic downturn. If this prediction comes true, the country could own an even larger slice of the global GDP pie in the near future.
See what hundreds of experts are predicting for 2023 with our Global Forecast Series.
Where does this data come from?
Source: IMF (International Monetary Fund)
Data note: Due to conflict and other issues, some countries are not included in this data set (e.g. Ukraine, Syria, Afghanistan). Major sources for GDP data differ widely on the size of Iran’s economy. It’s worth noting that this data from IMF ranks Iran’s GDP much higher than World Bank or the UN.
Aviation
Ranked: The World’s 20 Most Valuable Airlines in 2026
Delta is by far the world’s most valuable airline. Many of its emerging competitors are found across the Pacific.
Published
2 days ago
on
August 13, 2026
Ranked: The World’s 20 Most Valuable Airlines in 2026
Key Takeaways
- Delta leads the ranking at $58.5 billion, nearly six times the market cap of American Airlines.
- Ryanair ranks third globally at $31.1 billion, making it the most valuable non-U.S. airline.
- Asian carriers account for 10 of the world’s 20 most valuable airlines.
Airline market values span a wide range, from global network carriers to ultra-low-cost operators.
This treemap visualizes the 20 most valuable publicly traded airlines worldwide by market capitalization, using July 2026 data from CompaniesMarketCap. Privately held and state-owned companies are excluded.
Delta and the Big Three
Delta ranks as the world’s most valuable airline. In July 2026, its market cap stood at $58.5 billion, more than $18 billion above its nearest competitor, United Airlines.
Founded in 1925, Delta is headquartered in Atlanta, operates more than 5,400 flights every day, and is a founding member of the SkyTeam alliance.
The table below ranks the 20 most valuable airlines based on their market capitalization at the end of July 2026.
| Rank | Airline | Market Cap (billions $) |
|---|---|---|
| 1 | 🇺🇸 Delta | $58.5 |
| 2 | 🇺🇸 United | $40.1 |
| 3 | 🇮🇪 Ryanair | $31.1 |
| 4 | 🇪🇸 International Consolidated Airlines | $23.9 |
| 5 | 🇺🇸 Southwest | $22.3 |
| 6 | 🇮🇳 IndiGo | $21.1 |
| 7 | 🇨🇳 Air China | $18.8 |
| 8 | 🇸🇬 Singapore Airlines | $18.7 |
| 9 | 🇨🇱 LATAM | $15.7 |
| 10 | 🇨🇳 China Southern Airlines | $13.9 |
| 11 | 🇩🇪 Lufthansa | $12.5 |
| 12 | 🇨🇳 China Eastern Airlines | $12.1 |
| 13 | 🇭🇰 Cathay Pacific | $11.2 |
| 14 | 🇦🇺 Qantas | $10.8 |
| 15 | 🇺🇸 American Airlines | $10.1 |
| 16 | 🇹🇷 Turkish Airlines | $8.9 |
| 17 | 🇨🇳 Hainan Airlines | $8.6 |
| 18 | 🇯🇵 ANA | $8.6 |
| 19 | 🇯🇵 Japan Airlines | $8.1 |
| 20 | 🇹🇼 EVA | $7.0 |
Among the U.S. Big Three, the valuation gap is substantial. United Airlines ranks second globally at $40.1 billion, while American Airlines is valued at $10.1 billion, less than one-fifth of Delta’s market cap.
American Airlines trails its traditional rivals amid lower profitability and a heavier debt load. Southwest Airlines, valued at $22.3 billion, is worth more than twice as much despite operating only within North America.
Ryanair Leads Outside the U.S.
Ryanair stands out as the highest-valued airline outside the United States. At $31.1 billion, the Irish ultra-low-cost carrier ranks third globally, ahead of major airline groups including IAG and Lufthansa.
The Dublin-headquartered airline carries more passengers and operates more flights than any other European airline.
Ryanair’s low-cost model pairs inexpensive base fares with additional fees for services such as checked luggage and seat selection.
Asia Accounts for Half of the Top 20
The five most valuable airlines are based in the U.S. or Europe, but Asian carriers occupy 10 of the 20 spots in the ranking.
IndiGo leads the region at $21.1 billion, followed by Air China ($18.8 billion) and Singapore Airlines ($18.7 billion). Four Chinese carriers make the top 20, with a combined market capitalization of more than $53 billion.
Airlines from Hong Kong, Japan, Singapore, and Taiwan also appear in the ranking, highlighting the breadth of Asia’s major aviation market. LATAM Airlines ($15.7 billion) and Qantas ($10.8 billion) are the only airlines from South America and Oceania, respectively, to make the top 20.
Learn More on the Voronoi App
To learn more about the record profits of major airlines, check out Despite Headwinds: Airlines on Track for a Record Year on Voronoi.
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Strategic Metals
Why Tungsten Prices Soared 622% Since 2025
See which critical mineral prices surged the most in 2026, led by tungsten, tantalum, cobalt, and rare earths.
Published
1 week ago
on
August 5, 2026
Why Tungsten Prices Soared 622% Since 2025
Key Takeaways
- Tungsten prices surged 622% between January 2025 and April 2026, more than three times the increase for any other mineral shown.
- Battery materials and magnet rare earths also posted major gains, led by cobalt, neodymium, lithium, and praseodymium.
- Export restrictions and concentrated supply chains contributed to sharp price increases across several critical minerals.
Critical mineral prices climbed rapidly between January 2025 and April 2026 after several years of weaker market conditions.
Rising demand from the energy, defense, and high-tech industries added pressure to markets already affected by supply constraints.
This visualization ranks 27 selected minerals by their price change over the period.
The data for this visualization comes from the International Energy Agency’s Global Critical Minerals Outlook 2026.
Tungsten Leaves the Rest Behind
Tungsten was the clear outlier, with prices rising 622% between January 2025 and April 2026. That increase was more than three times the gain recorded by second-ranked tantalum.
| Critical Mineral | Price Change (2025-2026) | Category |
|---|---|---|
| Tungsten | 622% | Strategic minor minerals |
| Tantalum | 196% | Strategic minor minerals |
| Cobalt | 134% | Battery materials |
| Neodymium | 116% | Magnet rare earths |
| Lithium | 108% | Battery materials |
| Praseodymium | 107% | Magnet rare earths |
| Indium | 102% | Strategic minor minerals |
| Bismuth | 95% | Strategic minor minerals |
| Tin | 65% | Base and alloy metals |
| Chromium | 53% | Base and alloy metals |
| Copper | 44% | Base and alloy metals |
| PPA | 42% | Battery materials |
| Aluminium | 39% | Base and alloy metals |
| Terbium | 37% | Magnet rare earths |
| Molybdenum | 34% | Base and alloy metals |
| Vanadium | 25% | Base and alloy metals |
| Tellurium | 24% | Strategic minor minerals |
| Zinc | 23% | Base and alloy metals |
| Antimony | 19% | Strategic minor minerals |
| Manganese | 16% | Battery materials |
| Nickel | 16% | Battery materials |
| Germanium | 14% | Strategic minor minerals |
| Dysprosium | 10% | Magnet rare earths |
| Titanium | 10% | Strategic minor minerals |
| Graphite | 5% | Battery materials |
| Gallium | 3% | Strategic minor minerals |
| Lead | 1% | Base and alloy metals |
Tungsten is widely used in cutting tools, aerospace components, electronics, and defense applications. Strong demand and China’s export controls placed further pressure on supplies, pushing prices sharply higher.
Battery Materials Rebound
Cobalt and lithium prices increased by 134% and 108%, respectively. Lithium benefited from strong demand for energy storage and constrained supply, while cobalt prices were affected by export restrictions imposed by the Democratic Republic of the Congo.
Purified phosphoric acid, or PPA, rose by 42%, while manganese and nickel each increased by 16%. Graphite posted a comparatively modest gain of 5%.
According to the IEA, global battery demand grew by more than 35% in 2025, surpassing 1.5 terawatt-hours and supporting demand for key battery materials.
Rare Earths and Supply Concentration
Magnet rare earths were also among the biggest gainers. Neodymium and praseodymium prices rose by 116% and 107%, respectively, while terbium increased by 37%.
These elements are essential for manufacturing the high-performance permanent magnets used in electric vehicles, wind turbines, industrial equipment, and consumer electronics. Growing demand for these technologies has increased the strategic importance of rare earth supply chains.
According to the IEA, China accounted for about 70% of refined production across key energy minerals in 2025. That concentration leaves global supply chains more vulnerable to export restrictions and other disruptions, contributing to greater price volatility.
Learn More on the Voronoi App 
If you enjoyed today’s post, check out this graphic showing which countries depend most heavily on China for rare earth metals.