Mapped: Median Income by State in 2024

Published

52 mins ago

on

June 25, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Use This Visualization

Median Income by State in 2024, Adjusted for Cost of Living

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

To gain insight into the U.S. economy, we’ve visualized the median income by state, as of May 2024. These figures come from WalletHub, which sourced income data from the U.S. Census Bureau and adjusted it for cost of living according to the Cost of Living Index (COLI).

ℹ️ Median income refers to the income level at the midpoint of the income distribution within each state. Using California as an example, half of the state’s households earn more than $124,000, while the other half earn less (after cost of living adjustments). Data and Key Takeaways

All of the numbers we used to create this graphic are listed in the table below.

RankStateMedian Annual Income
(adjusted for cost of living) 1DC$162,265 2Hawaii$141,832 3Massachusetts$127,760 4Maryland$124,693 5California$123,988 6New Jersey$117,847 7Connecticut$114,156 8Alaska$113,934 9New Hampshire$110,205 10Rhode Island$104,252 11Washington$103,748 12Colorado$97,301 13New York$91,366 14Oregon$91,100 15Utah$89,786 16Vermont$89,695 17Virginia$89,393 18Delaware$87,173 19Minnesota$86,364 20Nevada$80,366 21North Dakota$79,874 22Maine$79,800 23Illinois$78,304 24Wyoming$76,307 25Pennsylvania$74,711 26Arizona$74,375 27Wisconsin$72,602 28Nebraska$72,384 29Texas$70,513 30Idaho$70,041 31South Dakota$69,266 32Iowa$68,974 33Montana$68,937 34Florida$68,818 35Kansas$68,489 36Georgia$66,612 37Indiana$64,170 38North Carolina$63,025 39South Carolina$62,909 40Michigan$62,446 41Ohio$61,904 42Missouri$59,715 43Tennessee$59,077 44New Mexico$58,911 45Oklahoma$57,215 46Louisiana$56,282 47Kentucky$55,629 48Alabama$55,480 49West Virginia$52,719 50Arkansas$51,032 51Mississippi$46,880

The Cost of Living Index, published by the Council for Community and Economic Research (C2ER), was established in 1968, and allows for consistent place-to-place cost comparisons.

The index considers six categories of spending: groceries, housing, utilities,

GDP Per Capita, by G7 Country (2019-2029F)

Published

6 seconds ago

on

June 24, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

GDP Per Capita Projections for the G7

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

GDP per capita takes the total economic output of a country in a year, and divides it by the total population, providing a measure of a country’s economic performance and living standards on a per person basis.

In this graphic, we’ve visualized GDP per capita for G7 nations, from 2019 to 2029 (forecasted). All figures come from the International Monetary Fund (IMF), and are as of April 2024.

Data and Key Takeaways

The data we used to create this graphic can also be found in the table below.

GDP per capita
(current USD)Canada
🇨🇦France
🇫🇷Germany
🇩🇪Italy
🇮🇹Japan
🇯🇵UK
🇬🇧U.S.
🇺🇸 2019$46,431$41,925$46,810$33,628$40,548$42,713$65,505 2020$43,573$40,529$46,712$31,789$40,172$40,246$64,367 2021$52,521$45,161$51,461$36,402$40,114$46,704$70,996 2022$55,613$42,306$48,756$35,043$34,005$45,730$77,192 2023$53,548$46,001$52,727$38,326$33,806$49,099$81,632 2024F$54,866$47,359$54,291$39,580$33,138$51,075$85,373 2025F$57,021$48,631$56,439$40,701$34,922$53,627$87,978 2026F$58,907$50,143$58,472$41,612$36,643$56,759$90,903 2027F$60,729$51,571$60,264$42,604$38,065$59,870$94,012 2028F$62,636$53,040$61,965$43,835$39,820$63,279$97,231 2029F$64,653$54,388$63,551$45,096$40,949$66,911$100,580

From this data, we can see that the U.S. has managed a very strong post-COVID recovery relative to its G7 peers. While Canada also saw a strong resurgence in 2021 and 2022, its GDP per capita actually fell in 2023.

This is attributed to the country’s high levels of immigration in 2023, which helped boost population by 3.2% (1,271,000 people). Because this increase outpaced economic growth, Canada’s per capita output decreased.

Looking towards the future, the IMF believes that the U.S. will reach a GDP per capita of $101,000 by 2029, which is significantly higher than any other G7 nation. It also believes that the UK will perform well in the second half of this decade, climbing from fourth to second place among this peer group of countries.

Learn More About GDP from Visual Capitalist

If you enjoyed this post, be sure to check out Ranked: The Top 6 Economies by Share of Global GDP (1980-2024).

Charted: America’s Shift to a Cashless Society

Published

2 hours ago

on

June 11, 2024 Graphics/Design:

See this visualization first on the Voronoi app.


Charted: America’s Shift to a Cashless Society

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

ℹ️ Your feedback inspired this visual! Join the conversation and suggest a topic by email at [email protected] to see your idea come to life.

A cashless society is one in which financial transactions are conducted primarily through digital means rather than physical cash, relying on technologies like credit cards and mobile payments.

While no country today has fully reached this concept, there are some (like China and South Korea) that have seen widespread adoption of mobile payment platforms and digital wallets.

To see whether the U.S. is also moving in this direction, we visualized data from the Federal Reserve’s latest Diary of Consumer Payment Choice.

Data and Methodology

This graphic shows the share of each payment method’s use for all purchases in the country.

These figures are based on the results of a nationally representative survey of U.S. consumers, which tracked purchases they made during an assigned three-day period (n= 4,453). The following table lists the data we used.

Year💵 Cash💳 Credit🏦 Debit🌐 Electronic
transfer❓ Other 201631%18%27%10%14% 201731%22%27%10%10% 201826%23%28%11%12% 201926%24%30%11%9% 202019%27%28%12%14% 202120%28%29%12%11% 202218%31%29%13%9%

The key takeaway here is that the use of cash has fallen from 31% in 2016, to just 18% in 2022.

Cash Use Fell During COVID-19 Pandemic

Cash usage in the U.S. fell during the COVID-19 pandemic due to several reasons:

Hygiene Concerns: Fear of virus transmission through physical cash led consumers and businesses to prefer contactless payment methods. Social Distancing: The shift towards online shopping and delivery services, which require digital payments, increased during lockdowns and social distancing measures. Banking Adjustments: Reduced access to ATMs and banking services during lockdowns made obtaining and using cash less convenient.

It’s interesting to note that based on the Federal Reserve’s data, cash usage was already trending downwards before the pandemic, suggesting that the pandemic merely accelerated a trend that was already happening.

The World’s Largest Economies: Comparing the U.S. and China

Published

52 mins ago

on

June 3, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Comparing the Economies of U.S. and China in 3 Key Metrics

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In this graphic, we provide insight into the world’s two biggest economies by comparing them across three key metrics: GDP, equity market valuation, and foreign direct investment (FDI).

Starting with GDP, we used 2024 estimates from the latest edition of the IMF’s World Economic Outlook (April 2024):

CountryGDP (% of total)GDP (USD billions) 🇺🇸 U.S.26.3$28,780 🇨🇳 China16.9$18,530 🌍 Rest of World56.8$62,220

Based on these figures, the United States and China combine for a massive 43.2% share of the global economy.

It’s also interesting to note that America’s share of global GDP has actually been increasing in recent years, from a low of 21.1% in 2011. This is partly due to its relatively strong recovery from the COVID-19 pandemic.

Equity Market Valuation

The U.S. dominates when it comes to stock market valuation, accounting for 61% of the global total as of Feb. 29, 2024. These figures are based on each country’s share of the S&P Global BMI, which is a broad coverage index, including large, mid, and small-cap stocks from developed and emerging markets.

Country% of Global Market Cap 🇺🇸 U.S.61.0 🇨🇳 China2.8 🌍 Rest of World36.2

The massive disparity in equity market valuations between the U.S. and China is a result of differences in many factors, including market maturity, corporate governance, and international participation.

In terms of country rankings within the S&P Global BMI, China is the fourth largest (behind Japan and the UK).

Foreign Direct Investment

FDI is an investment made by a firm or individual in one country into business interests located in another country. This type of investment can be very beneficial because it can create jobs and enhance economic growth. The FDI figures in this graphic were sourced from fDi Intelligence, and represent cumulative FDI stock from 1990 to 2022.

Country% of Global FDIFDI (current USD)

Ranked: The Top 20 Countries in Debt to China

Published

58 mins ago

on

April 29, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Ranked: The Top 20 Countries in Debt to China

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In this graphic, we ranked the top 20 countries by their amount of debt to China. These figures are as of 2022, and come from the World Bank (accessed via Yahoo Finance).

The data used to make this graphic can be found in the table below.

CountryTotal external debt to China ($B) 🇵🇰 Pakistan$26.6 🇦🇴 Angola$21.0 🇱🇰 Sri Lanka$8.9 🇪🇹 Ethiopia$6.8 🇰🇪 Kenya$6.7 🇧🇩 Bangladesh$6.1 🇿🇲 Zambia$6.1 🇱🇦 Laos$5.3 🇪🇬 Egypt$5.2 🇳🇬 Nigeria$4.3 🇪🇨 Ecuador$4.1 🇰🇭 Cambodia$4.0 🇨🇮 Côte d’Ivoire$3.9 🇧🇾 Belarus$3.9 🇨🇲 Cameroon$3.8 🇧🇷 Brazil$3.4 🇨🇬 Republic of the Congo$3.4 🇿🇦 South Africa$3.4 🇲🇳 Mongolia$3.0 🇦🇷 Argentina$2.9

This dataset highlights Pakistan and Angola as having the largest debts to China by a wide margin. Both countries have taken billions in loans from China for various infrastructure and energy projects.

Critically, both countries have also struggled to manage their debt burdens. In February 2024, China extended the maturity of a $2 billion loan to Pakistan.

Soon after in March 2024, Angola negotiated a lower monthly debt payment with its biggest Chinese creditor, China Development Bank (CDB).

Could China be in Trouble?

China has provided developing countries with over $1 trillion in committed funding through its Belt and Road Initiative (BRI), a massive economic development project aimed at enhancing trade between China and countries across Asia, Africa, and Europe.

Many believe that this lending spree could be an issue in the near future.

According to a 2023 report by AidData, 80% of these loans involve countries in financial distress, raising concerns about whether participating nations will ever be able to repay their debts.

While China claims the BRI is a driver of global development, critics in the West have long