Ranked: The Most Expensive U.S. Metro Areas to Raise a Child

Published

30 seconds ago

on

June 28, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

The Most Expensive U.S. Metro Areas to Raise a Child

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.

Raising a child can be expensive, often costing hundreds of thousands of dollars from birth through to adulthood.

This graphic shows the 10 most expensive metro areas to raise a child in, among the 50 largest U.S. metropolitan areas. Costs include food, housing, childcare, healthcare, transportation, and other necessities. All figures are as of February 2024. Data is from SmartAsset.

Methodology: SmartAsset used MIT Living Wage Calculator data to compare the living costs of a household with two working adults and one child to that of a childless household with two working adults in extensive metro areas. Boston Tops the List

Raising a child in a large U.S. metro area costs an average of $25,181 per year.

The Boston-Cambridge-Newton, MA, area is the most expensive, at $37,758 annually. Childcare costs $22,806 annually, and additional housing needs cost $5,425.

Metro areaAnnual cost (USD)ChildcareHousingFood, healthcare, transportation Boston-Cambridge-Newton, MA37,75822,8065,4259,527 San Francisco-Oakland-Berkeley, CA35,64219,5545,92410,164 Washington, DC35,55424,8862,7627,906 San Jose-Sunnyvale-Santa Clara, CA34,41518,8675,35210,196 Hartford-East Hartford-Middletown, CT32,13519,1524,0658,918 Denver-Aurora-Lakewood, CO31,66318,2504,4158,998 San Diego-Chula Vista-Carlsbad, CA30,82914,5427,0569,231 Seattle-Tacoma-Bellevue, WA30,78117,9354,5588,288 New York-Newark-Jersey City, NY30,46317,4753,9839,005 Los Angeles-Long Beach-Anaheim, CA30,23115,0906,1978,944 U.S Average25,18113,1873,3228,672

The San Francisco-Oakland-Berkeley metro area comes in second, with an annual cost of $35,642 per child. Washington, DC, ranks third with an average cost of $35,554. Washington also leads the country in childcare costs alone at $24,886 annually.

Additional housing costs are higher in the San Diego-Chula Vista-Carlsbad area, amounting to $7,056 annually. Meanwhile, the San Jose-Sunnyvale-Santa Clara area tops the list for food, healthcare, and transportation costs.

If you enjoyed this post, be sure to check out Ranked: The Most Valuable Housing Markets in America.

Charted: U.S. Wealth by Generation

Published

1 hour ago

on

June 27, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Charted: U.S. Wealth by Generation

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 2023, American Baby Boomers owned 52% of the country’s net wealth despite comprising only 20% of the population.

Based on Federal Reserve data, this graphic illustrates the distribution of wealth in the United States from 1990 to 2023 by generation.

Generations are defined by birth year:

Silent Generation (born before 1946) Baby Boomers (born 1946-1964) Gen Xers (born 1965-1980) Millennials (born 1981-1996) Baby Boomers Own Over Half of the Wealth

Baby Boomers are often considered one of the luckier generations in terms of timing.

Most did not experience wars and benefited from strong economic growth driven by falling interest rates, a roaring stock market, global monetary expansion, and high earnings. Consequently, this group’s wealth grew from $4.5 trillion in 1990 to $76.2 trillion in 2023.

Wealth by Generation (USD, Trillions) YearSilentBaby BoomGen XMillennial 199017.3T4.5T0.2T0 199519.9T8.6T0.6T0 200022.8T17.0T2.2T0 200527.1T29.2T5.2T0.3T 201021.6T34.4T6.0T0.5T 201521.4T48.4T13.0T1.9T 202019.3T66.2T31.3T7.2T 202319.7T76.2T37.8T13.5T

Meanwhile, Gen X’s share of American wealth rose from 15% in 2013 to 26% in 2023. In contrast, with most of the cohort over 80 years old, the Silent Generation saw its share of the national wealth total drop from 79% in 1990 to 13% in 2024.

Contrary to their ‘broke generation’ label, millennials have defied expectations. They saw their wealth reach historic highs after the COVID-19 pandemic, amassing more wealth by their 40s than previous generations. In a significant leap, millennials’ share of wealth in America increased from a modest 1.4% to a promising 9.2% between 1990 and 2023.

If you enjoyed this post, be sure to check out this graphic, which shows the retirement savings that Americans currently hold.

Mapped: The World’s Wealthiest Cities, by Millionaires and Billionaires

Published

9 seconds ago

on

June 27, 2024 Article/Editing: Graphics/Design:

See this visualization first on the Voronoi app.

Mapped: The Wealthiest Cities, by Millionaires and Billionaires

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.

Where are the top destinations for millionaires and billionaires worldwide?

Today, the richest cities in the world are finance and tech hubs, drawing affluent residents to thriving metropolitans. Given the flow of wealth and high demand for prime property, it’s no surprise that these cities have some of the most exclusive residential markets globally.

The above graphic shows the world’s wealthiest cities by the number of millionaires and billionaires, based on data from Henley & Partners annual World’s Wealthiest Cities Report.

Cities with the Most Millionaires and Billionaires

Below, we order the richest cities globally, based on their millionaire population in 2023 (net worth of $1 million USD or more) along with each city’s billionaire population (net worth of $1 billion USD or more):

Rank
(by Millionaires)City/AreaCountryMillionairesBillionaires 1New York City🇺🇸 U.S.340,00058 2Tokyo🇯🇵 Japan290,30014 3The Bay Area🇺🇸 U.S.285,00063 4London🇬🇧 UK258,00036 5Singapore🇸🇬 Singapore240,10027 6Los Angeles🇺🇸 U.S.205,40042 7Hong Kong🇭🇰 Hong Kong SAR129,50032 8Beijing🇨🇳 China128,20043 9Shanghai🇨🇳 China127,20040 10Sydney🇦🇺 Australia126,90015 11Chicago🇺🇸 U.S.124,00024 12Toronto🇨🇦 Canada105,20018 13Frankfurt🇩🇪 Germany102,20016 14Zurich🇨🇭 Switzerland99,30012 15Houston🇺🇸 U.S.98,50020 16Seoul🇰🇷 South Korea97,00024 17Melbourne🇦🇺 Australia96,00010 18Paris🇫🇷 France93,00016 19Geneva🇨🇭 Switzerland85,80015 20Dubai🇦🇪 UAE68,40015

With 340,000 millionaires and 58 billionaires, New York City stands as the world’s wealthiest metropolitan area.

Between 2012 and 2022, the number of high net worth individuals living in the Big Apple increased by 40%, even as the pandemic drove an exodus of wealthy people from the city. Overall, the wealth of New York City’s residents is roughly $3 trillion, more than the GDP of Canada.

Falling in second is Tokyo, boasting a millionaire population of 290,300 residents. Roughly a fifth of the country’s millionaires live in the city.

With one of the fastest growing millionaire populations across this list, The Bay Area ranks in third. Driven by

Charted: The Death of Cash Transactions Around the World

Published

2 mins ago

on

June 26, 2024

See this visualization first on the Voronoi app.

Cash Transactions are Becoming More Rare Around the World

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.

As credit cards and digital wallets (e.g. Apple Pay, Paytm, Alipay) see increasing adoption around the world, the share of cash being used in transactions is plummeting.

The chart above looks at cash as a share of transaction value in selected countries at three time periods (2019, 2023, and 2027P). Highlighted in red is cash’s projected drop from 2019 to 2027. This data showing the death of cash comes from WorldPay’s Global Payments Report 2024.

Where Cash is King (For Now)

The prominence of cash for use in transactions is dropping in every country measured. This includes countries where cash was preferential method of payment in POS transactions.

One clear example is Nigeria. In 2019, over 90% of transaction value was still in cash payments. That number has now fallen to 55% today. Cash is still the leading payment method in Nigeria and a handful of other nations, but current trends indicate this may not be the case for much longer. For now, cash also remains the leading method of payment in various South American and East Asian countries.

Below is a full list of countries included in the report, along with cash’s share of transaction value in those countries.

CountryShare of POS Transaction ValueCash is leading playment method in country Nigeria55%✔️ Thailand46%✔️ Philippines44%✔️ Japan41%✔️ Mexico38%✔️ Spain38%✔️ Indonesia38%✔️ Vietnam38%✔️ Germany36% Peru35%✔️ Colombia34%✔️ South Africa33% Turkïye33% Poland32% Malaysia32%✔️ Saudi Arabia29% Argentina27%✔️ Italy25% Taiwan25% Brazil22% Chile22% Ireland18% India18% UAE17% Belgium16% Singapore15% United States12% France12% United Kingdom10% South Korea10% Hong Kong SAR9% Denmark8% Finland7% Netherlands7% Australia7% China7% Canada6%

Mapped: Millionaire Migration in 2024

Published

1 hour ago

on

June 26, 2024 Article/Editing:

See this visualization first on the Voronoi app.

Visualizing Millionaire Migration in 2024

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.

The United Arab Emirates is set to attract the most millionaires in 2024, while China and the UK are expected to lose the largest number of high-net-worth individuals (HNWIs).

This graphic shows the top 10 countries projected to have the highest net inflows or net outflows of HNWIs in 2024. HNWIs have a liquid investable wealth of $1 million or more. All figures come from the Henley Private Wealth Migration Report 2024.

Why is Attracting Millionaires Important?

According to Henley & Partners, 20% of HWNIs are entrepreneurs (rising to 60% for centi-millionaires and billionaires). As a result, countries that attract HWNIs from other parts of the world may see powerful benefits like job creation and investment.

Countries Attracting the Most Millionaires in 2024 RankCountryNet flow of millionaires (2024P) 1🇦🇪 UAE6,700 2🇺🇸 U.S.3,800 3🇸🇬 Singapore3,500 4🇨🇦 Canada3,200 5🇦🇺 Australia2,500 6🇮🇹 Italy2,200 7🇨🇭 Switzerland1,500 8🇬🇷 Greece1,200 9🇵🇹 Portugal800 10🇯🇵 Japan400

The UAE’s strategic focus on economic diversification and government investment has positioned it as a global economic powerhouse.

The country has seen significant investments in tourism, real estate, logistics, financial services, and technology markets.

In addition, the adoption of international standards in regulatory and market frameworks, coupled with attractive tax initiatives, has drawn young entrepreneurs worldwide to the country.

According to Warwick Legal Network, the UAE accounts for over 30% of foreign direct investment inflow to the MENA region.

Countries Losing the Most Millionaires in 2024 RankCountryNet flow of millionaires (2024P) 1🇨🇳 China-15,200 2🇬🇧 UK-9,500 3🇮🇳 India-4,300 4🇰🇷 South Korea-1200 5🇷🇺 Russia-1000 6🇧🇷 Brazil-800 7🇿🇦 South Africa-600 8🇹🇼 Taiwan-400 9🇳🇬 Nigeria-300 10🇻🇳 Vietnam-300

Meanwhile, uncertainty over China’s economic trajectory and geopolitical tensions have led millionaires to leave the country. China saw

Ranked: The World’s Top 10 Billionaires in 2024

Published

10 seconds ago

on

June 20, 2024

See this visualization first on the Voronoi app.

The World’s Top 10 Billionaires (June 2024)

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.

Elon Musk has reached a net worth of $205.4 billion in 2024, securing his position as the richest billionaire in the world, ahead of Jeff Bezos at $203.2 billion and Bernard Arnault at $200 billion. Arnault, the billionaire chairman and CEO of the global luxury goods company LVMH, led the ranking at the beginning of the year.

Using data from Forbes’ Real-Time Billionaires List, we provide a snapshot of the top 10 billionaires in the world as of June 11, 2024. It is important to note that the rank changes frequently due to fluctuations in stock prices, market conditions, and significant business transactions.

$1.6T in Combined Wealth

The wealth of the top 10 wealthiest people ($1.6 trillion) is almost equivalent to Mexico’s GDP, the 14th largest economy in the world.

At the top of the list, Elon Musk’s wealth derives primarily from his stake in Tesla, his holdings in SpaceX, and the social media platform X.

RankNameNet Worth (USD in Billions)Source 1Elon Musk$205.40Tesla, SpaceX 3Jeff Bezos$203.20Amazon 2Bernard Arnault & family$200.00LVMH 4Mark Zuckerberg$176.50Facebook 5Larry Ellison$153.70Oracle 6Larry Page$145.10Google 8Sergey Brin$139.00Google 7Warren Buffett$134.00Berkshire Hathaway 9Bill Gates$131.00Microsoft 10Steve Ballmer$126.50Microsoft

Recently, Tesla shareholders voted to approve a pay package worth approximately $50 billion for Musk at the company’s annual shareholder meeting. This decision is being challenged by a Delaware judge, who has described Musk’s award as “unfathomable.”

Never incorporate your company in the state of Delaware

— Elon Musk (@elonmusk) January 30, 2024

Meanwhile, Amazon founder Jeff Bezos overtook Bernard Arnault as the second-wealthiest person in June 2024, after LVMH’s shares fell and Amazon’s shares slightly increased.

As a relevant side note, Arnault has also been carefully laying succession plans for LVMH this year, with the 75-year-old recently appointing two more of his sons to the company’s board in April 2024. This leaves just his youngest son without a spot on the

Visualized: How Long Can Each Generation Survive Without Income?

Published

43 mins ago

on

June 19, 2024 Graphics & Design How Long Can People Cover Their Needs Without Income?

With nearly half of people under 34 worldwide unable to cover their needs for a month or less without income, it is no surprise that financial resiliency is a hot topic.

So, for this graphic, Visual Capitalist has partnered with Lloyd’s Register Foundation to explore economic resilience further and determine how long the average person can afford to cover their needs without income.

World Risk Poll 2024 Report: Economic Resilience

Lloyd’s Register Foundation produces the World Risk Poll every two years in partnership with Gallup, and the World Risk Poll 2024 report explores the everyday risks of 147,000 people from 142 nations.

They asked respondents how long they could afford to cover basic needs, such as food, transport, and shelter, if they lost all income. 

Here’s what they found: 

Age GroupLess than a monthAround a monthTwo monthsThree monthsFour months or more 15 to 2440%10%12%10%20% 25 to 3439%9%13%10%24% 35 to 4938%9%13%10%25% 50 to 6432%8%16%11%29% 65+28%9%12%10%33%

The results reveal a distinct trend across all age groups, with respondents typically falling into two categories: those with one month or less of financial runway, and those with more than four months. Relatively fewer respondents reported being able to survive two to three months.

National Economic Resilience

The nation where a person lives also significantly contributes to their ability to cover their basic needs.

The divide is particularly sharp between the percentage of respondents who could only cover their needs for a week or less and those who could cover their needs for a month or more—a tiny minority in developed economies, but a significant share of respondents from some developing nations.

Engineering a Safer World

The World Risk Poll 2024 report has revealed a weakness in global economic resilience. Younger individuals and those in developing countries are at higher risk than older individuals or those in developed countries.

The report shines a light on the risks ordinary people face, such as how long they can cover their needs without income. However, the World Risk Poll 2024 report also highlights many more risks, such as global plastic waste, people’s safety at

Visualizing the Wealth of Americans Under 40 (1989-2023)

Published

5 hours ago

on

June 18, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Visualizing the Wealth of Americans Under 40 (1989-2023)

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.

Millennials have been often referred to as a “broke generation.” Whether in conversations or on the news, it is common to hear how those born in the 1980s or 1990s are struggling in today’s economy, particularly when it comes to entering the housing market or saving for retirement.

However, data shows that the wealth of Americans under 40 years old has hit historic highs after the COVID-19 pandemic, suggesting that millennials have accumulated more wealth by their 40s than previous generations.

To illustrate this, the graphic above shows the average wealth per household, adjusted for inflation, for Americans under 40 years old from Q4 1989 to Q4 2023 (in December 2023 dollars). The data is sourced from the Federal Reserve and accessed via the Center for American Progress.

Post-Pandemic Recovery

Data indicates that younger Americans have reaped the most benefits from the strong economic recovery after the pandemic, enjoying low unemployment rates and rapid wage growth.

The average wealth of U.S. households under 40 was $259,000 in the fourth quarter (Q4) of 2023, compared to $164,000 in Q4 1989 and $182,000 in Q4 2000.

QuarterAverage Wealth for Those Under 40 (USD) Q4 1990152K Q4 1995146K Q4 2000182K Q4 2005184K Q4 2010100K Q4 2015148K Q4 2020231K Q4 2023259K

Looking specifically at millennial households, inflation-adjusted wealth has more than doubled during the same period.

The increase in younger Americans’ wealth is not concentrated in a single area. Average housing wealth—house values minus mortgage debt—rose by $22,000 from 2019 to 2023. Younger Americans also saw gains in liquid assets, such as bank deposits and money market mutual funds, business ownership, and financial assets, mainly stocks and mutual funds.

Additionally, non-housing debt, such as credit card and student loan debt, fell for this age group after the pandemic.

Ranked: The Countries Receiving the Most Remittances From Abroad

Published

17 seconds ago

on

June 16, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

The Countries Receiving the Most Remittances From Abroad

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.

We chart the top countries by money received from abroad, in current U.S. dollars, based on 2000-2023 data from Knomad.

Specifically, these transfer totals shown represent personal remittances, or money sent between residents and non-residents, including personal transfers and compensation for work done abroad. It does not include, and is separate from, foreign investment.

Top 10 Countries by Personal Remittances Received (2000-2023)

The Indian diaspora—measuring nearly 18 million people—collectively sent more than $125 billion back to the country in 2023. In fact, India became the first country to ever receive more than $100 billion in personal remittances in 2022.

Top Countries Receiving
Money From Abroad2000 Top Countries Receiving
Money From Abroad2023e 🇮🇳 India$13B🇮🇳 India$125B 🇫🇷 France$9B🇲🇽 Mexico$67B 🇲🇽 Mexico$8B🇨🇳 China$50B 🇵🇭 Philippines$7B🇵🇭 Philippines$40B 🇬🇧 UK$5B🇫🇷 France$34B 🇹🇷 Türkiye$5B🇵🇰 Pakistan$24B 🇰🇷 South Korea$5B🇪🇬 Egypt$24B 🇺🇸 U.S.$4B🇧🇩 Bangladesh$23B 🇵🇹 Portugal$4B🇳🇬 Nigeria$21B 🇩🇪 Germany$4B🇬🇹 Guatemala$20B
Note: 2023 figures are estimates. All numbers rounded.

For context, India’s remittances received adds to more than the next two countries, Mexico ($67 billion) and China ($50 billion) combined.

Meanwhile, over the last two decades, the top 10 has seen a major shift. Countries from Europe have fallen out, replaced by Asian and African countries with big diaspora communities.

And the countries they’ve replaced—France, UK, Germany—are now some of the top destinations for immigration, from where remittances are usually sent.

The UN states that at least one in nine people globally are supported by funds received from abroad, and half of the amount ends up in rural areas, where some of the world’s poorest people live. This also makes remittances three times more important than international aid.

On a global scale, personal inbound remittances have risen seven times between 2000 and 2023.

Mapped: The Income Needed to Live Comfortably in Every U.S. State

Published

5 hours ago

on

June 12, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

The Income Needed to Live Comfortably in Every U.S. State

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.

Individuals in the top 11 most expensive states in the U.S. need an annual income exceeding $100,000 to live comfortably.

This map shows how much income single adults need to live comfortably in each U.S. state. SmartAsset calculated the income needed using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.

In this case, “comfortable” was defined as the annual income required to cover a 50/30/20 budget, allocating 50% of earnings to necessities such as housing and utility costs, 30% to discretionary spending, and 20% to savings or investments.

Massachusetts Ranks First

Massachusetts is the most expensive state to live comfortably in. A single adult needs to make at least $116,022 annually or $55.78 per hour.

RankStateSalary needed for a single working adult 1Massachusetts$116,022 2Hawaii$113,693 3California$113,651 4New York$111,738 5Washington$106,496 6Colorado$103,293 7New Jersey$103,002 8Maryland$102,918 9Oregon$101,088 10Rhode Island$100,838 11Connecticut$100,381 12Virginia$99,965 13New Hampshire$98,093 14Arizona$97,344 15Georgia$96,886 16Alaska$96,762 17Vermont$95,763 18Illinois$95,098 19Delaware$94,141 20Utah$93,683 21Nevada$93,434 22Florida$93,309 23Maine$91,686 24Pennsylvania$91,312 25North Carolina$89,690 26Minnesota$89,232 27Idaho$88,733 28South Carolina$88,317 29Wyoming$87,651 30Texas$87,027 31Tennessee$86,403 32Indiana$85,030 33Montana$84,739 34Kansas$84,656 35Michigan$84,365 36Wisconsin$84,115 37Missouri$84,032 38Alabama$83,824 39Nebraska$83,699 40New Mexico$83,616 41Iowa$83,366 42Mississippi$82,742 43Louisiana$82,451 44South Dakota$81,453 45Ohio$80,704 45Kentucky$80,704 47North Dakota$80,538 48Oklahoma$80,413 49Arkansas$79,456 50West Virginia$78,790

West Virginia is the least expensive for a single adult, who only needs to make an estimated $37.88 per hour, or $78,790 annually.

To live comfortably on your own in the top five states, a person