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The Trillion dollar club is an unofficial classification of the world's major economies with a gross domestic product (nominal GDP) of more than US$1 trillion per year. [ 1 ] [ 2 ] As of 2023, it included 19 countries.
Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. [ 2 ]
South Africa: 28% [202] 0% (below threshold) 45% 15% [203] 18% Taxation in South Africa South Korea [42] 24.2% [101] 6% + 1.8% [204] 42% [205] + 11.4% [204] 10% Taxation in South Korea South Sudan: 30% — — — Taxation in South Sudan Spain [39] 25% (in mainland) 4% (in Canary Islands) 0% (first €5,550 per year is tax free) 52.3
For the United States, the value was estimated to be between about 20% on the low end to nearly 50% on the high end, depending on the methodology being used. [45] Because many public policies are shaped by GDP calculations and by the related field of national accounts , [ 46 ] public policy might differ if unpaid work were included in total GDP.
South Africa 15% 0% on basic foodstuffs such as bread, additionally on goods donated not for gain; goods or services used for educational purposes, such as school computers; membership contributions to an employee organization (such as labour union dues); and rent paid on a house by a renter to a landlord. [147]
The US dollar's position in global reserves is often questioned because of the growing share of unallocated reserves, and because of the doubt regarding dollar stability in the long term. [ 23 ] [ 24 ] However, in the aftermath of the 2008 to 2010 financial crisis, the dollar's share in the world's foreign-exchange trades rose slightly from 85% ...
Post-covid inflation spike in the US, gray column marks start of COVID in US [135] (2018-2024) Housing prices inflation from Q4 2020 to Q4 2021 in the United States 40% 20% 0% -20% -40% . In the United States, price increases for gasoline, food, and housing drove inflation in 2021. [136]
The United States has a highly developed mixed economy. [40] [41] [42] It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). [43]As of 2024, it has the world's sixth highest nominal GDP per capita and eighth highest GDP per capita by PPP). [10]