Multiple Compelling Characteristics of the U.S. Market

The U.S. is largest economy in the world with ~$32.5 trillion nominal Gross Domestic Product (GDP), 55% larger than China, and larger than the combined output of Japan, Germany, the U.K., France and Canada.

The U.S. is the wealthiest nation in the world with per capita GDP of over $94K and consumption of ~$57K (purchasing power parity), or 66% higher than in the EU area; and in terms of wealth the U.S. is only behind Switzerland with nearly $700K of assets per adult.

In terms of growth and resiliency, the U.S. has demonstrated stronger long-term growth, longer expansions and faster recovery from economic shocks than most other large developed economies. In the 2023-2025 post-Covid era the U.S. grew real GDP well over 2% per year compared to under 1.5% for the U.K., Germany, France and Japan. 2023-2025 cumulative real GDP growth in the U.S. was 8%, compared to between -1% and 4% for the comparable developed countries.

The U.S. has low geopolitical and structural risks due to high energy independence (world’s top natural gas and crude oil producer and net exporter), strong geographic security, and relatively low dependence on foreign demand (only ~12% of GDP derived from exports of goods and services vs global average of ~29%), coupled with high self-sustaining domestic demand and consumption.

The U.S. has the world’s deepest capital markets accounting for 44% or ~$69 trillion of the entire world’s equity market capitalization, and ~38% or ~$61 trillion of global fixed income securities (twice the size of the EU bond market) in 2025, both of which combined provide unprecedented economic resilience.

The U.S. also has a clear global reserve currency advantage – as of Q1 2026, the U.S. dollar represented ~57% of disclosed global foreign-exchange reserves. This provides an extraordinary ability to finance government borrowing, absorb capital flows during crises, provide liquidity, conduct countercyclical monetary/fiscal policy, and finance corporations at scale.