The US represents only 5% of the global population, and yet, Americans are responsible for 25% of all global consumption. Americans consume around 25% of the world’s oil, 27% of global aluminum, 23% of all coal, and 19% of copper. Nations are still standing in line to offload their goods to Americans.
There are more people on the continent of Europe than in America, but they spend significantly less per capita. Total consumer spending for the entire 27-bloc European Union reached $9.589 trillion in 2023, and with a population of around 450 million, this came out to around $21,300 per person. This figure went down to €18,768 in 2024. Per capita consumer spending in the US hit $51,500 last year, as the average American spends twice as much as the average European.
China’s middle class is growing and will one day surpass America. At the moment, the average Chinese person spends 28,227 yuan or $4,800. Their population size rivals Europe and America, but the money is simply not there. Spending rose 5.3% in China from 2023 to 2024, when you account for inflation, it rose around 5.1%. Even if one adjusts for purchasing power parity (PPP), the US spending per capita is 7X greater than China’s.
Private consumption averaged 55.2% of Europe’s GDP from 1995 to 2024. Spending remains the single largest factor in the European economy. Economic uncertainty and inflation are causing consumers to spend less and this will severely harm Europe’s economy. Even small changes in consumer spending can offset the European economy.
Nations always go to war when they need funding. Russia is the wealthiest nation in terms of natural resources. This conquest is the same as when Japan went into Manchuria; it is why Europe wants to go into Russia.
