How the Atlas measures

The table

Per year is the compounded yearly return between the year-ends of the first and the last year of the span. The largest fall is measured from a year-end high to the lowest year-end after it, so a fall that recovered within the same year does not show. The years back to the old level count from the year of the high to the first year-end at or above it. For prices the row shows the year with the largest rise instead.

• Compound annual growth rate. The one rate which, applied to every year, arrives at the same end value as the real series did. It is never above the plain average of the annual returns, and the more a series swings, the further below it sits. About the path in between it says nothing.

Rates, conversions, gaps

Where a source publishes a rate and not a level (a bond yield, an overnight rate, a policy rate), the Atlas compounds it month by month into what money earning that rate would have become. For bonds that leaves out price changes, and the table says so. Bitcoin in euros and pounds uses the exchange rate already contained in the region's gold series. Each series starts where its source starts and ends where it ends. No gap is filled with an estimate.

• Price index. An index that follows only the prices of its companies. Dividends paid out along the way are not in it, so its long-run average is below what a holder who reinvested them actually got.
• Total return index. An index that counts the dividends in, as though every payout had been put straight back into the same shares. Over decades that is the larger part of the difference between two indices on the same market.

Curve and crises

The curve shows what 100 at the end of the start year became, on a logarithmic axis, so a doubling has the same height in any decade. After inflation divides each year by the price level of the region. At a crisis the fall runs from the highest year-end of the year before and the year itself to the lowest year-end in the six years after.

• In today's purchasing power. The same amount, converted into what it would buy today at an assumed rate of inflation. It answers what the money is worth rather than what the figure says.

Layers

The layer chart sets money supply (M1, M2, M3 or M4), the central bank balance sheet, gold, homes, shares, consumer prices, food and energy prices and the purchasing power of 100 on one scale: each indexed to 100 in the start year, on a logarithmic axis and on the same years as the curve. Money supply and balance sheet count at the end of each year (December), prices as yearly averages. A layer that starts after the start year begins at 100 in its own first year, as on the curve, and the chart marks that point with "100 = year". The strip under it shows policy rate, interest on savings deposits and inflation per year in per cent, rates as the average of the months of each year. Real interest on savings deposits is that rate minus the inflation of the same year, only for years with all twelve months. Where it lies below nought, the area is shaded red. A dashed continuation appears only where a central bank has announced a path, with who announced it and when.

How much money is in circulation and how central banks steer. Asset prices and the money supply often move together. That is an observation, not a rule.

The map

World shares light by the stock market value of the listed companies of each country (World Bank), gold by mine production (U.S. Geological Survey). Index weights of index providers are not freely usable. Every other asset lights the country of its series.

How wealth comes about

Every amount says which figure it is. Typical household (median): half the households of the group have less, half have more. Average: the total divided by the number of households or adults, pulled up by a few very large fortunes. Entry threshold: the net wealth from which a household or an adult belongs to the group. Where a source publishes the median, the median is shown.

Each region has its own source, its own groups and its own currency: Germany the Bundesbank's wealth survey, the euro area the ECB's survey and distributional accounts, the United Kingdom the ONS survey, the USA the Fed's distributional accounts and survey. Amounts are not converted, and only one region is shown at a time. From the first switch of region on, a line under the region chips says: “Different source, different groups, different currency. What compares is the composition, not the amount.”

For the USA, the Fed's distributional accounts (DFA) give totals and no median. The medians come from the public microdata of the Fed's survey SCF 2025 (own calculation, public domain), cut exactly like the DFA groups: by rank of net wealth (lower half, 50 to 90 %) and by the age of the reference person (under 40, 40 to 54, 55 to 69, 70 and over). The same calculation hits all six medians by age published in the Fed's Table 4 to the dollar. The composition stays the DFA's. The bounds match, the valuation does not: the DFA also counts defined benefit pensions and the 400 richest families, and says so at the value. Nothing is converted.

Each source decides for itself what counts as wealth, and pensions are where they differ most. So a fixed line under every picture says which pensions its source contains. The Bundesbank survey (PHF) counts private pension insurance and subsidised pension plans, but no claims on the statutory pension. The ECB survey (HFCS) leaves out state and occupational pensions, the ECB distributional accounts (DWA) every claim on pension funds except life insurance. The Fed's distributional accounts (DFA) contain company pensions of both kinds, but not Social Security. The ONS counts all workplace and personal pensions, including defined benefit, but not the State Pension. A pension share in the bar therefore does not compare between regions.

By household type, the section shows only what the original table publishes, as of 10 November 2026. Bundesbank PHF 2023, Table 2: living alone, single parents, couples without and with children, with the composition of each type from Tables 4 to 9. Fed SCF 2025, Table 4: couples without and with children, single parents. It splits singles without children by age, so that chip stays grey with both figures. ONS WAS 2020 to 2022, Table 2.9: couples with dependent children, single parents with dependent children. It splits people living alone and couples without children by State Pension age. ECB HFCS 2023, Table A3: by household size only, so every type stays grey. No source states the average number of adults per type, so there is no such sentence. Apart from the Bundesbank, no source breaks the composition down by type, the bars stay the picture for all households.

• DIW Weekly Report 45/2023 (SOEP 2017): pension wealth from the statutory pension, company pensions and civil service pensions is on average the second largest item of wealth after property. In the poorer half it makes up about 70 % of wealth. Source

What every figure is counted in

The line under every result says it in keywords: nominal · before costs and taxes · measured years, as published · past returns are not a forecast

• Nominal. An amount counted in the money of the year it falls in, with nothing taken off for rising prices. It is the figure that would be in the account.

Sources, with the day they were fetched

Every line names the publisher, the last year the series covers and the day the figures were last fetched. The full list of every source in the product is on the sources page.

• US consumer prices (CPI-U): U.S. Bureau of Labor Statistics, CPI-U (CUUR0000SA0), 1913 to 2025, fetched 9 November 2026. Quelle: U.S. Bureau of Labor Statistics Source
• US food prices (CPI-U, food): U.S. Bureau of Labor Statistics, CPI-U (CUUR0000SAF1), 1913 to 2025, fetched 9 November 2026. Quelle: U.S. Bureau of Labor Statistics Source
• US energy prices (CPI-U, energy): U.S. Bureau of Labor Statistics, CPI-U (CUUR0000SA0E), 1957 to 2025, fetched 9 November 2026. Quelle: U.S. Bureau of Labor Statistics Source
• US policy rate (federal funds rate): Federal Reserve Board, H.15 Selected Interest Rates, RIFSPFF_N.M, 1954-07 to 2026-10, fetched 9 November 2026. Quelle: Board of Governors of the Federal Reserve System Source
• US 10-year Treasury yield: Federal Reserve Board, H.15 Selected Interest Rates, RIFLGFCY10_N.M, 1953-04 to 2026-10, fetched 9 November 2026. Quelle: Board of Governors of the Federal Reserve System Source
• Federal Reserve total assets: Federal Reserve Board, H.4.1 Factors Affecting Reserve Balances, RESPPA_N.WW, 2002-12 to 2026-10, fetched 9 November 2026. Quelle: Board of Governors of the Federal Reserve System Source
• US money supply M2: Federal Reserve Board, H.6 Money Stock Measures, M2.M, 1959-01 to 2026-09, fetched 9 November 2026. Quelle: Board of Governors of the Federal Reserve System Source
• US money supply M1: Federal Reserve Board, H.6 Money Stock Measures, M1.M, 1959-01 to 2026-09, fetched 9 November 2026. Quelle: Board of Governors of the Federal Reserve System Source
• US money supply M3 (discontinued 2006): Federal Reserve Board, H.6 Money Stock Measures, H0.M3.M (discontinued), 1959-01 to 2006-02, fetched 9 November 2026. Quelle: Board of Governors of the Federal Reserve System Source
• US house prices (FHFA): U.S. Federal Housing Finance Agency, House Price Index (all transactions, USA), 1975 to 2025, fetched 9 November 2026. Quelle: U.S. Federal Housing Finance Agency, FHFA House Price Index Source
• US shares with dividends (S&P 500): Aswath Damodaran, NYU Stern, histretSP, Spalte S&P 500 (includes dividends), 1927 to 2025, fetched 9 November 2026. Quelle: Aswath Damodaran, Historical Returns on Stocks, Bonds and Bills (NYU Stern) Source
• US 10-year Treasury bonds, total return: Aswath Damodaran, NYU Stern, histretSP, Spalte US T. Bond (10-year), 1927 to 2025, fetched 9 November 2026. Quelle: Aswath Damodaran, Historical Returns on Stocks, Bonds and Bills (NYU Stern) Source
• US money market (3-month T-bills): Aswath Damodaran, NYU Stern, histretSP, Spalte 3-month T.Bill, 1927 to 2025, fetched 9 November 2026. Quelle: Aswath Damodaran, Historical Returns on Stocks, Bonds and Bills (NYU Stern) Source
• Gold in US dollars: World Bank, Commodity Price Data (The Pink Sheet), Gold, ab 1960, und U.S. Geological Survey, Data Series 140 (Gold), 1900 bis 1959, 1900 to 2025, fetched 9 November 2026. Source: World Bank, Commodity Price Data (The Pink Sheet), licensed under CC BY 4.0. Credit: U.S. Geological Survey Source
• Gold in euros (Deutsche Mark converted before 1999): World Bank, Commodity Price Data (The Pink Sheet), Gold, ab 1960, und U.S. Geological Survey, Data Series 140 (Gold), 1900 bis 1959, umgerechnet mit Devisenkursen der Deutschen Bundesbank (BBEX3.A.USD.DEM.AA.AC.A04) und Euro-Referenzkursen der EZB (EXR.A.USD.EUR.SP00.A), 1949 to 2025, fetched 9 November 2026. Source: World Bank, Commodity Price Data (The Pink Sheet), licensed under CC BY 4.0. Credit: U.S. Geological Survey. Quelle: Deutsche Bundesbank. Source: ECB statistics. Source
• Gold in euros: World Bank, Commodity Price Data (The Pink Sheet), Gold, ab 1960, und U.S. Geological Survey, Data Series 140 (Gold), 1900 bis 1959, umgerechnet mit Euro-Referenzkursen der EZB (EXR.A.USD.EUR.SP00.A), 1999 to 2025, fetched 9 November 2026. Source: World Bank, Commodity Price Data (The Pink Sheet), licensed under CC BY 4.0. Source: ECB statistics. Source
• Gold in pounds: World Bank, Commodity Price Data (The Pink Sheet), Gold, ab 1960, und U.S. Geological Survey, Data Series 140 (Gold), 1900 bis 1959, umgerechnet mit dem Wechselkurs der Fed (H.10, RXI$US_N.A.UK), 1971 to 2025, fetched 9 November 2026. Source: World Bank, Commodity Price Data (The Pink Sheet), licensed under CC BY 4.0. Quelle: Board of Governors of the Federal Reserve System Source
• German consumer prices: Deutsche Bundesbank, Zeitreihe BBDP1.A.DE.N.VPI.C.A00000.I20.L, 1949 to 2025, fetched 9 November 2026. Quelle: Deutsche Bundesbank, eigene Berechnung auf Basis von Angaben des Statistischen Bundesamtes (Destatis), dl-de/by-2-0 Source
• German food prices (CPI, food): Deutsche Bundesbank, Zeitreihe BBDP1.M.DE.N.VPI.C.C2C011.I20.A, 1995 to 2025, fetched 9 November 2026. Quelle: Deutsche Bundesbank, eigene Berechnung auf Basis von Angaben des Statistischen Bundesamtes (Destatis), dl-de/by-2-0 Source
• German energy prices (CPI, energy): Deutsche Bundesbank, Zeitreihe BBDP1.M.DE.N.VPI.C.NRGY00.I20.A, 1991 to 2025, fetched 9 November 2026. Quelle: Deutsche Bundesbank, eigene Berechnung auf Basis von Angaben des Statistischen Bundesamtes (Destatis), dl-de/by-2-0 Source
• Yield on German federal securities outstanding: Deutsche Bundesbank, Zeitreihe BBSIS.M.I.UMR.RD.EUR.S1311.B.A604.A.R.A.A._Z._Z.A, 1960-03 to 2026-10, fetched 9 November 2026. Quelle: Deutsche Bundesbank Source
• German policy rate (discount rate, ECB from 1999): Deutsche Bundesbank, Zeitreihen BBIN1.M.DE.BBK.BBKDIS.DEM.ME und BBIN1.M.D0.ECB.ECBMIN.EUR.ME, 1948-07 to 2026-10, fetched 9 November 2026. Quelle: Deutsche Bundesbank Source
• Interest on savings deposits, Germany: Deutsche Bundesbank, Zinsstatistik, Reihe BBIB1.M.DE.B.H.DNB.SPM.K3M.A.N1.11A (SU0022), bis 2002, und MFI-Zinsstatistik, Reihe MIR.M.DE.B.L23.D.R.A.2250.EUR.N (EZB Data Portal), ab 2003, 1975-02 to 2026-09, fetched 9 November 2026. Quelle: Deutsche Bundesbank. Source: ECB statistics. Source
• German house prices: Eurostat, House price index (prc_hpi_a), Deutschland, Daten des Statistischen Bundesamtes, 2005 to 2025, fetched 9 November 2026. Quelle: Eurostat Source
• UK retail prices, long run (RPI): Office for National Statistics, CDKO, Retail Prices Index: Long run series: 1800 to 2024: Jan 1974=100, 1870 to 2025, fetched 9 November 2026. Source: Office for National Statistics licensed under the Open Government Licence v.3.0 Source
• UK consumer prices (CPI): Office for National Statistics, D7BT, CPI INDEX 00: ALL ITEMS 2015=100, 1988 to 2025, fetched 9 November 2026. Source: Office for National Statistics licensed under the Open Government Licence v.3.0 Source
• UK food prices (CPI 01.1, food): Office for National Statistics, D7C8, CPI INDEX 01.1 : FOOD 2015=100, 1988 to 2025, fetched 9 November 2026. Source: Office for National Statistics licensed under the Open Government Licence v.3.0 Source
• UK energy prices (CPI, energy): Office for National Statistics, DK9T, CPI INDEX: Energy (G) 2015=100, 1988 to 2025, fetched 9 November 2026. Source: Office for National Statistics licensed under the Open Government Licence v.3.0 Source
• UK policy rate (Bank Rate): Bank of England, Statistical Interactive Database, Reihe IUMABEDR, 1975-01 to 2026-10, fetched 9 November 2026. Source: Bank of England Statistical Interactive Database. Contains public sector information licensed under the Open Government Licence v3.0. Source
• UK 10-year gilt yield: Bank of England, Statistical Interactive Database, Reihe IUMAMNPY, 1993-12 to 2026-10, fetched 9 November 2026. Source: Bank of England Statistical Interactive Database. Contains public sector information licensed under the Open Government Licence v3.0. Source
• UK money supply M4: Bank of England, Statistical Interactive Database, Reihe LPMAUYN, 1982-06 to 2026-09, fetched 9 November 2026. Source: Bank of England Statistical Interactive Database. Contains public sector information licensed under the Open Government Licence v3.0. Source
• Interest on savings deposits, UK: Bank of England, Statistical Interactive Database, Reihe CFMHSCV, 1999-01 to 2026-09, fetched 9 November 2026. Source: Bank of England Statistical Interactive Database. Contains public sector information licensed under the Open Government Licence v3.0. Source
• UK house prices (UK HPI): HM Land Registry, UK House Price Index, United Kingdom, alle Objektarten, 1969 to 2025, fetched 9 November 2026. Contains HM Land Registry data © Crown copyright and database right 2026. This data is licensed under the Open Government Licence v3.0. Source
• Euro area consumer prices (HICP): Eurostat, HICP (prc_hicp_minr), Euroraum 20 Länder, 2000 to 2025, fetched 9 November 2026. Quelle: Eurostat Source
• Euro area food prices (HICP, food): Eurostat, HICP (prc_hicp_minr), CP011 Food, Euroraum 20 Länder, 2000 to 2025, fetched 9 November 2026. Quelle: Eurostat Source
• Euro area energy prices (HICP, energy): Eurostat, HICP (prc_hicp_minr), NRG Energy, Euroraum 20 Länder, 2000 to 2025, fetched 9 November 2026. Quelle: Eurostat Source
• Euro area policy rate (deposit facility): EZB Data Portal, Reihe FM.D.U2.EUR.4F.KR.DFR.LEV, 1999-01 to 2026-10, fetched 9 November 2026. Source: ECB statistics. Source
• Eurosystem total assets: EZB Data Portal, Reihe ILM.W.U2.C.T000000.Z5.Z01, 1999-01 to 2026-10, fetched 9 November 2026. Source: ECB statistics. Source
• Euro area money supply M3: EZB Data Portal, Reihe BSI.M.U2.Y.V.M30.X.1.U2.2300.Z01.E, 1980-01 to 2026-09, fetched 9 November 2026. Source: ECB statistics. Source
• Euro area money supply M1: EZB Data Portal, Reihe BSI.M.U2.Y.V.M10.X.1.U2.2300.Z01.E, 1980-01 to 2026-09, fetched 9 November 2026. Source: ECB statistics. Source
• Euro area money supply M2: EZB Data Portal, Reihe BSI.M.U2.Y.V.M20.X.1.U2.2300.Z01.E, 1980-01 to 2026-09, fetched 9 November 2026. Source: ECB statistics. Source
• Interest on savings deposits, euro area: EZB Data Portal, Reihe MIR.M.U2.B.L23.D.R.A.2250.EUR.N, 2003-01 to 2026-09, fetched 9 November 2026. Source: ECB statistics. Source
• World inflation (median of countries): World Bank, World Development Indicators, Inflation, consumer prices (annual %), FP.CPI.TOTL.ZG, World, 1981 to 2025, fetched 9 November 2026. Quelle: World Bank, World Development Indicators (FP.CPI.TOTL.ZG), Datengrundlage International Monetary Fund, International Financial Statistics, CC BY 4.0 Source
• Euro area residential property prices: EZB Data Portal, Reihe RESR.Q.I9._T.N._TR.TVAL.4F0.TB.N.IX, 1975 to 2025, fetched 9 November 2026. Source: ECB statistics. Source
• Stock market value by country: World Bank, World Development Indicators, Market capitalization of listed domestic companies (current US$), CM.MKT.LCAP.CD, 2024, fetched 9 November 2026. Quelle: World Bank, World Development Indicators (CM.MKT.LCAP.CD), Datengrundlage World Federation of Exchanges, CC BY 4.0 Source
• Gold mine production by country: U.S. Geological Survey, Mineral Commodity Summaries 2026, Gold, World Mine Production, 2025, fetched 9 November 2026. Credit: U.S. Geological Survey Source

All sources