For centuries, the United Kingdom has sculpted a reputation for being one of the world’s richest and most powerful countries — and it still is. Today, the U.K. is home to some of the globe's top financial institutions, major multinationals, and elite universities. London is one of the most influential cities on the planet, and its political machines command a lot of respect overseas. But if you really crunch the numbers, the U.K.’s finances aren’t quite as ironclad as you might think.
According to new analysis from the Institute of Economic Affairs (IEA), the average Briton is “significantly poorer than the average person in Switzerland, Singapore, the United States, Australia, and Germany.” In fact, the U.K.’s GDP now ranks 21st in the world. That means it’s effectively poorer than every U.S. state on a per-person basis.
