eli5: Why is the US commonly called the “wealthiest country” if we have 30T in debt?

Question

eli5: Why is the US commonly called the “wealthiest country” if we have 30T in debt?

In: 5

Answer 1

This usually refers to GDP or Gross Domestic Product. This is how much “stuff” and “services” the country produces in a year. Another way to think of it is as the amount of money that gets exchanged within the economy.

The US has a GDP of about $20 trillion in 2020, and has had the highest GDP for some time now.