National Wealth Estimates in 1914 (Pre-WWI)

Estimates of total national wealth (private + public assets minus liabilities) for major powers on the eve of World War I:

⚠️ Critical Caveats

• Not comparable directly: Different currencies, price levels, methodologies, coverage
• Gold standard era: £1 = $4.87 = 25.22 francs = 20.43 marks (official parities)
• Rough USD equivalents (1914 parities): UK ~$114B, France ~$95B, Germany ~$59B — but purchasing power differed
• Sources vary: National statistical offices, academic reconstructions (e.g., Piketty, Zucman, Maddison)
• Excludes: Colonies (mostly), human capital, natural resources not yet exploited