Adjusted net savings, including particulate emission damage (current US$) - Country Ranking

Definition: Adjusted net savings are equal to net national savings plus education expenditure and minus energy depletion, mineral depletion, net forest depletion, and carbon dioxide and particulate emissions damage.

Source: World Bank staff estimates based on sources and methods described in "The Changing Wealth of Nations 2018: Building a Sustainable Future" (Lange et al 2018).

See also: Thematic map, Time series comparison

Find indicator:
Rank Country Value Year
1 China 2,455,370,000,000.00 2017
2 United States 1,220,620,000,000.00 2017
3 Germany 532,702,000,000.00 2017
4 India 419,253,000,000.00 2017
5 Japan 367,370,000,000.00 2017
6 Korea 307,922,000,000.00 2017
7 France 246,705,000,000.00 2017
8 Netherlands 153,219,000,000.00 2017
9 United Kingdom 141,973,000,000.00 2017
10 Russia 122,760,000,000.00 2017
11 Brazil 122,729,000,000.00 2017
12 Spain 118,760,000,000.00 2017
13 Indonesia 118,303,000,000.00 2017
14 Italy 117,388,000,000.00 2017
15 Singapore 114,892,000,000.00 2017
16 Switzerland 112,876,000,000.00 2017
17 Philippines 107,408,000,000.00 2017
18 Canada 106,737,000,000.00 2017
19 Sweden 103,979,000,000.00 2017
20 Turkey 96,015,930,000.00 2017
21 Saudi Arabia 93,551,780,000.00 2017
22 Mexico 83,448,150,000.00 2017
23 Australia 72,001,410,000.00 2017
24 Norway 70,111,810,000.00 2017
25 Bangladesh 63,677,840,000.00 2017
26 Thailand 60,869,370,000.00 2017
27 Denmark 60,597,620,000.00 2017
28 Belgium 60,365,430,000.00 2017
29 Austria 58,488,660,000.00 2017
30 Israel 54,599,210,000.00 2017
31 Poland 53,735,420,000.00 2017
32 Qatar 44,829,000,000.00 2017
33 Ireland 42,146,030,000.00 2017
34 Pakistan 40,816,050,000.00 2017
35 Algeria 35,016,270,000.00 2017
36 Venezuela 34,452,700,000.00 2014
37 Argentina 33,655,430,000.00 2017
38 Libya 30,763,440,000.00 2008
39 Malaysia 30,630,560,000.00 2017
40 Vietnam 28,616,350,000.00 2017
41 New Zealand 27,290,970,000.00 2017
42 Finland 26,087,440,000.00 2017
43 Sri Lanka 24,231,430,000.00 2017
44 Morocco 22,323,140,000.00 2017
45 Czech Republic 20,926,810,000.00 2017
46 Kuwait 20,244,290,000.00 2017
47 Hungary 17,660,650,000.00 2017
48 Myanmar 15,108,880,000.00 2017
49 Peru 14,397,190,000.00 2017
50 Panama 14,263,920,000.00 2017
51 Dominican Republic 12,503,090,000.00 2017
52 Tanzania 12,028,390,000.00 2017
53 Ecuador 11,588,040,000.00 2017
54 Belarus 11,085,650,000.00 2017
55 Nepal 9,597,584,000.00 2017
56 Chile 9,571,075,000.00 2017
57 Luxembourg 9,227,318,000.00 2017
58 Iran 8,930,277,000.00 2000
59 Bulgaria 8,704,167,000.00 2017
60 Costa Rica 8,663,600,000.00 2017
61 Colombia 8,484,563,000.00 2017
62 Kazakhstan 8,353,637,000.00 2017
63 Ethiopia 7,455,526,000.00 2017
64 Portugal 7,258,504,000.00 2017
65 Romania 7,010,725,000.00 2017
66 Bahrain 6,813,064,000.00 2017
67 Croatia 5,874,785,000.00 2017
68 Côte d'Ivoire 5,862,548,000.00 2016
69 Paraguay 5,590,197,000.00 2017
70 Uruguay 5,528,316,000.00 2017
71 Slovak Republic 5,202,465,000.00 2017
72 Nigeria 4,961,337,000.00 2017
73 Slovenia 4,823,242,000.00 2017
74 Botswana 4,471,243,000.00 2017
75 Brunei 4,452,254,000.00 2017
76 Honduras 4,150,214,000.00 2017
77 Iceland 3,979,027,000.00 2017
78 Ukraine 3,977,615,000.00 2017
79 Estonia 3,975,804,000.00 2017
80 Azerbaijan 3,703,457,000.00 2017
81 Egypt 2,776,184,000.00 2017
82 Cambodia 2,725,379,000.00 2017
83 Senegal 2,378,023,000.00 2014
84 Jamaica 2,272,458,000.00 2017
85 South Africa 2,137,321,000.00 2017
86 Nicaragua 1,932,301,000.00 2017
87 Zambia 1,894,343,000.00 2016
88 Latvia 1,808,740,000.00 2017
89 Georgia 1,789,757,000.00 2017
90 Jordan 1,746,093,000.00 2017
91 North Macedonia 1,663,870,000.00 2017
92 Cameroon 1,528,230,000.00 2017
93 El Salvador 1,499,457,000.00 2017
94 Haiti 1,489,090,000.00 2017
95 Guatemala 1,424,110,000.00 2017
96 Gabon 1,368,913,000.00 2012
97 Lithuania 1,277,789,000.00 2009
98 Albania 1,078,645,000.00 2017
99 Moldova 1,072,877,000.00 2016
100 Suriname 975,500,400.00 2010
101 Kyrgyz Republic 943,432,900.00 2017
102 Madagascar 856,348,900.00 2017
103 The Bahamas 845,702,900.00 2017
104 Cyprus 694,532,000.00 2017
105 Namibia 592,817,000.00 2017
106 Bhutan 538,570,600.00 2017
107 Afghanistan 535,859,900.00 2017
108 Tajikistan 516,886,300.00 2017
109 Guyana 496,066,700.00 2016
110 Niger 366,428,000.00 2016
111 Fiji 363,015,100.00 2016
112 Bolivia 294,681,900.00 2017
113 Sudan 216,863,300.00 2017
114 Lesotho 216,081,600.00 2016
115 Cabo Verde 199,347,300.00 2017
116 Armenia 182,688,800.00 2017
117 Papua New Guinea 175,866,000.00 2004
118 Vanuatu 169,609,900.00 2014
119 Central African Republic 70,341,540.00 1994
120 Chad 64,964,530.00 1994
121 Comoros 59,329,530.00 2012
122 Tonga 44,978,980.00 2012
123 Eswatini 36,942,140.00 2017
124 St. Vincent and the Grenadines 3,309,404.00 2017
125 Eritrea 3,227,141.00 2000
126 Belize -14,584,040.00 2017
127 Djibouti -33,604,760.00 2017
128 St. Lucia -35,136,870.00 2016
129 Solomon Islands -61,253,340.00 2006
130 The Gambia -111,653,200.00 2012
131 Guinea-Bissau -133,060,900.00 2016
132 Lao PDR -192,188,900.00 2017
133 Benin -286,103,500.00 2016
134 Barbados -299,318,200.00 2013
135 Mali -314,454,300.00 2014
136 Togo -339,708,000.00 2016
137 Timor-Leste -378,161,200.00 2017
138 Rwanda -397,346,000.00 2017
139 Mauritania -508,255,700.00 2017
140 Burundi -562,098,900.00 2016
141 Guinea -675,829,100.00 2017
142 Mauritius -855,685,000.00 2017
143 Burkina Faso -942,959,200.00 2016
144 Mongolia -1,012,140,000.00 2017
145 Malawi -1,027,155,000.00 2017
146 Sierra Leone -1,063,085,000.00 2016
147 Serbia -1,359,472,000.00 2014
148 Dem. Rep. Congo -1,606,874,000.00 2017
149 Mozambique -1,649,767,000.00 2017
150 Kenya -1,712,519,000.00 2017
151 Uganda -2,419,867,000.00 2017
152 Liberia -2,951,578,000.00 2017
153 Congo -3,383,312,000.00 2016
154 Tunisia -3,724,682,000.00 2017
155 Zimbabwe -4,453,681,000.00 2017
156 Ghana -4,711,551,000.00 2017
157 Greece -6,352,480,000.00 2017
158 Oman -7,899,710,000.00 2017
159 Lebanon -8,963,273,000.00 2017
160 Iraq -11,681,540,000.00 2016
161 Angola -19,271,300,000.00 2017

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Development Relevance: How wealth changes over time is critical to understanding a country’s prospects for sustainable development. Adjusted Net Saving (ANS) was developed as an indicator to approximate the change in wealth—based on simple economic theory in which savings equals investment, and investment equals the change in wealth. ANS measures gross national savings, adjusted for gains (spending on education) and losses (consumption of fixed capital, depletion of subsoil assets and forests, pollution damages). When ANS is negative, it may indicate that wealth is being run down; when ANS is positive, it may indicate that wealth is growing.

Limitations and Exceptions: The exercise treats public education expenditures as an addition to savings. However, because of the wide variability in the effectiveness of public education expenditures, these figures cannot be construed as the value of investments in human capital. A current expenditure of $1 on education does not necessarily yield $1 of human capital. The calculation should also consider private education expenditure, but data are not available for a large number of countries. While extensive, the accounting of natural resource depletion and pollution costs still has some gaps. Key estimates missing on the resource side include the value of fossil water extracted from aquifers, net depletion of fish stocks, and depletion and degradation of soils. Important pollutants affecting human health and economic assets are also excluded.

Statistical Concept and Methodology: Adjusted net savings are derived from standard national accounting measures of gross savings by making four adjustments. First, estimates of fixed capital consumption of produced assets are deducted to obtain net savings. Second, current public expenditures on education are added to net savings (in standard national accounting these expenditures are treated as consumption). Third, estimates of the depletion of a variety of natural resources are deducted to reflect the decline in asset values associated with their extraction and harvest. And fourth, deductions are made for damages from carbon dioxide emissions and local pollution. Estimates of resource depletion are based on the "change in real wealth" method described in Hamilton and Ruta (2008), which estimates depletion as the ratio between the total value of the resource and the remaining reserve lifetime. The total value of the resource is the present value of current and future rents from resource extractions. An economic rent represents an excess return to a given factor of production. Natural resources give rise to rents because they are not produced; in contrast, for produced goods and services competitive forces will expand supply until economic profits are driven to zero. For each type of resource and each country, unit resource rents are derived by taking the difference between prices and the average unit extraction or harvest costs (including a “normal” return on capital). Unit rents are then multiplied by the physical quantity extracted or harvested to arrive at total rent. To estimate the value of the resource, rents are assumed to be constant over the life of the resource (the El Serafy approach), and the present value of the rent flow is calculated using a 4 percent discount rate.

Periodicity: Annual