Throughout the Second World War, the United States consistently had the largest gross domestic product (GDP) in the world. Additionally, U.S. GDP grew significantly throughout the war, whereas the economies of Europe and Japan saw relatively little growth, and were often in decline. The impact of key events in the war is also reflected in the trends shown here - the economic declines of France and the Soviet Union coincide with the years of German invasion, while the economies of the three Axis countries experienced their largest declines in the final year of the war.

In 1938, the year before the Second World War, the United States had, by far, the largest economy in the world in terms of gross domestic product (GDP). The five Allied Great Powers that emerged victorious from the war, along with the three Axis Tripartite Pact countries that were ultimately defeated made up the eight largest independent economies in 1938.

When values are converted into 1990 international dollars, the U.S. GDP was over 800 billion dollars in 1938, which was more than double that of the second largest economy, the Soviet Union. Even the combined economies of the UK, its dominions, and colonies had a value of just over 680 billion 1990 dollars, showing that the United States had established itself as the world's leading economy during the interwar period (despite the Great Depression).

Interestingly, the British and Dutch colonies had larger combined GDPs than their respective metropoles, which was a key motivator for the Japanese invasion of these territories in East Asia during the war. Trade with neutral and non-belligerent countries also contributed greatly to the economic development of Allied and Axis powers throughout the war; for example, natural resources from Latin America were essential to the American war effort, while German manufacturing was often dependent on Swedish iron supplies.

In the build up to the Second World War, the United States was the major power with the highest gross domestic product (GDP) per capita in the world. In 1938, the United States also had the highest overall GDP in the world, and by a significant margin, however differences in GDP per person were much smaller. Switzerland In terms of countries that played a notable economic role in the war, the neutral country of Switzerland had the highest GDP per capita in the world. A large part of this was due to the strength of Switzerland's financial system. Most major currencies abandoned the gold standard early in the Great Depression, however the Swiss Franc remained tied to it until late 1936. This meant that it was the most stable, freely convertible currency available as the world recovered from the Depression, and other major powers of the time sold large amounts of gold to Swiss banks in order to trade internationally. Switzerland was eventually surrounded on all sides by Axis territories and lived under the constant threat of invasion in the war's early years, however Swiss strategic military planning and economic leverage made an invasion potentially more expensive than it was worth. Switzerland maintained its neutrality throughout the war, trading with both sides, although its financial involvement in the Holocaust remains a point of controversy. Why look at GDP per capita? While overall GDP is a stronger indicator of a state's ability to fund its war effort, GDP per capita is more useful in giving context to a country's economic power in relation to its size and providing an insight into living standards and wealth distribution across societies. For example, Germany and the USSR had fairly similar GDPs in 1938, whereas Germany's per capita GDP was more than double that of the Soviet Union. Germany was much more industrialized and technologically advanced than the USSR, and its citizens generally had a greater quality of life. However these factors did not guarantee victory - the fact that the Soviet Union could better withstand the war of attrition and call upon its larger population to replenish its forces greatly contributed to its eventual victory over Germany in 1945.

The Second World War's Eastern Front, the largest theater of war in history, was largely dominated by the conflict between Germany and the Soviet Union. The two countries had agreed upon an unexpected peace pact in 1939, with the joint invasion and partition of Poland, but this peace was broken in June 1941 when Germany invaded the Soviet Union during Operation Barbarossa. Germany's economic and technological superiority, alongside its Blitzkrieg military strategy, allowed it to gain the upper hand in the early stages of the conflict. Within six months the Germans had pushed the frontlines back to Moscow, and almost 40 percent of the Soviet population now lived in occupied territory. German gains at the expense of the Soviets was reflected in the changing balance of their economies - Germany's GDP grew each year until 1944, whereas the Soviet GDP fell by one third between 1940 and 1942.

Between the Wall Street Crash of 1929 and the end of the Great Depression in the late 1930s, the Soviet Union saw the largest growth in its gross domestic product, growing by more than 70 percent between 1929 and 1937/8. The Great Depression began in 1929 in the United States, following the stock market crash in late October. The inter-connectedness of the global economy, particularly between North America and Europe, then came to the fore as the collapse of the U.S. economy exposed the instabilities of other industrialized countries. In contrast, the economic isolation of the Soviet Union and its detachment from the capitalist system meant that it was relatively shielded from these events. 1929-1932 The Soviet Union was one of just three countries listed that experienced GDP growth during the first three years of the Great Depression, with Bulgaria and Denmark being the other two. Bulgaria experienced the largest GDP growth over these three years, increasing by 27 percent, although it was also the only country to experience a decline in growth over the second period. The majority of other European countries saw their GDP growth fall in the depression's early years. However, none experienced the same level of decline as the United States, which dropped by 28 percent. 1932-1938 In the remaining years before the Second World War, all of the listed countries saw their GDP grow significantly, particularly Germany, the Soviet Union, and the United States. Coincidentally, these were the three most powerful nations during the Second World War. This recovery was primarily driven by industrialization, and, again, the U.S., USSR, and Germany all experienced the highest level of industrial growth between 1932 and 1938.

Throughout the Second World War, the ratio between the combined gross domestic product (GDP) of the major Allied and Axis powers varied greatly. The combined GDP of the Allies was always at least twice that of the Axis powers, however, it is important to remember that U.S. GDP alone was more than the the combined GDP of Germany, Italy, and Japan.

Im Zentrum der VGR steht immer noch die Messung der Leistung und des Einkommens einer Volkswirtschaft. Die folgende Datenkompilation fasst die entsprechenden zentralen Größen der Volkswirtschaftlichen Gesamtrechnungen (VGR) in Form von langen Reihen zusammen: Bruttoinlandsprodukt, Bruttonationaleinkommen und Volkseinkommen. Das Bruttoinlandprodukt (BIP) ist Ausdruck der gesamten im Inland entstandenen wirtschaftlichen Leistung in einer Berichtsperiode, unabhängig davon, in welchem Umfang inländische oder ausländische Wirtschaftseinheiten dazu beigetragen haben. Das Bruttonationaleinkommen tritt als umfassender Einkommensbegriff an die Stelle des früher verwendeten Begriffs des Bruttosozialprodukts, mit dem es konzeptionell übereinstimmt. Das Bruttonationaleinkommen (zu Marktpreisen) ist gleich dem von den inländischen Einheiten per Saldo empfangenen Primäreinkommen (BIP + empfangene Primäreinkommen aus der übrigen Welt – geleistete Primäreinkommen an die übrige Welt). Das BIP wird nach dem Inlandkonzept berechnet, während das Bruttonationaleinkommen nach dem Inländerkonzept berechnet wird. Das Bruttonationaleinkommen wird primär als Einkommensindikator angesehen. Es wird insbesondere für Analysen verwendet, die sich auf die Verfügbarkeit, Verteilung und Verwendung von Einkommen beziehen. Das Volkseinkommen (auch: Nettosozialprodukt zu Faktorkosten) ist eine gibt die Summe aller von den Inländern während eines Wirtschaftsjahres erzielten Faktoreinkommen an. Unter Faktoreinkommen versteht man in diesem Zusammenhang das Arbeitnehmerentgelt, d.h. alle Löhne und Gehälter sowie das Unternehmens- und Vermögenseinkommen, d.h. Mieten, Zinsen, Pachten und Unternehmensgewinne, die Inländern (Institutionen und Personen, die ihren ständigen Sitz bzw. Wohnsitz im Inland haben) zugeflossen sind. Das Volkseinkommen wird ermittelt durch Absetzen der Abschreibungen sowie der Produktions- und Importabgaben (vermindert um die Subventionen) vom Bruttonationaleinkommen.Für den Zeitraum 1925 bis 1938 liegen vom Statistischen Bundesamt auf das frühere Bundesgebiet umgerechnete Ergebnisse des Statistischen Reichsamtes in Mrd. Mark bzw. Reichsmark vor (ohne Berlin und Saarland). Für die Bundesrepublik Deutschland werden ab dem Berichtsjahr 1970 die jeweils aktualisierten Daten aus zwei Revisionen der VGR berücksichtigt: VGR-Revision 2005 und Generalrevision 2014). Die Angaben zum Bruttoinlandsprodukt liegen preisbereinigt und in jeweiligen Preisen vor, das Bruttonationaleinkommen und das Volkseinkommen in jeweiligen Preisen. Die drei Größen werden schließlich auch in jeweiligen Preisen je Einwohner ausgedrückt.Der zweite Teil der Datenkompilation umfasst Daten zum Volkseinkommen für die Zeit des früheren Gebiets des Deutsches Reiches (1913 und 1925 bis 1941; 1913: Gebietsstand von 1925, d.h. ohne das Saargebiet), die das Statistische Reichsamt in den Statistischen Jahrbüchern für das Deutsche Reich zusammengefasst publiziert hat. Ihre wichtigste Grundlage bilden die Ergebnisse der Einkommensteuerstatistik. Sie zerfällt in die Reichseinkommensteuerstatistik im engeren Sinne (steuerlich veranlagte natürliche Personen), die Lohnsteuerstatistik (lohnsteuerpflichtige Arbeitnehmer) und die Körperschaftsteuerstatistik (juristische Personen). Bei den natürlichen Personenerstreckt sich die objektive Steuerpflicht nach allen Einkommensteuergesetzen auf Einkünfte in Geld und Geldwert aus: (1) Grundbesitz (Land- und Forstwirtschaft, Vermietung, Verpachtung), (2) Handel und Gewerbe, (3) Kapitalvermögen, (4) freie Berufstätigkeit, (5) nicht selbständige Arbeit (Lohn und Gehalt), (6) gewisse, wiederkehrende Bezüge wie Leibrenten, Versicherungsrenten, Altenteilbezüge und ähnliches. Neben den Einkommen der natürlichen Personen werden als weitere Bestandteile des Volkseinkommens berücksichtigt: (1) das unverteilte Gesellschaftseinkommen, (2) die öffentlichen Erwerbseinkünfte, (3) die Arbeitgebereinkünfte zur Sozialversicherung, (4) die volkswirtschaftlich, aber nicht steuerrechtlich als Einkommensteile zu betrachtenden Steuern.

Datentabellen in HISTAT:A. Bruttoinlandsprodukt, Bruttonationaleinkommen, Volkseinkommen (Früheres Bundesgebiet / Deutschland)A.01a Bruttoinlandsprodukt, Bruttonationaleinkommen, Volkseinkommen, in Mrd. Euro (1925 – 2014)A.01b Bruttoinlandsprodukt, Bruttonationaleinkommen, Volkseinkommen, in Euro je Einwohner (1925 – 2014)B. Das Volkseinkommen im Deutschen Reich von 1913 bis 1941B.01a Das Volkseinkommen in Deutschland, in Mill. Mark / Reichsmark , in jeweiliger Kaufkraft (1913-1941)B.01b Das Volkseinkommen in Deutschland, in Mill. Mark / Reichsmark, in Kaufkraft von 1928 (1913-1937)B.01c Das Volkseinkommen in Deutschland, in Mill. Mark / Reichsmark, in Kaufkraft von 1938 (1913-1941)B.02a Der Aufbau des Volkseinkommens in Deutschland, in Mill. Mark / Reichsmark, in jeweiliger Kaufkraft (1913-1940)B.02b Der Aufbau des Volkseinkommens in Deutschland, in Mill. Mark / Reichsmark, in Kaufkraft von 1928 (1913-1937)B.02c Der Aufb...

The Second World War was fought on such a large scale that it became total war in many countries - this is where the war effort is prioritized above all else, and the entire population and economy are mobilized to support all military endeavors. Germany and Japan were committing over 70 percent of their national income to the war effort in its final years.

There were also notable fluctuations that coincided with major events for corresponding powers. These included the UK's mobilization of its defenses in 1940, after Germany took most of Western Europe; the spike in Soviet military spending after Operation Barbarossa in June, 1941; and the U.S. entry into the war following the Pearl Harbor attacks in December, 1941.

Throughout the interwar period, Nazi leaders and propaganda repeatedly put forward the bogus claim that Jews owned up to 20 percent of all wealth in Germany, despite making up fewer than one percent of the population. At this time, Jews were used as a scapegoat for Germany's economic difficulties after the First World War and during the Great Depression, and the Nazis claimed that the Jews were lining their pockets at the expense of "Aryan" Germans. Unfortunately, there are no official figures for Jewish wealth in the 1930s, and emigration tax data only gives an insight into the finances of wealthier Jews. There are, however, a range of estimates from contemporary and more recent sources, which have been used to estimate the real share of German capital that was owned by Jews. Contemporary estimates At various points in the 1930s, the media, statistical office, and central bank all claimed that the combined wealth of German Jews was somewhere between two and 20 billion Reichsmarks (RM). While these three institutions were all state run under the Nazi regime, and despite their uncertainty, some of these estimates are still treated with consideration due to the credentials of the journalists, economists, and statisticians involved. Additionally, these figures were used with the purpose of identifying just how much money the state could take from the Jewish population, therefore it was of interest for the Nazi authorities to ascertain accurate figures, and not inflate estimates for propaganda purposes. Interestingly, the estimates from the Statistical office actually increased from 1933 to 1936, despite the fact that the state had already been seizing Jewish wealth and restricting Jewish business on a large scale since 1933; this has been attributed to the economic impact of the Great Depression. Modern estimates The estimates from Junz and Ritschl were published in 2002 and 2019 respectively, and used some of the contemporary estimates in their investigation, while taking many additional factors into account. These are now some of the most widely-cited estimates on this subject, with estimates of around 8-16 billion RM in 1933, five billion RM in 1936, and 4.4 billion RM in 1938. In Ritschl's 2019 paper, he then goes on to estimate the share of total German wealth owned by Jews; his results show that the Jewish share of private capital was slightly higher than the average, but was still very much in line with their population size.

From 1273 until 1918, Austria was the seat of power of the House of Habsburg; one of Europe's most powerful and influential royal families of the past millennium. During this time and in the subsequent century since the Austro-Hungarian Empire's dissolution, the borders and demography of the Austrian state have changed dramatically, with the population growing from approximately three million people in 1800 to just over nine million in 2020. The area of modern Austria's population rose gradually throughout the nineteenth century, until the early 1900s, where it then dropped and fluctuated during the World Wars, before rising again until recent years.

End of an empire

The assassination of the heir to the Austrian throne, Archduke Franz Ferdinand, in Sarajevo on June 28, 1914, caused Austria to declare war on Serbia, which marked the outbreak of the First World War. The war (and subsequent Spanish Flu pandemic) would see the deaths of more than 1.2 million people from the Austro-Hungarian Empire, and the area of modern Austria's population dropped by almost 400,000 people between 1916 and 1920. In the years preceding the First World War, Slavic nationalism and tensions between various ethnicities in the empire had escalated to a new level; following the dissolution of Austria-Hungary in 1918, new states such as Poland, Czechoslovakia and Yugoslavia were created for corresponding ethnic groups, while Austrian and Hungarian states were created for ethnic Germans and Magyars respectively (Austria still uses this border today). The Treaty of Versailles had forbidden Austria from joining Germany, however in 1938, German Chancellor Adolf Hitler (who was born in Austria) united the two nations as part of the German Third Reich, with overwhelming support by the people of Austria. In the next few years, Austria's population decreased slightly, as a result of the forced relocation of Jews and the outbreak of the Second World War. Due to the Austria-German union, separate records were not kept for Austrian and German deaths during the war, however most estimates put Austria's total at over 350,000 fatalities.

Post-war Austria

Following Germany's defeat, Austria was split into four separately administered sections, and then the Second Austrian Republic was established in 1955, declaring its permanent neutrality in foreign affairs. In the period after this Austria has enjoyed a period of continued prosperity with a high standard of living and reasonable economic growth. Population growth stagnated in the 80's with the legalization of abortion and improved access to contraception, but has grown steadily in the past three decades. Austria is consistently ranked among the top 20 richest countries in the world in terms of GDP per capita, and in 2018 it was ranked 20th in the world by the Human Development Index.