Despite drought and forest fires and rising crime and an inflation rate not seen since 1982, California has proven its resilience yet again, as a new report reveals that the Golden State is about to overtake Germany as the fourth largest economy in the world.
The study, published by Bloomberg on Monday, found that California’s gross domestic product will soon surpass Germany’s, taking over as No. 4 on the planet, following the United States, China and Japan. California already conquered Brazil (No. 7) and France (No. 6) as top world earners in 2015, and it soundly kicked the United Kingdom out of its number five slot in 2017.
California, as the report notes, is still lacking some crucial fiscal numbers that won’t be seen until 2023, yet some estimates suggest the state may have already caught up with our Teutonic pals—for instance, California is ahead by $72 billion when considering the state’s recent growth rate.
Part of what has lead to California dwarfing our Wagnerian colleagues on the world stage is California’s sheer number of corporate tyrants. While the U.S.A.’s richest state is home to 379 companies with a market value of at least $1 billion, Germany has a mere 155 publicly-traded firms earning anything comparable.
Revenues and market capitalization rose 147 percent and 117 percent in CA during the past three years, while Germany showed gains of merely 41 percent and 34 percent. Plus, the authors state, the margin of Germany’s nominal Gross Domestic Product of $4.22 trillion over California’s $3.357 trillion in 2021 was the smallest on record—and it’s about to disappear, with Europe’s largest economy barely growing in 2022 and forecast to shrivel further in 2023.
Governor Gavin Newsom exalted the news in a press release Tuesday marked, “ICYMI”:
“While critics often say California’s best days are behind us, reality proves otherwise—our economic growth and job gains continue to fuel the nation’s economy,” Newsom said. “California’s values and entrepreneurial spirit have powered this ascent to becoming the 4th biggest economy in the world, and we’ll continue doubling down on industries of the future, like renewables and clean energy. I feel tremendous pride in California’s resilience, leadership, and our formula for success.”
For those unfamiliar with the similarities and differences between the sister nations of California and Germany, the latter’s first emperor was Wilhelm of Prussia, who took power in 1871, while California’s first boss under U.S. rule was military Governor John D. Sloat, who served for 22 days in 1846.
Additionally, while Germany is perhaps only as guilty of starting World War I as France, Russia, Austria-Hungary, the Balkans, Turkey and the U.K., it totally started World War II. California, meanwhile, cannot solely be blamed for the East Coast-West Coast hip-hop wars of the 1990s, but it did, in fact, provoke the Late Night Wars of that turbulent and destructive decade.
While Germany also brought us Nietzsche, Marx, Spengler and many other popular, didactic mental and moral basket cases, the Egg McMuffin was invented in Santa Barbara in 1971—and that is why we win.