It is certainly amazing the the world nominal and PPP GDP are smaller than the Global Debt in the non financial sector, which is at the same time smaller than the Global Household Wealth. I am a bit confused: how can de GDP be smaller than the Global Household Wealth?
Wealth is accumulated money, while GDP is per year. Debt is also accumulated, while deficit is per year.
Why isn’t GDP also accumulated? I mean, GDP is wealth in any given year (perhaps discounting debt somehow?)
I think the term GDP by definition means in one year.
Like if someone asked me what my salary is, and I said “I have £10k in the bank!”, I wouldn’t be answering the question. I should say “My salary is £30k per year” or whatever it is. If someone asked about my wealth or net worth, then the amount I have saved would be relevant.