American exceptionalism has had a long, successful run. Gauged by the growth of gross domestic product per capita and other statistical measures, the U.S. economy has outpaced its advanced-economy rivals since the turn of the century.
The United States is home to the world’s leading high-tech firms. It is at the forefront of artificial intelligence. And investors have cashed in on that outperformance: As of late 2024, U.S. large-cap markets had yielded an average annual return of 13% over the preceding 10 years, compared to just 6% for European markets.
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