National comprehensive wealth index (real chained 2019 US$)
The national comprehensive wealth index aggregates produced capital, nonrenewable and renewable natural capital, human capital, and net foreign financial assets, using the Törnqvist volume index. The values are reported in real chained 2019 US dollars and cannot simply be aggregated by summing the sub-wealth categories.
The aggregate national comprehensive wealth index is calculated using the Törnqvist volume index, applied to wealth categories like produced capital, nonrenewable and renewable natural capital, human capital, and net foreign financial assets. For each asset, except financial assets, an unchained index is first computed as a weighted geometric mean of the "quantity relatives" between periods, using nominal value shares as weights. These unchained indices are then chained to form a time series with 2019 as the base year. Since each category is calculated using this method, they cannot be simply added to estimate the total index. The final chained index is expressed in monetary terms by applying the chained Törnqvist index to the base year’s aggregate nominal value, providing a more accurate reflection of wealth changes and sustainability.