It is an organization consisting of world most advanced economies: the United States, United Kingdom, Japan, France, Germany, Canada and Italy. The European Union is an invitee to G7. As of the fiscal year 2018, G7 countries represents 58% of global net worth and more than 46% of gross domestic products based on nominal values, based on purchasing power more than 32% of global gross domestic product. G7 summit held in 2019, some non-member countries are also invited. The invited nations include Australia, Egypt, Iran, Chile, India, Iran, South Africa, Spain, Rwanda and Senegal. G7 was founded to assist shared macroeconomics initiatives by its members in reaction to the downfall of exchange rate 1971, during the time Nixon shock.
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