G7 (major advanced economies)

Group of Seven and the European Union
Canada Prime Minister Justin Trudeau France President Emmanuel Macron Germany Chancellor Angela Merkel Italy (2017 chairman) Prime Minister Paolo Gentiloni Japan Prime Minister Shinzō Abe United Kingdom Prime Minister Theresa May United States President Donald Trump European Union Council President Donald Tusk Commission President Jean-Claude Juncker

Canada

France

Germany

Italy (2017 chairman)

Japan

United Kingdom

United States

European Union

The Group of 7 (G7) is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union is also represented within the G7. These countries are the seven major advanced economies as reported by the International Monetary Fund: the G7 countries represent more than 64% of the net global wealth ($263 trillion). A very high net national wealth and a very high Human Development Index are the main requirements to be a member of this group. The G7 countries also represent 46% of the global GDP evaluated at market exchange rates and 32% of the global purchasing power parity GDP.

The 43rd G7 summit was held in Taormina (ME), Italy in May 2017. Other recent G7 meetings include that of May 2013 in Aylesbury, United Kingdom and an emergency G7 meeting in The Hague, Netherlands on 24 March 2014.

The G7 originates with the 'Group of Six'. It was founded ad hoc in 1975, consisting of finance ministers and central bank governors from France, West Germany, Italy, Japan, the United Kingdom and the United States, when Giscard d'Estaing invited them for an "informal gathering at the chateau of Rambouillet, near Paris [...] in a relaxed and private setting". The intent was "to discuss current world issues (dominated at the time by the oil crisis) in a frank and informal manner". The G6 followed an unofficial gathering starting in 1974 of senior financial officials from the United States, the United Kingdom, West Germany, Japan and France. They were called the "Library group" or the "Group of Five" because they met informally in the White House Library in Washington, DC. (this is not to be confused with the current, but completely different "Group of Five", a group of the five top nations with emerging economies formed in 2005).

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