The G7, or G-7, is a group consisting of the finance ministers of seven developed nations: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. They are the seven wealthiest developed nations on Earth by national net wealth as described in the Credit Suisse Global Wealth Report October 2013 below cited. The G7 represents more than the 63% of the net global wealth ($241 trillion) according to Credit Suisse Global Wealth Report October 2013.1 The last meeting of the G7 took place in May 2013 in Aylesbury in the United Kingdom. Other meetings of the G7 are already planned.
The G7 began in 1975 as the Group of Six, consisting of the countries France, West Germany, Italy, Japan, the United Kingdom and the United States, before Canada became the seventh member the following year.2 The organization was founded to facilitate shared initiatives by the members in response to the collapse of the exchange rate, the First Oil Crisis and the recession which followed from these events.3 Collectively, the G7 nations comprised 50.4% of global nominal GDP and 39.3% of global GDP (PPP). This group meets several times a year to discuss economic policies. Their work is supported by regular, functional meetings of officials, including the G7 finance disputes.4