The Group of Seven (G7) is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. These countries, with the seven largest advanced economies in the world, represent 58% of the global net wealth ($317 trillion). The G7 countries also represent more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity. The European Union is also represented at the G7 summit.