Roger Ohan book proposes national wealth framework beyond GDP

Wilberfoss Limited has published The Ledger, a new book by former financial markets professional Roger Ohan that argues governments should track national wealth on a balance sheet, not just GDP. The framework introduces a Sovereign Share metric meant to show net wealth per citizen and could reshape how countries judge economic strength and public policy.

Why it matters: - The Ledger argues that GDP captures annual economic activity but misses whether a country is building or eroding long-term wealth. - The proposed framework is designed to give governments and investors a clearer view of sovereign economic health. - The book treats national wealth disclosure as an accountability tool, similar to corporate balance sheet reporting.

What happened: - Wilberfoss Limited published The Ledger by former financial markets professional Roger Ohan. - Ohan spent a decade at Chemical Bank, later acquired by JPMorgan Chase. - The book proposes a national balance sheet framework as a supplement to Gross Domestic Product. - Ohan says quarterly GDP releases moved global bond markets during his time in financial markets. - The book is available in paperback, hardcover and ebook on Amazon at the book listing.

The details: - The framework is called Gross National Assets. - Gross National Assets is organized into five capital categories: natural capital, infrastructure capital, human capital, intellectual capital and financial capital. - An Institutional Quality Governance Multiplier applies across all five categories. - The framework produces a headline metric called the Sovereign Share. - Sovereign Share represents net national wealth per citizen. - Ohan uses Hurricane Katrina in 2005 as an example of GDP growth that did not capture the loss of underlying community wealth. - The book proposes mandatory publication of Sovereign Share alongside every government budget. - The proposed disclosure would be subject to independent audit.

Between the lines: - The framework challenges a standard policy focus on growth alone and pushes attention toward asset accumulation, liabilities and institutional quality. - The book’s country comparisons suggest that resource wealth matters less than how governments save, invest and maintain public assets over time. - Norway’s high Sovereign Share is tied to decades of saving North Sea oil revenues in the Government Pension Fund Global. - South Korea’s rise in Sovereign Share is presented as evidence that countries without major natural resources can still build substantial national wealth. - The United Kingdom’s near-zero Sovereign Share is linked to spending North Sea revenues, pension funding gaps and infrastructure maintenance shortfalls. - Professor Jonathan Story of INSEAD reviewed the book and said, "Keep track of your income statement if you will, but you ignore the overall balance sheet of assets and liabilities at your peril. The book deserves a wide readership." - James Chavin, former senior partner at McKinsey, called the framework "simple but powerful concepts" and said policy makers should get closer to them.

What's next: - The book calls for governments to publish Sovereign Share figures with budgets. - Ohan is seeking review copies and interview requests through Wilberfoss Limited. - The framework’s public reception will likely depend on whether policymakers, economists and investors view it as a practical complement to GDP.