Group of seven - wikipedia Group of seven Not to be confused with Group of Eight. This article is about the group of seven major advanced nations. For other uses, see Group of Seven ( disambiguation ). `` G7 '' redirects here. For other uses, see G7 ( disambiguation ). 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 Flags of G7 members as seen at University Avenue in Toronto. The Group of 7 ( G7 ) is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. These countries, with the 7 largest advanced economies in the world, represent more than 62 % of the global net wealth ( $280 trillions ). The G7 countries also represent 46 % of the global nominal GDP evaluated at market exchange rates and 32 % of the global purchasing power parity GDP. The European Union is also represented within the G7 summit. The 43rd G7 summit was held in Taormina ( ME ), Italy in May 2017. Contents 1 History 2 Early function 3 Work 4 List of summits 4.1 Leaders 5 Heads of State and Government and EU representatives, as of 2017 5.1 Member country data 5.2 Member facts 6 Protests 7 See also 8 References 9 External links History The concept of a forum for the world 's major industrialized countries emerged prior to the 1973 oil crisis. On Sunday, March 25, 1973, the U.S. Secretary of the Treasury, George Shultz, convened an informal gathering of finance ministers from West Germany ( Helmut Schmidt ), France ( Valéry Giscard d'Estaing ), and Britain ( Anthony Barber ) before an upcoming meeting in Washington, D.C. When running the idea past President Nixon, he noted that he would be out of town and offered use of the White House ; the meeting was subsequently held in the library on the ground floor. Taking their name from the setting, this original group of four became known as the `` Library Group ''. In mid-1973, at the World Bank - IMF meetings, Shultz proposed the addition of Japan to the original four nations, who agreed. The informal gathering of senior financial officials from the United States, the United Kingdom, West Germany, Japan, and France became known as the `` Group of Five '' ( 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 ). During 1974 the heads of state or government of the top 10 industrial nations fell due to illness or scandal. There were two elections in the UK, three chancellors of West Germany, three presidents of France, three prime ministers of Japan and Italy, and two U.S. presidents ; moreover, Canadian prime minister Pierre Trudeau was forced into an early election. Of the members of the Group of Five, all were new to the job with the exception of Pierre Trudeau. The forum originated with a 1975 summit hosted by France that brought together representatives of six governments : France, West Germany, Italy, Japan, the United Kingdom, and the United States, Schmidt and Giscard d'Estaing were heads of government in their respective countries, and since they both spoke fluent English, it occurred to them that they, and British Prime Minister Harold Wilson and U.S. President Gerald Ford could get together in an informal retreat and discuss election results and the issues of the day. In late spring, d'Estaing of France invited the heads of government from West Germany, Italy, Japan, the United Kingdom, and the United States to a summit in Château de Rambouillet ; the annual meeting of the six leaders was organized under a rotating presidency, forming the Group of Six ( G6 ). In 1976, with Wilson out as prime minister of Britain, Schmidt and Gerald Ford felt an English speaker with more experience was needed, so Canada 's Pierre Trudeau was invited to join the group and the group became the Group of Seven ( G7 ). Since first invited by the United Kingdom in 1977 the European Union has been represented by the president of the European Commission, and the leader of the country that holds the presidency of the Council of the European Union and the Council President now also regularly attends. Until the 1985 Plaza Accord no one outside a tight official circle knew when the seven finance ministers met and what they agreed. The summit was announced the day before and a communiqué was issued afterwards. Following 1994 's G7 summit in Naples, Russian officials held separate meetings with leaders of the G7 after the group 's summits. This informal arrangement was dubbed the Political 8 ( P8 ) -- or, colloquially, the G7 + 1. At the invitation of Prime Minister of the United Kingdom Tony Blair and President of the United States Bill Clinton, Russian President Boris Yeltsin was invited first as a guest observer, later as a full participant. After the 1997 meeting Russia was formally invited to the next meeting and formally joined the group in 1998, resulting in a new governmental political forum, the Group of Eight, or G8. Russia in fact had and has limited net national wealth and financial weight, compared to the other members of the forum G7. Russia also has n't ever been a major advanced economy according to IMF. However Russia was ejected from the G8 political forum in March 2014 following the Russian annexation of Crimea. Early function The organization was founded to facilitate shared macroeconomic initiatives by its members in response to the collapse of the exchange rate 1971, during the time of the Nixon Shock, the 1970s energy crisis and the ensuing recession. Work 2nd 7th 9th 14th 16th 21st 23rd 28th 30th 36th 38th Host venues of G7 summits in North America 1st 3rd, 10th, 17th 4th, 11th 6th, 13th 8th 15th 18th 20th 22nd 24th 25th 27th 29th 31st 32nd 33rd 35th 37th 39th 40th 41st 43rd ' Host venues of G7 summits in Europe 5th, 12th, 19th 26th 34th 42nd Host venues of G7 summits in Japan Since 1975, the group meets annually on summit site to discuss economic policies ; since 1987, the G7 finance ministers have met at least semi-annually, up to 4 times a year at stand - alone meetings. In 1996, the G7 launched an initiative for the 42 heavily indebted poor countries ( HIPC ). In 1999, the G7 decided to get more directly involved in `` managing the international monetary system '' through the Financial Stability Forum, formed earlier in 1999 and the G - 20, established following the summit, to `` promote dialogue between major industrial and emerging market countries ''. The G7 also announced their plan to cancel 90 % of bilateral, and multilateral debt for the HIPC, totaling $100 billion.In 2005 the G7 announced, debt reductions of `` up to 100 % '' to be negotiated on a `` case by case '' basis. In 2008 the G7 met twice in Washington, D.C. to discuss the global financial crisis of 2007 - 2010 and in February 2009 in Rome. The group of finance ministers pledged to take `` all necessary steps '' to stem the crisis. On 2 March 2014, the G7 condemned the `` Russian Federation 's violation of the sovereignty and territorial integrity of Ukraine. '' The G7 stated `` that the International Monetary Fund ( IMF ) remains the institution best prepared to help Ukraine address its immediate economic challenges through policy advice and financing, conditioned on needed reforms '', and that the G7 was `` committed to mobilize rapid technical assistance to support Ukraine in addressing its macroeconomic, regulatory and anti-corruption challenges. '' On 24 March 2014, the G7 convened an emergency meeting in response to the Russian Federation 's annexation of Crimea at the Dutch Catshuis, located in The Hague because all G7 leaders were already present to attend the 2014 Nuclear Security Summit. This was the first G7 meeting neither taking place in a member nation nor having the host leader participating in the meeting. On 4 June 2014 leaders at the G7 summit in Brussels, condemned Moscow for its `` continuing violation '' of Ukraine 's sovereignty, in their joint statement and stated they were prepared to impose further sanctions on Russia. This meeting was the first since Russia was expelled from the group G8 following its annexation of Crimea in March. The annual G7 leaders summit is attended by the heads of government. The member country holding the G7 presidency is responsible for organizing and hosting the year 's summit. The serial annual summits can be parsed chronologically in arguably distinct ways, including as the sequence of host countries for the summits has recurred over time, series, etc. Generally every country hosts summit every 7 years. List of summits Date Host Host leader Location held Website Notes 1st 15 -- 17 November 1975 France Valéry Giscard d'Estaing Rambouillet ( Castle of Rambouillet ) G6 Summit 2nd 27 -- 28 June 1976 United States Gerald R. Ford Dorado, Puerto Rico Also called `` Rambouillet II ''. Canada joined the group, forming the G7 3rd 7 -- 8 May 1977 United Kingdom James Callaghan London President of the European Commission was invited to join the annual G - 7 summits 4th 16 -- 17 July 1978 West Germany Helmut Schmidt Bonn, North Rhine - Westphalia 5th 28 -- 29 June 1979 Japan Masayoshi Ōhira Tokyo Prime Minister Ōhira died in office on 12 June ; Foreign Minister Saburō Ōkita led the delegation which represented Japan. 6th 22 -- 23 June 1980 Italy Francesco Cossiga Venice 7th 20 -- 21 July 1981 Canada Pierre E. Trudeau Montebello, Québec 8th 4 -- 6 June 1982 France François Mitterrand Versailles 9th 28 -- 30 May 1983 United States Ronald Reagan Williamsburg, Virginia 10th 7 -- 9 June 1984 United Kingdom Margaret Thatcher London 11th 2 -- 4 May 1985 West Germany Helmut Kohl Bonn, North Rhine - Westphalia 12th 4 -- 6 May 1986 Japan Yasuhiro Nakasone Tokyo 13th 8 -- 10 June 1987 Italy Amintore Fanfani Venice 14th 19 -- 21 June 1988 Canada Brian Mulroney Toronto, Ontario 15th 14 -- 16 July 1989 France François Mitterrand Paris 16th 9 -- 11 July 1990 United States George H.W. Bush Houston 17th 15 -- 17 July 1991 United Kingdom John Major London 18th 6 -- 8 July 1992 Germany Helmut Kohl Munich, Bavaria 19th 7 -- 9 July 1993 Japan Kiichi Miyazawa Tokyo 20th 8 -- 10 July 1994 Italy Silvio Berlusconi Naples 21st 15 -- 17 June 1995 Canada Jean Chrétien Halifax, Nova Scotia 22nd 27 -- 29 June 1996 France Jacques Chirac Lyon International organizations ' debut to G7 Summits periodically. The invited ones here were : United Nations, World Bank, International Monetary Fund and the World Trade Organization. 23rd 20 -- 22 June 1997 United States Bill Clinton Denver Russia joins the group, forming G8 24th 15 -- 17 May 1998 United Kingdom Tony Blair Birmingham 25th 18 -- 20 June 1999 Germany Gerhard Schröder Cologne, North Rhine - Westphalia First Summit of the G - 20 major economies at Berlin 26th 21 -- 23 July 2000 Japan Yoshiro Mori Nago, Okinawa Formation of the G8 + 5 starts, when South Africa was invited. Until the 38th G8 summit in 2012, it has been invited to the Summit annually without interruption. Also, with permission from a G8 leader, other nations were invited to the Summit on a periodical basis for the first time. Nigeria, Algeria and Senegal accepted their invitations here. The World Health Organization was also invited for the first time. 27th 20 -- 22 July 2001 Italy Silvio Berlusconi Genoa Leaders from Bangladesh, Mali and El Salvador accepted their invitations here. Demonstrator Carlo Giuliani is shot and killed by police during a violent demonstration. One of the largest and most violent anti-globalization movement protests occurred for the 27th G8 summit. Following those events and the September 11 attacks two months later in 2001, the G8 have met at more remote locations. 28th 26 -- 27 June 2002 Canada Jean Chrétien Kananaskis, Alberta Russia gains permission to officially host a G8 Summit. 29th 2 -- 3 June 2003 France Jacques Chirac Évian - les - Bains The G8 + 5 was unofficially made, when China, India, Brazil, and Mexico were invited to this Summit for the first time. South Africa has joined the G8 Summit, since 2000, until the 2012 edition. Other first - time nations that were invited by the French president included : Egypt, Morocco, Saudi Arabia, Malaysia and Switzerland. 30th 8 -- 10 June 2004 United States George W. Bush Sea Island, Georgia A record number of leaders from 12 different nations accepted their invitations here. Amongst a couple of veteran nations, the others were : Ghana, Afghanistan, Bahrain, Iraq, Jordan, Turkey, Yemen and Uganda. Also, the state funeral of former president Ronald Reagan took place in Washington during the summit. 31st 6 -- 8 July 2005 United Kingdom Tony Blair Gleneagles The G8 + 5 was officially formed. On the second day of the meeting, suicide bombers killed 52 people on the London Underground and a bus. Nations that were invited for the first time were Ethiopia and Tanzania. The African Union and the International Energy Agency made their debut here. During the 31st G8 summit in United Kingdom, 225,000 people took to the streets of Edinburgh as part of the Make Poverty History campaign calling for Trade Justice, Debt Relief and Better Aid. Numerous other demonstrations also took place challenging the legitimacy of the G8. 32nd 15 -- 17 July 2006 Russia ( only G8 member, not G7 ) Vladimir Putin Strelna, St. Petersburg First G8 Summit on Russian soil. Also, the International Atomic Energy Agency and UNESCO made their debut here. 33rd 6 -- 8 June 2007 Germany Angela Merkel Heiligendamm, Mecklenburg - Vorpommern Seven different international organizations accepted their invitations to this Summit. The Organisation for Economic Co-operation and Development and the Commonwealth of Independent States made their debut here. 34th 7 -- 9 July 2008 Japan Yasuo Fukuda Toyako ( Lake Toya ), Hokkaido Nations that accepted their G8 Summit invitations for the first time are : Australia, Indonesia and South Korea. 35th 8 -- 10 July 2009 Italy Silvio Berlusconi La Maddalena ( cancelled ) L'Aquila, Abruzzo ( re-located ) ( 3 ) This G8 Summit was originally planned to be in La Maddalena ( Sardinia ), but was moved to L'Aquila as a way of showing Prime Minister Berlusconi 's desire to help the region after the 2009 L'Aquila earthquake. Nations that accepted their invitations for the first time were : Angola, Denmark, Netherlands and Spain. A record of TEN ( 10 ) international organizations were represented in this G8 Summit. For the first time, the Food and Agriculture Organization, the International Fund for Agricultural Development, the World Food Programme, and the International Labour Organization accepted their invitations. 36th 25 -- 26 June 2010 Canada Stephen Harper Huntsville, Ontario Malawi, Colombia, Haiti, and Jamaica accepted their invitations for the first time. 37th 26 -- 27 May 2011 France Nicolas Sarkozy Deauville, Basse - Normandie Guinea, Niger, Côte d'Ivoire and Tunisia accepted their invitations for the first time. Also, the League of Arab States made its debut to the meeting. 38th 18 -- 19 May 2012 United States Barack Obama Chicago ( cancelled ) Camp David ( re-located ) The summit was originally planned for Chicago, along with the NATO summit, but it was announced officially on 5 March 2012, that the G8 summit will be held at the more private location of Camp David and at one day earlier than previously scheduled. Also, this is the second G8 summit, in which one of the core leaders ( Vladimir Putin ) declined to participate. This G8 summit concentrated on the core leaders only ; no non-G8 leaders or international organizations were invited. 39th 17 -- 18 June 2013 United Kingdom David Cameron Lough Erne, County Fermanagh ( 4 ) As in 2012, only the core members of the G8 attended this meeting. The four main topics that were discussed here were trade, government transparency, tackling tax evasion, and the ongoing Syrian crisis. 40th 4 -- 5 June 2014 European Union Belgium Herman Van Rompuy and José Manuel Barroso Brussels ( re-located from Sochi, Russia ) G7 summit as an alternative meeting without Russia in 2014 due to association with Crimean crisis. G8 summit did not take place in Sochi, Russia. G7 summit relocated to Brussels, Belgium. 41st 7 -- 8 June 2015 Germany Angela Merkel Schloss Elmau, Bavaria ( 5 ) Summit dedicated to focus on the global economy as well as on key issues regarding foreign, security and development policy. Global Apollo Programme was also on the agenda. 42nd 26 -- 27 May 2016 Japan Shinzō Abe Shima, Mie Prefecture ( 6 ) The G7 leaders aim to address challenges affecting the growth of the world economy, like slowdowns in emerging markets and drops in price of oil. The G7 also issued a warning on the United Kingdom that `` a UK exit from the EU would reverse the trend towards greater global trade and investment, and the jobs they create and is a further serious risk to growth ''. Commitment to an EU -- Japan Free Trade Agreement 43rd 26 -- 27 May 2017 Italy Paolo Gentiloni Taormina, Sicily ( 7 ) G7 leaders emphasized common endeavours : to end the Syrian crisis, to fulfill the UN mission in Libya and reducing the presence of ISIS, ISIL and Da'esh in Syria and Iraq. North Korea was urged to comply with UN resolutions, Russian responsibility was stressed for Ukrainian conflict. Supporting economic activity and ensuring price stability was demanded while inequalities in trade and gender were called to be challenged. It was agreed to help countries in creating conditions that address the drivers of migration : ending hunger, increasing competitiveness and advancing global health security. 44th 8 -- 9 June 2018 Canada Justin Trudeau La Malbaie, Québec 45th TBD, 2019 France Emmanuel Macron TBD 46th TBD, 2020 United States Donald Trump TBD 47th TBD, 2021 United Kingdom Theresa May TBD Leaders Member Head of government Finance minister Central bank governor Canada Prime Minister Justin Trudeau Minister of Finance Bill Morneau Stephen Poloz France President Emmanuel Macron Minister of the Economy Bruno Le Maire François Villeroy de Galhau Prime Minister Édouard Philippe Germany Chancellor Angela Merkel Minister of Finance Wolfgang Schäuble Jens Weidmann Italy Prime Minister Paolo Gentiloni Minister of Economy and Finance Pier Carlo Padoan Ignazio Visco Japan Prime Minister Shinzō Abe Minister of Finance Tarō Asō Haruhiko Kuroda United Kingdom Prime Minister Theresa May Chancellor of the Exchequer Philip Hammond Mark Carney United States President Donald Trump Secretary of the Treasury Steven Mnuchin Janet Yellen European Union Council President Donald Tusk Commissioner for Economic and Monetary Affairs and the Euro Jyrki Katainen Mario Draghi Commission President Jean - Claude Juncker Heads of state and government and EU representatives, as of 2017 Canada Justin Trudeau, Prime Minister France Emmanuel Macron, President Germany Angela Merkel, Chancellor Italy Paolo Gentiloni, Prime Minister Japan Shinzō Abe, Prime Minister United Kingdom Theresa May, Prime Minister United States Donald Trump, President European Union Donald Tusk, President of the European Council European Union Jean - Claude Juncker, President of the European Commission Member country data Member Trade mil. USD ( 2014 ) Nom. GDP mil. USD ( 2014 ) PPP GDP mil. USD ( 2014 ) Nom. GDP per capita USD ( 2014 ) PPP GDP per capita USD ( 2014 ) HDI ( 2015 ) Population ( 2014 ) Permanent members of UN Security Council DAC OECD Economic classification ( IMF ) Canada 947,200 1,785,387 1,595,975 50,304 44,967 0.913 35,467,000 Y Y Advanced France 1,212,300 2,833,687 2,591,170 44,332 40,538 0.888 63,951,000 Y Y Y Advanced Germany 2,866,600 3,874,437 3,748,094 47,774 46,216 0.916 80,940,000 Y Y Advanced Italy 948,600 2,167,744 2,135,359 35,335 35,131 0.873 60,665 551 Y Y Advanced Japan 1,522,400 4,602,367 4,767,157 36,222 37,519 0.891 127,061,000 Y Y Advanced United Kingdom 1,189,400 2,950,039 2,569,218 45,729 39,826 0.907 64,511,000 Y Y Y Advanced United States 3,944,000 17,348,075 17,348,075 54,370 54,370 0.915 318,523,000 Y Y Y Advanced European Union 4,485,000 18,527,116 18,640,411 36,645 36,869 0.865 505,570,700 N / A Y N / A N / A The G7 is composed of the seven wealthiest advanced countries. The People 's Republic of China, according to its data, would be the second - largest ( 10.3 % of the world net wealth ) in the world, but is excluded because the IMF and other main global institutions do not consider China an advanced country because of its relatively low net wealth per adult and its not major advanced economy. As of 2017 Credit Suisse report the G7 ( without the European Union ) represents above 62 % of the global net wealth. Including the EU the G7 represents over 70 % of the global net wealth. Member facts 7 of the 7 top - ranked advanced economies with the current largest GDP and with the highest national wealth ( United States, Japan, Germany, UK, France, Italy, Canada ). 7 of the 15 top - ranked countries with the highest net wealth per capita ( United States, France, Japan, United Kingdom, Italy, Canada, Germany ). 7 of 10 top - ranked leading export countries. 5 of 10 top - ranked countries with the largest gold reserves ( United States, Germany, Italy, France, Japan ). 7 of 10 top - ranked economies ( by nominal GDP ), according to latest ( 2016 data ) International Monetary Fund 's statistics. 5 countries with a nominal GDP per capita above US $40,000 ( United States, Canada, Germany, United Kingdom, France ). 4 countries with a sovereign wealth fund, administered by either a national or a state / provincial government ( United States, France, Canada, Italy ). 7 of 30 top - ranked nations with large amounts of foreign - exchange reserves in their central banks. 3 out of 9 countries having nuclear weapons ( France, UK, United States ), plus 2 countries that have nuclear weapon sharing programs ( Germany, Italy ). 6 of the 9 largest nuclear energy producers ( United States, France, Japan, Germany, Canada, UK ), although Germany announced in 2011 that it will close all of its nuclear power plants by 2022. Following the 2011 Tōhoku earthquake and tsunami, Japan shut down all of its nuclear reactors. However, Japan restarted several nuclear reactors, with the refueling of other reactors underway. 7 of the 10 top donors to the UN budget for the 2016 annual fiscal year. 5 countries with a HDI index for 2016 of 0.9 and higher ( United States, Germany, United Kingdom, Canada, Japan ). 2 countries with the highest credit rating from Standard & Poor 's, Fitch, and Moody 's at the same time ( Canada and Germany ). 3 countries are Constitutional Monarchies ( United Kingdom, Canada, Japan ), 2 are Presidential Republics ( France, United States ) and the other 2 are Parliamentary Republics ( Germany, Italy ) Protests In 2015, despite Germany 's immense efforts to prevent it and despite the remote location of the summit, the luxury hotel Schloss Elmau at the foot of the Wetterstein mountains at an altitude of 1008 m above sea level, about 300 of the 7500 peaceful protesters led by the group ' Stop - G7 ' managed to reach the 3 m high and 7 km long security fence surrounding the summit location. 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Retrieved May 27, 2017. ^ Jump up to : `` G7 Summit in Brussels, 4 -- 5 June 2014 : Background note and facts about the EU 's role and action ''. 3 June 2014. Retrieved 2 April 2015. Jump up ^ http://www.g7italy.it/cose-g7 ^ Jump up to : `` Van Rompuy and Barroso to both represent EU at G20 ''. EUobserver.com. 19 March 2010. Retrieved 21 October 2012. `` The permanent president of the EU Council, former Belgian premier Herman Van Rompuy, also represents the bloc abroad in foreign policy and security matters... in other areas, such as climate change, President Barroso will speak on behalf of the 27 - member club. '' ^ Jump up to : `` Gross domestic product ''. IMF World Economic Outlook. October 2015. Retrieved 14 October 2015. Jump up ^ `` World Economic Outlook data ''. IMF. 2014. Retrieved 19 October 2014. 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Jump up ^ Malcolm Chalmers & Simon Lunn ( March 2010 ), NATO 's Tactical Nuclear Dilemma, Royal United Services Institute, retrieved 2010 - 03 - 16 Jump up ^ `` Der Spiegel : ' ' Foreign Minister Wants US Nukes out of Germany ' ''. Der Spiegel. 10 April 2009. Retrieved 2014 - 04 - 10. Jump up ^ `` Germany : Nuclear power plants to close by 2022 ''. BBC. 30 May 2011. Retrieved 2011 - 08 - 12. Jump up ^ `` Tomari shutdown leaves Japan without nuclear power ''. BBC News. 5 May 2012. Retrieved 2012 - 05 - 05. Jump up ^ `` 11 countries with perfect credit ''. USA Today. 16 October 2013. Retrieved 2014 - 04 - 10. Jump up ^ `` Der Spiegel : Proteste um Schloss Elmau -- Demonstranten wandern bis zum G7 - Zaun ''. Der Spiegel. 7 June 2015. Retrieved 2015 - 06 - 11. Jump up ^ `` Bild : 7 Kilometer lang, 3 Meter hoch, auf ganzer Länge beleuchtet ''. Bild. 3 June 2015. Retrieved 2015 - 06 - 11. External links Wikimedia Commons has media related to Group of Seven. 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Question: the g-7 foreign ministers meeting has started in which country
Answer: Puerto Rico