President-elect Donald Trump has courted controversy once again in recent weeks by dialing up his intention to make a bid for Greenland. But even though the Danish government says the territory is not for sale, that hasn't stopped experts from pondering how much it may be worth.
Real estate developer David Barker told The New York Times the true value of Greenland depends on a variety of factors, but he started with other U.S. purchases over the past century, notably Alaska and the U.S. Virgin Islands. Trump has stated his primary objective for acquiring Greenland is for national security as Russia and China vie for artic dominance.
Using the Virgin Islands, formally known as the Danish West Indies, as the low-end valuation, Barker said a 500-fold growth in Denmark's gross domestic product since 1917, when it was purchased, would give Greenland a value of $12.5 billion. Shifting the comparable territory to the Alaska purchase and using the current U.S. GDP as a guide, Greenland's value goes up to $77 billion.
Baker acknowledged neither comparison is ideal, saying, "The feeling of many at the time of the Alaska purchase was that the U.S. had overpaid, while this was not true of the purchase of the Danish West Indies."
Greenland is also home to many rare earth metals, such as copper and lithium, critical to a future powered by artificial intelligence and electric vehicles. If mining is the key criteria in purchasing, then the price goes up.
"If Greenland really helps us to defend the U.S., then its value increases with the size of the U.S. economy," Barker said. "If the only value of Greenland was minerals, then the size of the U.S. economy wouldn’t have much effect on the price."
According to The Financial Times, Greenland's buried riches bring a valuation of $1 trillion, but Barker said that colossal figure overlooks a key point.
"The U.S. government would not receive the full benefit of resource extraction," he said. "It would sell drilling and mining rights to companies whose bids would leave room for their own costs and profits."
James Morley III ✉
James Morley III is a writer with more than two decades of experience in entertainment, travel, technology, and science and nature.
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