Why are neodymium magnets considered to be the strongest magnets on earth?

Developed by physicists during the 1970s, neodymium magnets are considered to be the strongest permanent magnets in existence. This is because they create the highest magnetic field per size and volume of any other known natural or manufactured material.

The magnetic field typically produced by rare earth neodymium magnets can be in excess of 1.4 Teslas, whereas all other magnets normally generate fields of 0.5 to 1 Tesla.

And not only are neodymium magnets the most powerful magnets on the planet, they are also the most affordable type of rare earth magnet available today.