How to begin to make this McKinsey style chart?

I stumbled upon this chart from McKinsey. At first glance it wasn't making a lot of senses to me. Then I squinted and studied it some more. And it is telling me a lot!

This is the article.

And this is the chart.
the chart

Chart link: Sorry somehow I couldn't get the chart to show up in the forum.

I think I can make the bubble chart easily enough, but how to make the annotations? especially those outside of the plot area?

Appreciate any help, thanks,

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