Meaning of the word "a rising tide lifts all boats" in English

What does "a rising tide lifts all boats" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

a rising tide lifts all boats

US /ə ˈraɪ.zɪŋ taɪd lɪfts ɔːl boʊts/
UK /ə ˈraɪ.zɪŋ taɪd lɪfts ɔːl bəʊts/
"a rising tide lifts all boats" picture

Idiom

the idea that an improving economy or general prosperity will benefit all participants or people involved

Example:
The government argues that tax cuts for businesses will help everyone, because a rising tide lifts all boats.
When the tech industry booms, local shops also thrive; a rising tide lifts all boats.