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The economy decides a county’s present and future. The top 10 richest economies greatly influence the world’s finances. Let’s take a look at these top 10 richest countries in the world.
Top 10 richest countries in the world
The country’s GDP determines its place on the list of the top wealthiest countries. The Gross Domestic Product (GDP) is the value of goods and services produced within the country in a year. It measures the economic situation of the country.
So, let’s get started!
The United States of America is one of the super-nations that drive the world’s economy. Its GDP last year was USD 23 trillion. The nominal GDP per capita is $69,287.
- The most significant contributors to USA’s GDP are real estate, insurance, business services, and healthcare.
- It has an open economy which facilitates flexible business investments.
- It also encourages direct foreign investments in the country.
- It is a producer of the world’s primary reserve currency.
- The country produces cutting-edge technologies and has a deep capital market, flexible labor market, and strict business laws, making it a dominant economy globally.
There’s always tight competition between China and the United States for the first position among the wealthiest countries. China has a GDP of USD 17.73 trillion. Its nominal GDP per capita is $12,556.
- The Chinese economy has seen a significant hike in 20 years. It grew by $113 trillion between the years 2000 and 2020.
- It brought flexibility to the market prices.
- It increased the autonomy of businesses, trade, and investments in foreign and domestic markets and improved its agricultural sector.
- China also emphasized industrial policies and changed them to encourage domestic infrastructure.
The country of the rising sun, Japan, holds the third rank constant in the list of the richest countries. It has a GDP of USD 4.9 trillion. Its nominal GDP per capita is $39,285.
- Japan is an excellent example of a corporation between the government and industries. They work together to develop advanced technology in the country.
- It has a manufacturing and export-oriented economy.
- They invested more in health and education to build a better future.
It is also known as the Federal Republic of Germany. It is the second most populous country in Europe. It has a GDP of USD 4.22 trillion. The nominal GDP per capita of Germany is $50,801.
- Germany is known as Europe’s largest economy.
- It is a top exporter of vehicles, chemicals, machinery, and a skilled workforce.
- It is one of the most preferred countries for work by international employees as it has fewer working hours and strict labor laws.
The United Kingdom
Great Britain ranks fifth on this list. This royal country is known for its quality of life. The United Kingdom has a GDP of USD 3.19 trillion. Its nominal GDP per capita is $47,334.
- It has one of the largest service sectors in finance, insurance, and businesses.
- It is the single largest trading partner in the European continent.
- It grew consumer-focused industries like food and beverages, entertainment, etc.
It is one of the ‘developing’ countries in this list of the richest countries. India’s GDP is USD 3.17 trillion and will grow to $5 trillion in the upcoming years. It has the lowest nominal GDP per capita of $2,277.
- This country’s lowest GDP per capita is the cause of its vast population.
- It has a mixture of traditional agriculture and modern industries.
- It is the largest exporter of technology services, business outsourcing, and service sector.
The fashion capital of the world, France stands seventh on the list of the wealthiest countries. France has a GDP of USD 2.94 trillion. It has nominal GDP per capita of $43,518.
- Tourism covers most of its economy.
- It has a mix-economy of private and semi-private businesses in various industries.
- The defense and electric power generation sectors are also influencers of this economy.
It is the third European country on the list of the richest countries. Italy has a GDP of USD 2.10 trillion. Its nominal GDP per capita is $35,551.
- It has a developed and industry-oriented economy.
- It is one of the largest manufacturers and exporters of machinery, vehicles, and pharmaceuticals.
- Although it is among the richest countries, Italy is also known to have a significant underground economy.
This ‘maple-leaf’ country has a stronger economy than weather conditions. Canada’s GDP stands at USD 1.99 trillion. It has a nominal GDP per capita of $52,051.
- It has a well-developed energy extraction system.
- It has the world’s largest proven oil reserves.
- The Canada and United States relationship benefits the country in exports and other sectors.
The Republic of Korea is an excellent example of the fastest-growing economy. It has a GDP of USD 1.80 trillion. The nominal GDP per capita of this country is $34,757.
- It is one of the most technologically advanced economies in the world.
- It has a free trade agreement with 58 countries.
- It is a producer and exporter of advanced electronics and telecommunications equipment.
- All the countries above face some or the other issue with their economies while being one of the richest countries.
- The global economic situation is building a gap between the rich and the poor.
- The COVID-19 pandemic has affected these economies and brought some necessary changes.
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Q1. Which is the richest country in Europe?
Answer: Luxembourg is the richest country in Europe.
Q2. Which is the poorest country in the world?
Answer: Burundi is the poorest country in the world.
Q3. Which is the smallest country in the world?
Answer: Vatican City is the smallest country in the world.