Anyone who claimed that happiness could not be afforded with money was unaware of the possibility that doing so may strengthen a country by raising its GDP. According to McKinsey & Co., the top eight wealthiest nations in the world are China, the United States, the United Kingdom, France, Australia, Japan, Germany, Mexico, and Sweden.
China was anticipated to overtake the United States as the wealthiest country in the world in 2020-21, as per a McKinsey & Co. survey. The study was published after analyzing the national financial accounts of 10 countries representing more than 60% of worldwide income.
Luxembourg has the highest GDP per capita, according to World Bank. Data for 2022 show that it will surpass Singapore and Ireland, which are currently in 2nd and 3rd position.
According to the World Economic Outlook issued by the International Monetary Fund, the global growth rate is expected to slow from 5.9 in 2021 to 4.4 in 2022, which is half a percentage point lower compared to the October World Economic Outlook (WEO), primarily due to projected inventory costs in the world’s two biggest economies (USA & China).
National Net Worth
National net wealth, commonly referred to as national net worth, is the sum of a country’s assets minus the total liabilities. It describes the net wealth that a state’s citizens own at a particular moment.
This quantity is a critical indicator of a country’s capacity to take on debt and maintain spending. It is influenced by several factors, including human resources, natural resources, capital, and technological advancements, that could produce new assets or deliver existing ones worthless in the future.
These factors include property prices, equity market values, exchange rates, liabilities, and the incidence of a country’s population.
In most wealthy countries, household net worth or wealth, which reflects infrastructure investment, is frequently reported as the most crucial factor. The United States experience during the Great Recession and the subsequent economic recovery proves that national wealth can change.
The overall national and per capita wealth of the nations where individuals are more exposed to such markets, like the United States and the United Kingdom, tends to increase during periods of substantial growth in the stock markets.
The relative wealth of nations like France and Italy, where individuals spend more on property investment and bonds, typically increases during low equities markets.
The richest countries in the world based on their GDP are:
|United States||25.347 Trillion Dollar|
|China||19.91 Trillion Dollar|
|Japan||5.396 Trillion Dollar|
|Germany||4.55 Trillion Dollar|
|United Kingdom||3.19 Trillion Dollar|
|India||3.18 Trillion Dollar|
|France||3.06 Trillion Dollar|
|Italy||2.058 Trillion Dollar|
|Canada||1.99 Trillion Dollar|
|South Korea||1.8 Trillion Dollar|
Top 10 Richest Countries in The World
1. United States
The 3rd-largest nation in the world by land and population is the United States, which is located in North America. To become the wealthiest country on earth, it has again overcome China.
10% of families in the US and China own more than two-thirds of the income, and their share is rapidly increasing. According to McKinsey & Co., real estate makes up around 68% of global net worth.
China has the highest population density in the world, and it passed the United States of America to claim the first spot on the list of the wealthiest nations in the world in 2021.
The IMF now rates it as the second-largest economy. China, collectively known as the People’s Republic of China, is an East Asian nation.
The island nation of East Asia ranks third among the world’s wealthiest countries, per the International Monetary Fund. Japan ranks ninth in terms of population and is one of the most urbanized nations in the world.
It is the second-most populated country in Europe and the seventh-largest overall. The Federal Republic of Germany is its official name, and Germany is ranked fourth on this list of the wealthiest nations in the world.
According to the IMF, South Korea would have the tenth-largest economy in the world.
5. United Kingdom
The island nation of the United Kingdom, which is situated in Europe, is made up of England, Wales, Scotland, and Northern Ireland. The European country is ranked sixth among the wealthiest nations in the world.
The UK economy, estimated to be worth 3.19 trillion US dollars in 2021, was slightly more significant than the Indian economy. India’s economy is anticipated to surpass the UK’s by 2022 when it passes this benchmark.
The Indian economy is ranked the sixth-largest in the world by the IMF. Following the most current IMF estimates, the GDP will increase from 3.18 trillion dollars in the fiscal year 2020-21 to 5 trillion by 2027.
France, another nation from Europe, has climbed the list of the wealthiest nations in the world to rank among the top 10. The country is widely recognized for its high-quality wines and sophisticated cuisine.
The capital of the nation, Paris, is well known for its landmarks, museums, and fashion brands. IMF figures from the prior year show that France slipped one position in GDP comparisons.
The Italian economy recovered remarkably from the pandemic shock, almost achieving pre-COVID levels of output by the end of 2021. The economy is currently over two trillion dollars.
Another country from North America has advanced on the list of the wealthiest nations after the United States. In terms of a broad area, it is the second-largest nation in the world, just behind Russia.
10. South Korea
According to IMF predictions, South Korea had the tenth-largest economy in the world in 2020-21. It is known as the Republic of Korea and is located in East Asia