The United States is the richest country in the world with the highest GDP, as of 2021.
China is the second richest country in the world with a $17.734 trillion GDP.
Monaco is the richest country in the world when measured by GDP per capita.
Economic wealth can be a prime statistic to measure whether a country is growing economically and moving forward, according to Investopedia. Gross domestic product trends can also be utilized to identify economic recessions.
Another measurable statistic to track a country’s success is GDP per capita. This calculates a nation’s GDP, but accounts for its population as well, enabling a closer look at the economic strength of each citizen.
What is the richest country in the world? Where does the United Statesstand? What about China?
The World Bank Group lists China as the second richest country in the worldas of 2021, possessing a GDP of $17.734 trillion along with a GDP per capita of $12,556.3. China makes up 18.45% of the total global economy. The top two richest countries in the world combined harbor 42.38% of the world’s economy.
GDP per capita represents “a country’s economic output per person,” according to Investopedia, and it is found by dividing the country’s GDP by its population.
China is now an upper-middle-income country. Although China has eradicated extreme poverty in 2020, an estimated 17.2 percent of the population lived on less than $6.85 a day (in 2017 PPP terms), the World Bank's Upper-Middle-Income Country (UMIC) poverty line, in 2023.
If we simply consider a nation's gross domestic product—the sum of all goods and services produced by a country during one year—then we would have to conclude that the richest nations are exactly the ones with the largest GDP: United States, China, Japan, Germany.
This country controls the pandemic duration better than any other European country. In 2020, they had a growth rate of minus 0.9%, and the country will grow by 7% in 2021. Hans Luxembourg is at the top of the list of the richest countries in the world by GDP 14,3740 USD.
China ranks 12th among the 132 economies featured in the GII 2023. China ranks 1st among the 33 upper-middle-income group economies. China ranks 3rd among the 16 economies in South East Asia, East Asia, and Oceania.
And the richest 10 percent owned 62 percent of the total national wealth, while the richest 5 percent owned more than 50 percent. Notably, the top 1 percent in China possessed more than one third of the national net wealth. The 90/10 ratio tells a similar story about wealth inequality in China.
Worldwide, Luxembourg has the highest net national income per capita, reaching nearly 78,000 U.S. dollars in 2021. Norway and Switzerland followed behind. When adjusting for pruchasing power parity (PPP), Bermuda has the highest average income or wealth per adult worldwide.
1- United States: Located in North America, the United States is the world's third largest and most populous country. It has once again surpassed China to become the world's richest country.
The discovery of oil in 1966 changed everything and transformed Dubai into a wealthy city almost overnight. Oil and gas exports generated huge revenues for the city and enabled it to invest in infrastructure, public services, and social programs.
The United States is the undisputed heavyweight when it comes to the economies of the world. America's gross domestic product in 2022 was more than 40% greater than that of China, the world No. 2. Even more striking, U.S. GDP was over five times that of the next two largest economies, Japan and Germany.
As of June 1, 2024, the richest person in the world is Tesla and SpaceX CEO Elon Musk. He's worth $210 billion. He moved into the number one spot in late May 2024, overtaking Bernard Arnault of France.
As of recent data, the top 10 richest countries in terms of GDP per capita include (in no particular order) Luxembourg, Switzerland, Norway, Ireland, Qatar, Iceland, the United States, Singapore, Denmark, and Australia.
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