List Of Top 25 Wealthiest Countries In The World

List Of Top 25 Wealthiest Countries In The World. The purpose of this article is to mention the list of top 25 wealthiest countries in the world. Meaning of GDP, how to measure GDP, Overview of Gross domestic product.

Knowing the meaning of GDP and how to measure GDP is paramount in this post. Now let’s go into the list of top 25 Wealthiest Countries in the world.

When talking about a country’s economy, there are certain factors that influence it. These factors are: human resources, physical capital, natural resources and technology.  Now to know the estimated size of a country’s economy, we use its GDP. But what is the meaning of GDP and how to measure GDP ? The meaning of GDP is Gross domestic product (GDP).

Meaning Of GDP

The meaning of GDP is simple. There is no country that hasn’t produced any goods or services before. This products also help sustain the economy. The meaning of GDP ( Gross Domestic Product) is the sum total of the value of finished goods and services of a country in a particular year. I believe you now know the meaning of GDP. Calculation of Gross domestic product requires the sum of money spent on consumer goods, investment and value of net exports. All this will add up to the list of top 25 wealthiest countries in the world.

In the study of the meaning of GDP, it is stated that there is no certainty of stability of an economy. This is because, there are different economic cycles that may favor or not favor a country’s GDP.  In as much that countries experience economic challenges, the shouldn’t lose their rank in the list of top 25 Wealthiest Countries in the world. Studying the meaning of GDP will enable that.

GDP SURVEY

Since the last economic survey in the year 2000, there has been a couple of changes. A couple of countries has be displaced and replaced by others in the list of top 25 Wealthiest Countries in the world. Indonesia and Thailand are the new entries in the top 25 economies Chart, 2000. The sit at 16th and 24th postion respectfully. China and India also moved up to 2nd and 5th place. Knowing the meaning of GDP will really help you understand this topic well.

In this recent times, we won’t forget to mention a very eventful experience. The experience that shook the economies of the world. Emergence of COVID-19 pandemic. Many countries had their GDP going very low because there were lot of regulations. This regulations were closing of boarders, hindering trade and tourism. Also stores were asked to shutdown and some firms laid off workers.

 It has been very difficult for some countries to recover their gross domestic product, while most have recovered their spot in the list of top 25 wealthiest countries in the world.

After you must have known the meaning of GDP, you should also know how to measure GDP.

HOW TO MEASURE GDP

Below are the several ways the World Bank has stated how to measure GDP;Gross Domestic Product:

  • Nominal GDP in Current U.S. Dollars: This is simply the comparison of different countries GDP using their local currency against U.S dollar. We can determine this using currency market exchange rates. This is a major determinant for the top 25 list. This is how to measure GDP
  • Purchasing Power Parity (PPP) : If the first one can’t be used, this is another option. The major focus is on the type of goods could buy as against currency exchange rate. With this, you can figure out a country’s cost of living. This another way of how to measure GDP.
  • GDP Growth: The GDP of a country is usually calculated after a year. We this, we check the percentage growth rate of the country’s nominal GDP. This is done to verify if the GDP is fast growing or slow. This is the third step on how to measure GDP.
  • GDP Per Capita: This is actually calculated in U.S dollars. When you divide a  nominal Gross Domestic Product by the number of people in a country, you get the GDP Per Capita. It gives the individual contribution to the country’s economy rather than the general contribution.  GDP Per Capita is also a way to know the individual income of the citizen. This is the last step on how to measure GDP. I believe you now know how to measure GDP.

Below is the list of Top 25 Wealthiest Countries in the world:

1. United States

  • 2020 Nominal GDP in Current U.S. Dollars: $20.89 trillion
  • PPP Adjusted GDP in Current International Dollars: $20.89 trillion
  • GDP Growth: -3.6%
  • Nominal GDP Per Capita in Current U.S. Dollars: $63,413.

When talking about the largest economies of the world, only one country sits at the top. The United States’ economy by the virtue of nominal GDP has the highest.  The don’t have the highest population, but their finance, work force, business services and healthcare are top notch. This earned her the number one in the wealthiest countries in the world. Generally, their other sectors are without match.

With the way the United States economy is designed, it gives room for both foreign and local investment. Also, the U.S being amongst the world power, controls a certain percentage of the world economy. She is currently the producer of the world’s primary reserve currency. No country’s economy is perfect, as that of the U.S faces challenges in  healthcare and social safety net costs. Also a deteriorating infrastructure.

2. China

  • Nominal GDP in Current U.S. Dollars: $14.72 trillion
  • PPP Adjusted GDP in Current International Dollars: $24.27 trillion
  • GDP Growth: 2.3%
  • Nominal GDP Per Capita in Current U.S. Dollars: $10,434.8

With a nominal GDP of $14.72 trillion, the Chinese economy sits at the number 2 world rank. China currently has the largest PPP adjusted GDP. China is respected as one of the wealthiest countries in the world. The are feared to surpass U.S nominal GDP in no distant time.

The economy of China has greatly improved over the past four decades. This is because, individual agriculture and businesses are highly encouraged. Due to this, foreign and domestic trader and investors are attracted. In China, a greater percentage of their products are made by them. Thereby reducing importation which improves their economy. Number 1 exporting country, but is faced with environmental degradation and aging population.

3. Japan

  • 2020 Nominal GDP in Current U.S. Dollars: $5.06 trillion
  • PPP Adjusted GDP in Current International Dollars: $5.25 trillion
  • GDP Growth: -4.6%
  • Nominal GDP Per Capita in Current U.S. Dollars: $40,193.3

It is recorded that in 2019,Japan had a nominal GDP of $5.06 trillion. This has earned her the spot of the third largest economy in the world. Advancement in technology, coupled with good relationship between industries and their government has improved their economy.

The recent policies of former Prime Minister Shinzo Abe has really helped the Japanese economy, after they suffered  a great recession. However, Japan has its shortcomings in energy supply and aging population.  

4. Germany

  • Nominal GDP in Current  U.S Dollars: $3.85 trillion
  • PPP Adjusted GDP in Current International Dollars: $4.52 trillion
  • GDP Growth: -4.6%
  • Nominal GDP Per Capita in Current U.S. Dollars: $46,208.4

Germany may be ranked 4th in world economy but is regarded as Europe’s largest economy. The major source of developing their economy is their exportation of machines and chemicals. Hence, they are regarded as top exporters of vehicles and machines.

Its major challenge is low fertility and high level of immigration. This is a strain on its social welfare system. 

5. United Kingdom

  • 2020 Nominal GDP in Current U.S. Dollars: $2.76 trillion
  • PPP Adjusted GDP in Current International Dollars: $3.08 trillion
  • GDP Growth: -9.7%
  • Nominal GDP Per Capita in Current U.S. Dollars: $41,124.

The fifth on the list is  United Kingdom with a GDP of $2.83 trillion in 2019. It went down with 9.7% from the prior year.

Its strong hold for building its economy is in finance, insurance, and business services. There removal from EU with affect their economy.

6. India

  • 2020 Nominal GDP in Current U.S. Dollars: $2.66 trillion
  • PPP Adjusted GDP in Current International Dollars: $8.97 trillion
  • GDP Growth: -7.3%
  • Nominal GDP Per Capita in Current U.S. Dollars: $1,927.7

India has a GDP of $2.66 trillion in 2020,more than 7% lower than in 2019. This has placed them as the sixth largest economy in the world.

India is also regarded as on of the highest populated countries. Due to this, it has the lowest per-capita GDP on our list.

There major work is in handcrafts and farming, although the also export technology machines.   India’s economy is faced with a challenge which is inflexible business regulation, widespread corruption, and persistent poverty.

7. France

  • Nominal GDP in Current U.S. Dollars: $2.63 trillion
  • PPP Adjusted GDP in Current International Dollars: $3.15 trillion
  • GDP Growth: -7.9%
  • Nominal GDP Per Capita in Current U.S. Dollars: $39,030.4

With Tourism being their major boost of their economy, the have a GDP of $2.63 trillion in 2020. It earned the rank of the seventh best economy in the world.

People have different private and semi private businesses. This has made France a dual economy. The involvement of the government in creating social stability has created a rigid labor market. This has also led to high unemployment. 

8. Italy

  • 2020 Nominal GDP in Current U.S. Dollars: $1.89 trillion
  • PPP Adjusted GDP in Current International Dollars: $2.49 trillion
  • GDP Growth: -8.9%
  • Nominal GDP Per Capita in Current U.S. Dollars: $31,714.2

The world’s eighth largest GDP belongs to Italy. Their nominal GDP is at $1.89 trillion in 2020, down 8.9% from 2019. The are eurozone’s third largest economy.

In Italy, there is a major disparity. A well developed zone and under-developed zone. This has divided the economy of Italy. A lot challenges face Italy’s economy. It ranges from high public debt to inefficient court system. The also record high youth unemployment.

9. Canada

  • 2020 Nominal GDP in Current U.S. Dollars: $1.64 trillion
  • PPP Adjusted GDP in Current International Dollars: $1.83 trillion
  • GDP Growth: -5.3%
  • Nominal GDP Per Capita in Current U.S. Dollars: $43,258.2

Canada is ranked as the nineth best economy with a GDP of $1.64 trillion in 2020. The are also the third largest proven oil reserves.

Due to their impressive manufacturing and service sectors, their economy keeps improving. Also their close relationship with the world largest economy, U.S. will improve their market too.

10. South Korea

  • 2020 Nominal GDP in Current U.S. Dollars: $1.64 trillion
  • PPP Adjusted GDP in Current International Dollars: $2.24 trillion
  • GDP Growth: -0.9%
  • Nominal GDP Per Capita in Current U.S. Dollars: $31,631.5

Rounding out the top 10 economies in the world by GDP, South Korea, with a GDP of $1.64 trillion in 2020. South Korea’s economy is firmly established as an advanced, industrial economy.

South Korea has made certain moves that has promoted their economy. The have connected with over 58 countries in free trade agreements. Also, production and exhortation of electronics and vehicles.

Their major challenge is aging workforce.

11. Russia

  • 2020 Nominal GDP in Current U.S. Dollars: $1.48 trillion
  • PPP Adjusted GDP in Current International Dollars: $4.13 trillion
  • 2020 GDP Growth: -3%
  • Nominal GDP Per Capita in Current U.S. Dollars: $10,126.7

11th largest economy, with a GDP of $1.48 trillion is Russia.

Russia has moved toward a more market-based economy over the 30 years since the collapse of the Soviet Union, but government ownership of and intervention in business is still common. As a leading exporter of oil and gas, as well as other minerals and metals, Russia’s economy is highly sensitive to swings in world commodity prices.

12. Brazil

  • 2020 Nominal GDP in Current U.S. Dollars: $1.44trillion
  • PPP Adjusted GDP in Current International Dollars: $3.15 trillion
  • GDP Growth: -4.1%
  • Nominal GDP Per Capita in Current U.S. Dollars: $6,796.8

12th largest economy in the world is Brazil. It also happens to be the largest in South America with a GDP of $1.44 trillion.1 She develops her economy from aircraft and automotive production. She also excels in agriculture and mineral extraction.  

Brazil’s economy was not very good as at 2017. Different reforms were put in place to help improve the labor market.

13. Australia

  • 2020 Nominal GDP in Current U.S.:$1.33 trillion
  • PPP Adjusted GDP in Current International Dollars: $1.34 trillion
  • GDP Growth: -0%
  • Nominal GDP Per Capita in Current U.S. Dollars: $51,692.8

Australia is the 13th largest economy in the world, with a GDP of $1.33 trillion in 2020.

Its free trade arrangements with trading partners all around the Asia-Pacific Rim help to build its economy. Australia is also blessed with natural resources and agricultural export industries. It has also left her vulnerable.

14. Spain

  • 2020 Nominal GDP in Current U.S. Dollars: $1.28 trillion
  • PPP Adjusted GDP in Current International Dollars: $1.81 trillion
  • GDP Growth: -10.8%
  • Nominal GDP Per Capita in Current U.S. Dollars: $27,063.2

With a GDP of $1.28 trillion in 2020, Spain sits at number 14 on world largest economy

A great recession hit Spain’s economy some years ago. But she has bounced back with solid labor market and moderate inflation.  

Spain is also known for exports of manufactured machinery and foodstuffs. However, political instability has hindered the government’s ability to sustain further economic reforms.

15. Mexico

  • 2020 Nominal GDP in Current U.S. Dollars: $1.07
  • PPP Adjusted GDP in Current International Dollars: $2.42 trillion
  • GDP Growth: -8.3%
  • Nominal GDP Per Capita in Current U.S. Dollars: $8,329.3

In 2020, Mexico had a GDP of  $1.07 trillion, making it the 15th largest economy in the world.

She has engaged in free trade arrangements with the United States, Canada, and 44 other countries. Mexico is involved in a variety of exports, including consumer electronics, vehicles, and auto parts, as well as petroleum and agricultural products.

Its major challenge is the ongoing International drug trade contributing directly to violence and corruption in the country.

16. Indonesia

  • 2020 Nominal GDP in Current U.S. Dollars: $1.06 trillion
  • PPP Adjusted GDP in Current International Dollars: $3.3 trillion
  • 2020 GDP Growth: -2.1%
  • Nominal GDP Per Capita in Current U.S. Dollars: $3,869.6

In the world best economy, Indonesia ranks 6th with a GDP of $1.06.

Indonesia’s economy depends majorly on exportation of commodities. In the southeast Asia, she is regarded as the largest economy . Its major exports products are rubber and palm oil. However, regional inequality, lack of infrastructure, and governmental corruption remain problems for Indonesia’s rising economy.

17. The Netherlands

  • Nominal GDP in Current U.S. Dollars: $913.86 billion
  • PPP Adjusted GDP in Current International Dollars: $1.03 trillion
  • GDP Growth: -3.8%
  • Nominal GDP Per Capita in Current U.S. Dollars: $52,397.1

The Netherlands stands as the 17th largest economy in the world, with a 2020 GDP of $913.86 billion.

In The Netherlands, there major source of building their economy is commercial transportation and  petroleum extraction. Also, the specialize in petroleum  processing and agricultural exportation. Netherlands has a large financial services sector, with assets four times the size of Dutch Gross domestic product.

18. Switzerland

  • 2020 Nominal GDP in Current U.S. Dollars: $752.25 billion
  • PPP Adjusted GDP in Current International Dollars: $619.79 billion
  • GDP Growth: -2.4%
  • Nominal GDP Per Capita in Current U.S. Dollars: $87,097

As at 2020, Switzerland had a Gross domestic product. of $752.25 billion, making it the 18th largest economy in the world.1

Its development of economy is basically on a financial services and high-tech secto. Also, their quality legal system, political and economic institution lead to a productive economy.

19. Turkey

  • 2020 Nominal GDP in Current U.S. Dollars: $719.95billion
  • PPP Adjusted GDP in Current International Dollars: $2.37trillion
  • GDP Growth: 1.8%
  • Nominal GDP Per Capita in Current U.S. Dollars: $8,536.41

Turkey is the 19th largest economy in the world, with a GDP of $719.95 billion in 2020.

Turkey’s economy is mainly focused on large industrial and service sectors which produces electronics, petrochemicals, and automotive. Its major challenge is the involvement of government in armed conflicts. This as cause an instability in currency marke.

20. Saudi Arabia

  • 2020 Nominal GDP in Current U.S. Dollars: $700.12 billion
  • PPP Adjusted GDP in Current International Dollars: $1.63trillion
  • GDP Growth: -4.1%
  • Nominal GDP Per Capita in Current U.S. Dollars: $20,110.3

Saudi Arabia had a Gross domestic product. of $700.12 billion in 2020 which makes them the 20th largest economy in the world.

Their major boost of economy is on Oil. Their government is concerned in developing non fossil fuel energy. This is to reduce global environmental warming. Their citizens doesn’t really indulge in private investment. This slows down their economic growth.

21. Poland

  • 2020 Nominal GDP in Current U.S. Dollars: $596.62 billion
  • PPP Adjusted GDP in Current International Dollars: $1.3 trillion
  • GDP Growth: -2.5%
  • Nominal GDP Per Capita in Current U.S. Dollars: $15,721

Poland has a Gross domestic product. of $596.62 billion. This makes it to be ranked the 21st largest economy in the world. Its industries focus majorly on iron and steel production. Also, the engage in coal mining and machine manufacturing.  All these, support the economy.

It faces challenges in aging population and inadequate legal structure.  

22. Sweden

  • 2020 Nominal GDP in Current U.S. Dollars: $541.22 billion
  • PPP Adjusted GDP in Current International Dollars: $568.71 billion
  • GDP Growth: -2.9%
  • Nominal GDP Per Capita in Current U.S. Dollars: $52,274.4

Sweden is the 22nd largest economy with a 2020 Gross domestic product. of $541.22 billion. The main support of the Swedish economy is on the exhortation of machines, motor  vehicles, telecommunication etc.

Its major challenge is high level of immigration. It affects the economy very much. If the study the meaning of GDP well, they will surpass the challenge

23. Belgium

  • 2020 Nominal GDP in Current U.S. Dollars: $521.86 billion
  • PPP Adjusted GDP in Current International Dollars: $608.15 billion
  • GDP Growth: -5.7%
  • Nominal GDP Per Capita in Current U.S. Dollars: $45,159.3

As at 2020,Belgium had its nominal Gross domestic product. at $521.86 billion.  This makes it the 23rd largest world economy. A lot of economic activities are carried out in Belgium. This activities range from, transportation, manufacturing of machines to high technology.

Because of its deep integration with the rest of the European economy, Belgium is highly sensitive to swings in the overall economic performance of its neighbors. Belgium faces a high public debt burden relative to its Gross domestic product, which can constitute an obstacle to growth.

24. Thailand

  • 2020 Nominal GDP in Current U.S. Dollars: $501.64 billion
  • PPP Adjusted GDP in Current International Dollars: $1.27 trillion
  • GDP Growth: -6.1%
  • Nominal GDP Per Capita in Current U.S. Dollars: $7,186.9

Thailand is the 24th largest economy in the world, with a $501.64 billion Gross domestic Product in 2020.

The deal majorly on infrastructure. Thailand is highly dependent on exports, which account for about two-thirds of its Gross domestic product. Its main exports include electronics, agricultural products, motor vehicles and parts, and food products. Thailand also has a substantial international tourism industry. Its agricultural sector makes up approximately 10% of its economy but employs about 30% its workers.

25. Austria

  • 2020 Nominal GDP in Current U.S. Dollars: $433.26
  • PPP Adjusted GDP in Current International Dollars: $496.23 billion
  • GDP Growth: -6.7%
  • Nominal GDP Per Capita in Current U.S. Dollars: $48,586.8

Last but certainly not least is Austria, whose 2020 Gross domestic product was $521.86 billion, making it the 25th largest world economy. Analyst know how to measure GDP of Austria, even though they are 25th in the wealthiest countries in the world.

Austria has a well-developed market economy with a skilled labor force and high standard of living, featuring a large service sector, a solid industrial sector, and a small (though highly developed) agricultural sector. She has a close relationship with other EU economies as well as the United States, which is its third-largest trade partner. The country faces several external risks, such as its exposure to the Russian banking sector and deep energy relationship with Russia.

When knowing the meaning of GDP, how to measure GDP, the list of top 25 Wealthiest Countries in the world, see the list of things to also learn:

  1. Blockchain Technology
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