Some people believe that happiness cannot be bought with money, but they may not realize that increasing a country’s GDP can contribute to its well-being.McKinsey & Co. identified China, the United States, the United Kingdom, France, Australia, Japan, Germany, Mexico, and Sweden as the top eight wealthiest nations globally.
China was projected to surpass the United States as the world’s richest country by McKinsey & Co.’s survey in 2020-21.Luxembourg ranks first in GDP per capita, and it is expected to overtake Singapore and Ireland in 2022.According to the International Monetary Fund’s World Economic Outlook, global growth is expected to slow to 4.4% in 2022, with the US and China being major contributors to this decline.
National net wealth, which considers a country’s assets and liabilities, is a crucial indicator of its financial capability and future prospects.Factors like human resources, natural resources, capital, and technological advancements play a role in a country’s net wealth.Household net worth, often linked to infrastructure investment, is a significant factor in wealthy nations.
The United States and the United Kingdom tend to experience an increase in national wealth during periods of substantial stock market growth.On the other hand, countries like France and Italy see relative wealth growth during low equity market periods due to higher spending on property and bonds.
The richest countries in the world based on their GDP are:
| Country | Economy |
|---|---|
| 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 |
1. United States
The United States is the 3rd-largest nation in the world by land and population. It is situated in North America and has surpassed China to become the wealthiest country on earth.
Among the top 10 richest countries in the world, the US holds a significant position. Both the US and China face a situation where 10% of families own over two-thirds of the income, and their share is constantly increasing.
According to McKinsey & Co., real estate constitutes approximately 68% of global net worth.
2. China
China, with the highest population density globally, surpassed the United States of America in 2021 to become the wealthiest nation.
In the list of the world’s richest countries, China holds the top spot.
According to the IMF, China is currently ranked as the second-largest economy.
China, officially known as the People’s Republic of China, is situated in East Asia.
3. Japan
The island nation of East Asia holds the third position in the list of the world’s wealthiest countries, according to the International Monetary Fund.
Japan, with its ninth rank in terms of population, is one of the most urbanized nations worldwide.
4. Germany
Germany, a European country, is the second-most populous in the continent and the seventh-largest in the world. Its official name is the Federal Republic of Germany, and it ranks fourth among the world’s wealthiest nations.
5. United Kingdom
The island nation of the United Kingdom is located in Europe. It comprises England, Wales, Scotland, and Northern Ireland. Among the wealthiest nations globally, the UK is ranked sixth.
Ranked among the top 10 richest countries in the world, the UK economy was valued at 3.19 trillion US dollars in 2021. It slightly surpassed the Indian economy, but India is expected to surpass the UK’s economy by 2022.
6. India
The Indian economy holds the sixth-largest position globally, according to the IMF. As per the latest IMF estimates, the GDP is projected to rise from 3.18 trillion dollars in the fiscal year 2020-21 to 5 trillion dollars by the year 2027.
7. France
France, a European nation, has risen in the ranks of the world’s wealthiest countries, now placing among the top 10.
Renowned for its exquisite wines and refined cuisine, France enjoys global recognition for its culinary prowess.
8. Italy
The Italian economy showed a remarkable recovery after the pandemic shock. By the end of 2021, it had nearly reached pre-COVID levels of output. Presently, the economy stands at over two trillion dollars.
9. Canada
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.
