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.
"China will be unable to surpass the U.S. economically, even after 2036," JCER said, due to slower productivity gains coupled with labor shortages. The Communist Party of China has set two long-term targets for 2035 and the middle of this century in amendments to the constitution made in October.
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.
Luxembourg
1 spot as the richest country in the world, the constitutional monarchy's economy is necessarily diversified. Construction, real estate services, metals and information technology all play an important role in the country's economy.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources.
You're rich! Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
China's gross domestic product will surpass that of the U.S. in about 2035, the Goldman group led by Kevin Daly and Tadas Gedminas wrote, while India's GDP will narrowly surpass the U.S.' in about 2075.
If the property downturn is deeper than expected and Covid Zero restrictions remain beyond 2023, GDP growth may average below 4% over the next decade, meaning China likely wouldn't overtake the US until the mid-2030s, and any lead may be reversed as demographics become a drag a decade later.
"China would overtake the United States to become the world's largest economy in nominal US dollar terms by about 2030," the report's authors conclude. "But it would never establish a meaningful lead ... and would remain far less prosperous and productive per person than America, even by mid-century."
This continues the trend of increasing debt since the Global Financial Crisis (GFC). Since the beginning of the pandemic, Australian Government gross debt has increased from $534.4 billion in March 2019 to $894.9 billion as of 28 October 2022.
Key information about Australia Government Debt: % of GDP
Australia Government debt accounted for 47.7 % of the country's Nominal GDP in Jun 2021, compared with the ratio of 43.4 % in the previous year. Australia government debt to GDP ratio data is updated yearly, available from Jun 1999 to Jun 2021.
Which economies invest in Australia? The United States and United Kingdom are the biggest investors in Australia, followed by Belgium, Japan and Hong Kong (SAR of China). China is our eighth largest foreign investor, with 2.2 per cent of the total.
Collating numbers released in the IMF's quarterly update on foreign exchange reserves, RBC's Sydney-based fixed income strategist Michael Turner said it appeared China held around $130 billion of the $730 billion Australian Government and quasi-government bonds in the market.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times.
reports India's total wealth is more than Australia, France, Canada and Italy while the US and China top the list of the wealthiest countries in the world, according to a report by New World Wealth.
And it turns out Perth has the wealthiest neighbourhoods in the country. Residents of Cottesloe and Peppermint Grove in the Western Australian capital boast an average taxable income of $325,343 apiece.
The Australian is published by News Corp Australia, an asset of News Corp, which also owns the sole daily newspapers in Brisbane, Adelaide, Hobart, and Darwin, and the most circulated metropolitan daily newspapers in Sydney and Melbourne. News Corp's Chairman and Founder is Rupert Murdoch.
By this measure, Australia comes out on top, with median wealth of $US191,453 ($263,822) per adult. The US has a median wealth of $US61,667 ($84,977) per adult, which puts the country at number 18, well behind others, including the UK ($US97,169), Canada ($U106,342), and New Zealand ($US98,613).
Other nations have social security taxes
The main reason Australia ranks so highly on individual income tax levels is because Australians don't pay separate social security taxes. These account for an average 25.9% of total tax revenue, or close to 9% of GDP, across the OECD.
Total state debt across the six states is set to reach $688 billion (27% of GSP) by 2025-26, led by Victoria ($226 billion) and NSW ($221 billion).