China has an upper middle income developing mixed socialist market economy that incorporates industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP).
New York again topped the list of the world's wealthiest cities, boasting some 340,000 millionaires last year, according to investment migration firm Henley & Partners.
The Richest Country in the World by GDP
According to a study by the IMF on the wealthiest countries, China's GDP for 2022 was $19.24 trillion.
The GDP per capita is calculated by dividing a country's GDP by its population. Thus, the richest countries in the world are those with the highest GDP per capita. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700.
Australia has a GDP per capita of $48,700 as of 2020, while in China, the GDP per capita is $16,400 as of 2020.
Here are the 10 richest countries in Asia: China - $11.22 Tn. Japan - $4.94 Tn. India - $2.26 Tn.
In the world, the poorest countries are mostly located in Africa and Asia, with Burundi being the poorest country followed by Somalia, Mozambique, Central African Republic, and Madagascar.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities. [Explore the top universities in Australia.]
Rajah last year projected that while China would become the world's biggest economy by 2030, “its size advantage over America would be slim and it would remain far less prosperous and productive per person than the United States and other rich countries, even by mid-century.” The Japan Center for Economic Research, ...
Key Takeaways. China's economy has grown to one of the largest and most powerful in the world over the past few decades. Driven by industrial production and manufacturing exports, China's GDP is actually now the largest in terms of purchasing power parity (PPP) equivalence.
Shenzhen, a city in southeastern China, is one of the billionaire capitals of the world. The city is home to some of China's wealthiest people, many of whom founded massive tech companies.
The average person in China is now richer than their European counterparts after stratospheric economic growth in the nation. An adult in China on average has a net worth of US$26,752 (AU$40,980), while the average person in Europe is worth US$26,690 (AU$40,885).
At the end of 2021, of the 98 countries for whom data was available, Pakistan ($27.4 billion of external debt to China), Angola (22.0 billion), Ethiopia (7.4 billion), Kenya (7.4 billion) and Sri Lanka (7.2 billion) held the biggest debts to China.
No one is forced to live in poverty in Norway. The absolute minimum living standard is rather decent. The same could be said for Sweden, Denmark or Finland.
North Korea. North Korea may actually be the poorest country in Asia, but the nation's notoriously secretive government rarely shares its data, so economists much rely upon expert estimates. Poverty in North Korea is attributed to poor governance by the totalitarian regime.
The finance website selected the 21 richest countries in Asia based on total wealth, duly ranking the list in ascending order of wealth. China topped the list with total wealth of US$85,107 trillion in 2021, followed by Japan with US$25,692 trillion and India with US$14,225 trillion.
Which is the world's poorest country? Burundi is the world's poorest country followed by Central African Republic, DR Congo, South Sudan and Somalia as the poorest. The richest countries are Luxembourg, Singapore, Ireland, Qatar and Switzerland. Soberingly, 19 of the 20 poorest countries are all located in Africa.
Japan has a HDI rank of 17th determined by its $US 36,332 GDP per capita whereas Australia's HDI rank is 2nd and has a GDP per capita of $US 61,219. These rankings and GDPs are determined by Japans 0.933 HDI, 83.6 age life expectancy and 11.5 mean years of education.
China has the second-largest financial assets in the world, valued at $17.9 trillion as of 2021. It also has two (Shenzhen-Hong Kong-Guangzhou and Beijing in the 2nd and 3rd spots respectively) of the global top 5 science and technology clusters, which is more than any other country.