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.
China will be the world's largest economy in 2030, overtaking the US, while India – currently the seventh biggest – will be third, pushing Germany and Japan down a position.
As a result, six of the seven largest economies in the world are projected to be emerging economies in 2050 led by China (1st), India (2nd) and Indonesia (4th) The US could be down to third place in the global GDP rankings while the EU27's share of world GDP could fall below 10% by 2050.
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. Other wealthy countries include Bermuda, Ireland, and Switzerland, all with GDP per capita above $80,000.
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.
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.
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.
What is India's position when measured on the basis of per capita income? India has GDP per capita of $2,200. In 2021, India was ranked 145th in a list of 193 countries for which data was available. India was placed above Kenya and below the Solomon Islands.
Poverty in North Korea has also been attributed to poor governance by the totalitarian regime. It is estimated that 60% of the total population of North Korea live below the poverty line in 2020.
1.2 billion people in 111 developing countries live in multidimensional poverty, accounting for 19% of the world's population.
Norway. With a 2021 GDP per capita of $89,242 USD, Norway ranked as the world's seventh-richest worldwide—a feat made more remarkable by the fact that it is one of very few countries in the top 10 that are not considered to be international tax havens.
Luxembourg's per capita GDP is nearly 415 times the per capita GDP of the world's poorest country, Burundi, at $303. Ireland is the second-richest country in the world on a GDP per capita basis with $107,000, followed by Switzerland at nearly $94,000.
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.
Who is the richest man in the world? As of July 1, 2023, the richest man in the world is Elon Musk, the CEO of electric car company Tesla; he's worth $237.7 billion. He moved into the number one spot in June, overtaking Bernard Arnault of France.
Luxembourg is currently the richest country in the world, with a GDP per capita of $141,590. We've put together the below list from the latest IMF and World Bank data, using GDP (gross domestic product) per capita as the measure.
The American economy is fueled by high productivity, transportation infrastructure, and extensive natural resources. Americans have the highest average household and employee income among OECD member states.
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, ...
A new study published yesterday in The Lancet journal has predicted that India, Nigeria, China and the United States (U.S.) will be dominant global powers by the year 2100. The publication's Editor-in-Chief, Dr. Richard Horton, said: “This research charts a future we need to be planning for urgently.